Biotest (BIO3) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue fell 42.3% year-over-year to €124.2 million, mainly due to a sharp drop in technology transfer revenue from Grifols and lower product sales.

• EBIT declined to €-23.0 million from €52.8 million in Q1 2024, reflecting reduced sales and lower earnings from technology services.

• Net loss after taxes was €-21.4 million, compared to a profit of €29.5 million in the prior year period.

• Product sales of human albumin and Yimmugo® increased by 17.0% and 10.2% respectively, despite overall product sales decline.

• Biotest completed Phase III trials for fibrinogen and advanced regulatory filings in Europe and the US.

Financial highlights

• Revenue: €124.2 million (Q1 2025) vs €215.2 million (Q1 2024), down 42.3%.

• EBIT: €-23.0 million (Q1 2025) vs €52.8 million (Q1 2024).

• Net loss: €-21.4 million (Q1 2025) vs net income €29.5 million (Q1 2024).

• EPS: €-0.55 (Q1 2025) vs €0.74 (Q1 2024).

• Operating cash flow: €-58.1 million (Q1 2025) vs €-11.6 million (Q1 2024).

Outlook and guidance

• 2025 sales expected to decline mid single-digit percent from 2024, reflecting lower technology transfer revenue.

• EBIT forecasted between €-55.0 million and €-75.0 million for 2025.

• ROCE expected between -3% and -7%; operating cash flow anticipated to remain negative.

• Risks include Middle East conflict, potential US tariffs on EU pharmaceuticals, and FDA response delays.