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Biofrontera AG: Biofrontera Reports Business Performance in the Third Quarter and First Nine Months of 2023
Leverkusen, Germany (pta013/28.11.2023/09:30 UTC+1)
Biofrontera AG (ISIN: DE0006046113), an international biopharmaceutical company, has announced its financial results for the first nine months ending on September 30, 2023.
Financial Figures and Business Progress for the First Nine Months of 2023
| in TEUR | 01.01 -30.09.2023 | 01.01 -30.09.2022 | Difference in % | 01.07 -30.09.2023 | 01.07 -30.09.2022 | Difference in % |
| Revenues | 24,799 | 21,908 | 13.2% | 7,015 | 6,832 | 2.7% |
| Gross Profit from Sales | 19,991 | 18,050 | 10.8% | 5,771 | 5,743 | 0.5% |
| Research and Development Costs | -6,241 | -4,944 | 26.2% | -2,315 | -1,809 | 28.0% |
| General Administration Costs | -4,453 | -3,670 | 21.3% | -1,010 | -1,107 | -8.7% |
| Sales Costs | -5,168 | -4,724 | 9.4% | -1,504 | -1,367 | 10.0% |
| Operating Income | 4,129 | 4,712 | -12.4% | 942 | 1,460 | -35.5% |
| EBITDA | 4,851 | 5,008 | -3.1% | 1,108 | 1,641 | -32.5% |
| EBIT | 4,349 | 4,437 | -2.0% | 992 | 1,447 | -31.4% |
During the period from January 1 to September 30, 2023, the Biofrontera Group achieved total revenues of EUR 24.8 million, representing an increase of approximately 13.2% compared to the same period in 2022 (EUR 21.9 million).
In the third quarter of the current year, total revenues amounted to EUR 7,015 thousand, marking a 2.7% increase over the third quarter of 2022 (EUR 6,832 thousand).
In particular, there was a significant increase in revenues in Germany, where revenues for the first nine months reached EUR 4.568 thousand, compared to EUR 3,082 thousand in the same period last year. This represents an increase of 48.2% compared to the first nine months of 2002.
Revenue growth through our direct sales efforts in Spain and the UK showed a slightly more moderate trend in the year-over-year comparison in the third quarter. This resulted in total revenues of EUR 1,825 thousand for the first nine months, slightly above the previous year's figure of EUR 1,787 thousand.
In cooperation with our European distribution partners, we achieved revenues of EUR 848 thousand, representing a 17% decline compared to the first nine months of the previous year. This is mainly due to the structure of our license agreements and the periodic delivery of sales materials throughout the year, leading to revenue fluctuations that do not necessarily align with the actual market conditions in the respective countries.
In the United States, we generated product sales amounting to EUR 17,334 thousand in the reporting period from January 1 to September 30, 2023, marking a 13.7% increase compared to the same period in the previous year (EUR 15,246 thousand). Consequently, the USA remains our largest market, contributing 70% of total revenues, followed by Germany with an 18% revenue share and the rest of Europe with 11%.
Research and development costs for the reporting period increased to EUR 6,241 thousand compared to EUR 4,944 thousand in the previous year, reflecting a 26.2% rise. This is primarily attributed to our intensified clinical trials activities conducted in partnership with Biofrontera Inc. aiming to increase our potential market in US.
General administrative costs for the first nine months of 2023 amounted to EUR 4,453 thousand, representing an increase of EUR 783 thousand compared to the previous year (EUR 3,670 thousand). This cost increase is mainly due to additional expenditures related to consultancy services and litigations during the first half of the year.
Sales costs for the first nine months of 2023 reached a total of EUR 5,168 thousand, compared to EUR 4,724 thousand in the previous year. This increase is primarily driven by our efforts to intensify and expand our sales activities in Europe.
At EUR 4,129 thousand, the operating result for the first nine months of 2023 was therefore slightly below the previous year's figure of EUR 4,712 thousand. EBITDA totaled EUR 4,851 thousand in the reporting period (previous year: EUR 5,008 thousand), while EBIT amounted to EUR 4,349 thousand compared to EUR 4,437 thousand in the first three quarters of 2022.
As of September 30, 2023, the cash and cash equivalents in the Group amounted to EUR 2,105 thousand, compared to EUR 6,376 thousand at the end of December 31, 2022.
The business performance during the first nine months of 2023 aligns with the expectations of the Board. Therefore, the published full-year forecast for 2023 remains in effect.
The interim report on the third quarter 2023 as well as further details on the forecast can be found in the 2023 financial reports, available on the Biofrontera AG website at https://www.biofrontera.com/en/investors/financial-reports.
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| Emitter: |
Biofrontera AG Hemmelrather Weg 201 51377 Leverkusen Germany |
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| Contact Person: | Investor Relations | |
| Phone: | +49 (0) 214 87 63 20 | |
| E-Mail: | ir@biofrontera.com | |
| Website: | www.biofrontera.com | |
| ISIN(s): | DE0006046113 (Share) | |
| Stock Exchange(s): | Regulated Market in Dusseldorf, Frankfurt; Free Market in Berlin, Munich, Stuttgart, Tradegate |