Biotest (BIO3) H1 2024 earnings summary

Executive summary

• Revenue rose 35.1% year-over-year to €372.0 million in H1 2024, driven by product sales and a major technology transfer/licensing agreement with Grifols.

• EBIT increased to €78.4 million from €19.8 million, with net income at €39.1 million versus €1.7 million in H1 2023.

• FDA approval for Yimmugo® in the US marks a milestone, with a US launch planned for Q1 2025 and a distribution deal worth over $1 billion over seven years.

• Biotest Next Level production ramp-up and expansion of plasma collection centers support future growth.

• Guidance for 2024 confirmed: high single-digit revenue growth and EBIT between €80–100 million.

Financial highlights

• Revenue: €372.0 million (+35.1% YoY); product revenue €273.7 million (+4.8% YoY); technology disclosure/development services €98.3 million (prior: €14.9 million).

• EBITDA: €100.1 million (prior: €37.5 million); EBIT margin: 21.1% (prior: 7.2%).

• Earnings before taxes: €59.4 million (prior: €1.2 million); earnings per share: €0.98 (prior: €0.03).

• Operating cash flow: €46.8 million (prior: -€74.8 million); equity ratio: 39.0% (prior: 35.4%).

• Net debt reduced to €532.6 million (prior: €551.5 million).

Outlook and guidance

• 2024 revenue expected to grow at a high single-digit percentage rate, including technology/licensing revenue.

• EBIT forecasted between €80–100 million; positive operating cash flow significantly above prior year.

• Medium-term sales target of at least €1 billion, supported by new product launches and expanded market access.