Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the
“Company”), an international biopharmaceutical company, today
reported its financial results for the first quarter ended March
31, 2021.
Q1 2021 key financial figures and
business performance
In EUR thousands |
3M
2021 |
3M
2020 |
Change |
Revenue |
5,479 |
|
6,473 |
|
(15 |
)% |
Gross profit on sales |
4,578 |
|
5,674 |
|
(19 |
)% |
Research and development costs |
(1,317 |
) |
(1,311 |
) |
0 |
% |
General and administrative costs |
(2,538 |
) |
(2,232 |
) |
14 |
% |
Sales and marketing costs |
(4,813 |
) |
(8,698 |
) |
(45 |
)% |
Profit (loss) on operations |
(4,089 |
) |
(6,567 |
) |
(38 |
)% |
EBITDA |
(3,158 |
) |
(2,645 |
) |
19 |
% |
EBIT |
(3,971 |
) |
(5,555 |
) |
(29 |
)% |
Earnings (loss) before tax |
(4,876 |
) |
(5,498 |
) |
(11 |
)% |
Earnings (loss) after tax |
(4,877 |
) |
(5,499 |
) |
(11 |
)% |
Biofrontera's business performance was
encouragingly positive after an initial, pandemic-related slow
start at the beginning of the year. As expected, business
activities and consequently sales continue to be heavily dependent
on the development of the pandemic and the related easing of
lockdown measures in our sales markets. While sales in the first
quarter were 15% lower overall than in the same period of the
previous year, the sales development since March shows a very
positive trend," summarizes Prof. Dr. Lübbert, CEO of Biofrontera.
"This trend has continued into April 2021, indicating a stable
recovery of the general pandemic situation in our sales markets,
especially in the USA. April sales are also particularly
encouraging when compared to 2019, i.e. monthly sales before the
pandemic. Compared to that year, preliminary sales figures for
April 2021 show an 8% increase in product sales in all markets.
Compared to April 2019, April 2021 sales in the US increased by 3%,
in Germany by 25% and in the remaining European markets by
20%."
Sales of the Company for the period from January
1 to March 31, 2021, amounted to EUR 5,479 thousand, approximately
15% lower than revenues of EUR 6,473 thousand in the same period
last year, whereby the current COVID-19 pandemic still had a major
impact on business development, especially in the first two
months.
In the U.S.A., the Company generated revenues
from product sales of EUR 3,811 thousand in the first quarter,
compared to EUR 4,181 thousand in the same period of the previous
year, a decrease of 9%. While sales in the U.S.A. in January and
February 2021 were, due to the pandemic, substantially lower than
in the previous year, first quarter sales in Germany remained
relatively stable compared to the previous year. Here, sales
improved by 7% to EUR 1,404 thousand, compared to EUR 1,310
thousand in the first quarter of 2020. In the rest of Europe, sales
decreased by 68% to EUR 265 thousand, compared to EUR 819 thousand
in the first quarter last year.
Operating costs were 29% lower than in the
prior-year quarter. In particular, sales and marketing expenses
decreased by 45% compared to the first quarter of 2020. This was
mainly due to the impairment of the Xepi® license in the amount of
EUR 2,001 thousand included in the prior-year figure, as well as
the impact of the cost-saving measures implemented in 2020 due to
the COVID 19 pandemic.
Cash and cash equivalents amounted to EUR 37,333
thousand as of March 31, 2021, an increase of EUR 20,787 thousand
compared to December 31, 2020, including the gross proceeds of EUR
24.7 million from the capital increase executed in February 2021.
From today's perspective, the Biofrontera Group thus has sufficient
liquidity available in the upcoming 12 months to execute on the
Group's corporate strategy.
Outlook Performance in the
first quarter of 2021 was in line with the Management Board's
expectations. The Management Board therefore maintains its guidance
for fiscal year 2021 published on April 12, 2021 in its entirety.
Accordingly, the Management Board expects annual revenues between
EUR 25 and 32 million as well as EBITDA loss between EUR 11 and 14
million and EBIT loss between EUR 13 and 16 million. The detailed
annual forecast is available in the Company's Annual Report 2020,
which is published on the website of Biofrontera AG at
https://www.biofrontera.com/en/investors/financial-reports.
Conference callConference calls
for shareholders and interested investors will be held on
Wednesday, May 12, 2021, at the following times:
In German, May 12, 2021 at 10:00 am CEST (4:00
am EST)Dial-in number Germany: +49 69201744220Conference code:
60386865#
In English, May 12, 2021 at 2:00 pm CEST (8:00
am EST)Dial-in number USA: +1 8774230830Dial-in number UK: +44
2030092470Conference code: 52497289#
Please dial in 10 minutes ahead of time to
ensure a timely start of the conference call.
Biofrontera AG's quarterly report is available
for download on the Company's homepage at
https://www.biofrontera.com/en/investors/financial-reports.
-End-
Biofrontera AGPamela Keck, Head of Investor
Relationsir@biofrontera.com+49-214-87632-0
About Biofrontera:
Biofrontera AG is a biopharmaceutical company
specializing in the development and sale of dermatological drugs
and medical cosmetics.
The Germany-based company, with over 150
employees worldwide, develops and markets innovative products for
the care, protection and treatment of the skin. The company’s lead
product is the combination of Ameluz®, a topical prescription drug,
and medical device BF-RhodoLED® for the photodynamic therapy of
certain superficial skin cancers and their precursors. Ameluz® has
been marketed in the EU since 2012 and in the United States since
May 2016. In addition, the company markets the prescription
medication Xepi® for the treatment of impetigo in the United
States. In the EU, the company also sells the dermocosmetics series
Belixos®, which offers specialized care for damaged or diseased
skin.
Biofrontera is the first German founder-led
pharmaceutical company to receive a centralized European and a US
approval for a drug developed in-house. The Biofrontera Group was
founded in 1997 by the current CEO Prof. Dr. Hermann Lübbert and is
listed on the Frankfurt Stock Exchange (Prime Standard) and on the
US NASDAQ.www.biofrontera.com.
Forward-looking statements:
Certain statements in this press release are forward-looking within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the public offering and the intended use of proceeds from
the offering.
These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimate" and "intend," among others. Such forward-looking
statements are based on the currently held beliefs and assumptions
of the management of Biofrontera AG, which are expressed in good
faith and, in their opinion, reasonable. Forward-looking statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, financial condition,
performance, or achievements of the Company, or industry results,
to differ materially from the results, financial condition,
performance or achievements expressed or implied by such
forward-looking statements. These risks, uncertainties and other
factors are set forth in the Registration Statement on Form F-1
filed with the SEC, including in the section "Risk Factors," and in
future reports filed with the SEC. Given these risks, uncertainties
and other factors, prospective investors are cautioned not to place
undue reliance on these forward-looking statements. The Company
does not undertake an obligation to update or revise any
forward-looking statement.
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