Biofrontera reports third quarter and first nine months 2020 results

Leverkusen, Germany, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the “Company”), an international biopharmaceutical company, today published its results for the third quarter ended September 30, 2020. In addition, the Company provided an overview of the current business performance.

Financial figures

in EUR thousands	9M 2020		9M 2019		Q3 2020		Q3 2019
Sales revenue	20,829		19,059		4,713		5,155
Research and development costs	(3,403	)	(3,215	)	(1,014	)	(894	)
General administrative costs	(6,882	)	(12,108	)	(2,470	)	(4,340	)
Sales and marketing costs	(16,340	)	(20,635	)	(4,189	)	(6,440	)
Loss on operations	(8,364	)	(21,093	)	(4,036	)	(8,229	)
Other expenses and income	(1,630	)	20,828		(1,438	)	(2,407	)
Loss/profit before income tax	(11,635	)	(2,524	)	(6,401	)	(11,550	)

"The coronavirus pandemic continues to be a tremendous challenge for us all. Following a 30% decline in product sales in the first half of the year when compared to the same period in 2019, the decline for the first nine months of 2020 has narrowed to just 23%. The closing of the revenue gap is mainly due to the crisis in the USA, whose gradual easing is reflected in the sales figures. The overall decrease in US-revenues was compensated by the strong sales performance in Germany and the one-time payment made by Maruho Co., Ltd., so that an overall 9% increase in sales was achieved compared to the same period last year" commented CEO Prof. Dr. Hermann Lübbert. “In the third quarter, we saw sales stabilize to a great extent in line with the usual seasonality. Even against the background of the ongoing pandemic, we are therefore optimistic about the fourth quarter. Due to the implementation of our global cost-saving measures since March, we managed to keep Q3 operating costs during the coronavirus crisis well below the previous year's level. As a result, our operating result was considerably better than in Q3 2019 despite the 9% drop in quarterly sales.”