Biofrontera reports preliminary unaudited sales revenue for the third quarter of 2020

Rhea-AI Summary

Biofrontera AG reports preliminary unaudited revenue for Q3 2020 ranging from EUR 20.8 to 21.0 million, a 9% increase from EUR 19.1 million in Q3 2019. However, Q3 2020 revenues are estimated at EUR 4.7 to 4.9 million, reflecting a 9% decrease compared to the same period last year. Product sales in the USA declined by approximately 19% to EUR 2.7 to 2.9 million, while sales in Germany surged by 36% to EUR 1.5 to 1.7 million. The company anticipates the fourth quarter to be a key revenue driver despite ongoing challenges due to the corona pandemic.

Positive

• Total preliminary revenue for the first nine months of 2020 increased by 9% year-over-year.
• Sales revenues in Germany increased by 36% in Q3 2020.

Negative

• Q3 2020 total revenues declined by 9% compared to Q3 2019.
• US product sales decreased by approximately 19% in Q3 2020 compared to Q3 2019.

Leverkusen, Germany, Oct. 09, 2020 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the “Company”), an international biopharmaceutical company, today reports preliminary unaudited revenue for the third quarter of fiscal year 2020.

The Biofrontera-Group generated total preliminary unaudited revenue of approximately EUR 20.8 to 21.0 million in the period from January 1st to September 30th, 2020. This corresponds to revenue growth of about 9% compared to the same period last year (EUR 19.1 million).

Thereof, total preliminary unaudited revenue for the third quarter amounted to between EUR 4.7 and 4.9 million, about 9% less than in Q3 2019 (EUR 5.2 million). Preliminary unaudited Q3 2020 revenues from pure product sales were between EUR 4.6 and 4.8 million, which corresponds to a 6% decline compared to EUR 5.0 million in Q3 2019.

In the traditionally weak third quarter due to seasonality, the Company generated between EUR 2.7 and 2.9 million from sales of Ameluz^® in the USA, compared to EUR 3.4 million (approx. -19%) in Q3 2019. Product sales from Xepi^™ contributed about EUR 45 thousand, compared to EUR 0.1 million in the same reporting period in 2019.

In Germany, sales revenues in the third quarter increased by about 36% to between EUR 1.5 and 1.7 million. In the rest of Europe, the Company generated product sales of about EUR 0.4 million, compared to EUR 0.5 million (approx. -15%) in the same period last year.

Despite the economic and social impact of the corona pandemic, product sales in the German market increased significantly compared to the previous year. Revenues in the United States were negatively affected, where the crisis continues to have a much stronger impact on the market. As in previous years, however, the Company continues to see the fourth quarter as the key revenue driver for its growing business in all markets.

Biofrontera AG, Hemmelrather Weg 201, 51377 Leverkusen

ISIN: DE0006046113
WKN: 604611

Contact: Biofrontera AG
Tel.: +49 (0214) 87 63 2 0, Fax.: +49 (0214) 87 63 290
E-mail: ir@biofrontera.com

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the public offering and the intended use of proceeds from the offering. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the Registration Statement on Form F-1 filed with the SEC, including in the section "Risk Factors," and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.

FAQ

What is the revenue reported by Biofrontera AG for Q3 2020?

Biofrontera AG reported preliminary unaudited revenue of approximately EUR 4.7 to 4.9 million for Q3 2020.

How did Biofrontera's revenue for the first nine months of 2020 compare to 2019?

The total preliminary revenue for the first nine months of 2020 increased by about 9% compared to the same period in 2019.

What factors affected Biofrontera AG's US sales in Q3 2020?

Biofrontera AG's US sales were significantly impacted by the ongoing effects of the corona pandemic.

Did Biofrontera AG experience growth in any specific market in Q3 2020?

Yes, Biofrontera AG's sales revenues in Germany increased by about 36% in Q3 2020.

What is the expected revenue trend for Biofrontera AG in Q4 2020?

Biofrontera AG anticipates that the fourth quarter will be a key revenue driver for the company.