Biotest (BIO3) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 rose 4.5% year-over-year to €522.7 million, driven by strong product and toll manufacturing sales and the launch of Yimmugo®.

• EBIT decreased to €71.1 million from €125.4 million year-over-year, mainly due to lower technology transfer earnings and absence of prior-year disposal gains.

• Adjusted EBIT increased 6.3% to €37.0 million, reflecting growth in core business as technology transfer revenues decline.

• Earnings after taxes fell to €29.9 million from €88.4 million, with EPS at €0.75 versus €2.22 in the prior-year period.

• Biotest expanded its plasma collection network and advanced key R&D projects, including FDA approval for Yimmugo® in the US and progress on Fibrinogen and Trimodulin.

Financial highlights

• Revenue: €522.7 million (+4.5% year-over-year); product and toll manufacturing revenue up 13.7% to €414.4 million.

• EBIT: €71.1 million (down from €125.4 million); Adjusted EBIT: €37.0 million (up from €34.8 million).

• Net income: €29.9 million (down from €88.4 million); EPS: €0.75 (down from €2.22).

• Operating cash flow: €23.4 million (improved from €-69.0 million year-over-year).

• Cash and cash equivalents: €24.7 million as of 30 September 2024 (down from €108.1 million at year-end 2023).

Outlook and guidance

• Revenue for 2024 expected to increase by a low single-digit percentage compared to 2023, revised from earlier high single-digit growth guidance.

• EBIT for 2024 forecasted between €80 million and €100 million; ROCE revised to 5–8%.

• Cash flow from operating activities expected to be negative in the mid double-digit million range.

• Ongoing Middle East conflict and falling immunoglobulin prices present risks to revenue and earnings.