PRESS RELEASE

Biotest increased sales by 83.6% to Euro 215.2 million in first quarter 2024

• Product sales increased by 17.7% to Euro 138.0 million
• EBIT increased to Euro 52.8 million
• Successful completion Fibrinogen study

Dreieich, 07 May 2024. The Biotest Group recorded revenue of € 215.2 million in the first quarter of the 2024 financial year. This represents an increase of 83.6 % compared to revenue of € 117.2 million in the same period of the previous year.

Product sales increased by 17.7 % to € 138.0 million. Additionally, revenue due to sales from technology disclosure and development services for Grifols, S.A. as part of the technology transfer and licensing agreement amounted to
€ 77.2 million.

The new intravenous immunoglobulin Yimmugo^® had a positive impact with an increase in sales of € 7.5 million to € 11.1 million, which was successfully launched on the market in November 2022 and is now the first commercial preparation to be manufactured in an innovative production process at the new Biotest Next Level production facility at the Dreieich site in Germany. Intratect^® also contributed to the increase in sales.

EBIT for the first quarter of 2024 amounted to € 52.8 million, a significant improvement on the first quarter of the previous year (prior year period: € - 9.1 million). This includes expenses of € 22.9 million for the ramp-up of production capacity at the Biotest Next Level facility (prior year period: € 22.2 million). The improvement in EBIT is mainly due to the earnings effect from technology disclosure and development services for Grifols, S.A. amounting to € 70.3 million.

The financial result for the first quarter of the current year deteriorated by € -1.4 million to € -10.7 million (prior-year period: € -9.3 million).

The Biotest Group's earnings after taxes improved to € 29.5 million in the first quarter of 2024 after € -20.4 million in the same quarter of the previous year due to the influencing factors described above. This results in earnings per ordinary share of € 0.74 after € -0.53 in the same period of the previous year.

One component of Biotest’s strategy is the continuous expansion of the company’s own plasma collection network in Europe. This is intended to ensure a sufficient supply of human blood plasma, the most important raw material for Biotest’s preparations. By the end of the first quarter of 2024, Biotest operated 37 plasma collection centres in Germany, Hungary and the Czech Republic. The opening of further plasma centres is planned for 2024. Another plasma collection centre was thus opened in Germany in April 2024. In addition, Biotest is participating financially in the establishment of further plasma centers with partners.

Following the approval of Yimmugo^® in Germany, Austria and the United Kingdom, Biotest is seeking approval for the attractive US target market. The approval process is already well advanced. In September 2023, the US Food and Drug Administration (FDA) informed Biotest that it accepted the Biologics License Application for Yimmugo^® with the indication Primary Immunodeficiencies for review. The FDA inspection of the Biotest Next Level facility took place in December 2023. Further steps to obtain the Biologics License Application for Yimmugo^® will be taken in the course of 2024.

With Fibrinogen concentrate and Trimodulin, two further new plasma proteins are in advanced development. Biotest successfully completed the Phase III trials for the use of Fibrinogen concentrate in the indications of congenital and acquired fibrinogen deficiency in February 2024, which represents an important milestone for the Biotest Next Level project at the Dreieich site. The first applications for marketing authorization are planned in the important markets in Europe and the USA.

Biotest has also started a Phase III trial with Trimodulin in the indication severe community-acquired pneumonia (sCAP). The first patient was treated with sCAP in an intensive care unit as part of the Phase III ESsCAPE study. In addition, the ongoing multinational TRICOVID trial was opened for the inclusion of patients with pneumonia caused by any type of pathogen and the first patient was treated as part of this expansion in December 2023. Biotest is also moving ahead with its research activities for existing products in order to improve patient care. We are striving for greater operational excellence in research and development as well as in procurement management and production. To this end, we will continue to focus on selected measures to make processes in all areas of the company even more efficient.

Outlook:

For the 2024 financial year, the Board of Management is aiming to increase revenue in the upper single-digit percentage range compared to 2023, taking into account the revenue from the technology disclosure and the development services for Grifols, S.A. This increase in revenue is possible due to the ramp-up of the Yimmugo^® production facility within Biotest Next Level.

Accordingly, the Board of Management expects an operating result (EBIT) in the range of € 80 to 100 million for 2024. As a result, the Board of Management expects a slightly improved return on capital employed (ROCE) in 2024 compared to the 2023 financial year and a positive cash flow from operating activities significantly above the previous year's level.

The quarterly statement as of March 31, 2024 can be found on the company's website at the following link Quarterly Reports (biotest.com).

About Biotest

Biotest is a provider of plasma proteins and biological drugs. With a value added chain that extends from pre-clinical and clinical development to worldwide sales, Biotest has specialised primarily in the areas of clinical immunology, haematology and intensive medicine. Biotest develops and markets immunoglobulins, coagulation factors and albumin based on human blood plasma. These are used for diseases of the immune and haematopoietic systems. Biotest has more than 2,600 employees worldwide. The ordinary and preference shares of Biotest AG are listed in the Prime Standard on the German stock exchange. Since May 2022, Biotest is part of the Grifols Group, Barcelona, Spain ().

Biotest AG will now also be publishing official press releases via X. You can find us at: 

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Biotest AG, Landsteinerstr. 5, 63303 Dreieich, Germany,

Ordinary shares: securities’ ID No. 522720; ISIN DE0005227201

Preference shares: securities’ ID No. 522723; ISIN DE0005227235

Listing: Frankfurt (Prime Standard)

Open Market: Berlin, Düsseldorf, Hamburg/ Hanover, Munich, Stuttgart, Tradegate

Disclaimer
This document contains forward-looking statements on overall economic development as well as on the business, earnings, financial and assets position of Biotest AG and its subsidiaries. These statements are based on current plans, estimates, forecasts and expectations of the company and are thus subject to risks and elements of uncertainty that could result in significant deviation of actual developments from expected developments. The forward-looking statements are only valid at the time of publication. Biotest does not intend to update the forward-looking statements and assumes no obligation to do so.