029 Group SE

Earnings Release • Nov 13, 2001

News Details

Ad-hoc | 13 November 2001 07:32

Rhein Biotech N.V. english

Rhein Biotech Nine Months Report 2001 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Rhein Biotech-Nine Months Report 2001: Sales growth of 36 %, Net income 5.4 million Euro -Hepavax Gene :- Extended facility operational – Market launch in Poland – Needle-free delivery under development – 2-dose hepatitis B vaccine: Clinicals close to completion Maastricht, 13th November 2001 – Rhein Biotech, specialist in the development and marketing of vaccines and immune modulators continued to report stable growth in the first nine months of 2001. Sales rose to 58.7 (43.2) million Euro, representing an increase of 36% in comparison to the previous year. Net income decreased from 7.3 million Euro to 5.4 million Euro. However, excluding extraordinary income, net income increased from 4.3 million Euro to 5.1 million Euro. Gross profit grew in the first three quarters of 2001 by 26% from 28.3 to 35.8 million Euro. Product sales, which account for the largest portion of sales revenues continued to grow in the first nine months, increasing by 43% to 54.1 (37.9) million Euro. As a result of increased investments in R&D and marketing the cumulative operating expenses increased by 49% to 28.6(19.2) million Euro, the EBIT decreased by 22% from 9.1 to 7.2 million Euro and the EBITDA decreased by 5% to 12.9 (13.6) million Euro. Comparing the third quarter of 2001 to the same quarter last year, Rhein Biotech kept its gross profit margin stable at 63%. Product sales decreased from 20.6 million Euro to 18.1 million Euro. This decrease was due to a shift in some deliveries of Hepavax Gene and flu vaccine from the third to the fourth quarter. Spending on R&D in the third quarter of 2001 was 80% higher than in the previous year increasing from 1.6 to 2.9 million Euro as a result of Rhein Biotech’s increased focus on product development. Mainly because of this increased spending to generate future business the net income excluding extraordinary income decreased from 2.8 to 1.6 million Euro. end of ad-hoc-announcement (c)DGAP 13.11.2001 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Investments The cash generated in the first nine months of 2001 was invested to support the expanding business. Rhein Biotech extended production capacity at GreenCross Vaccine, increased its shareholding in PC Gen and invested in extending the Technology Centre in Düsseldorf. These investments strengthen the basis for further growth. The cash position at the end of September 2001 was 20.7 million Euro. Third Quarter Highlights Highlights in the third quarter include the increase in production capacity of Hepavax Gene at GreenCross Vaccine and the market introduction of Hepavax Gene in Poland. Rhein Biotech has also initiated a research collaboration with Rösch AG Medizintechnik for the development of needle free delivery systems. The clinical trial of the company’s 2-dose hepatitis B vaccine is currently close to completion with results expected by the end of 2001. Rhein Biotech also extended its senior management team in August to promote further growth. The number of employees at the end of the third quarter 2001 was 311. Outlook Rhein Biotech is confident that it will meet its target of 35-40% growth in sales for the full year 2001. A large part of the sales of Hepavax Gene and flu vaccine originally expected in the third quarter will be realized in the fourth quarter. EBIT for 2001 is expected to exceed the level of 2000. Substantial growth in turnover is expected in 2002 seeing the scheduled deliveries to supranational organisations supported by the anticipated market introduction of 2-dose hepatitis B vaccine and increasing sales of immune modulators. Rhein Biotech also plans to expand its leading position in the area of mass vaccinations as well as its position in private markets. Further Information The Deutsche Börse, Frankfurt announced on 7th November that Rhein Biotech will be included in the Nemax 50 index from 27th December 2001. Further information about Rhein Biotech and a complete copy of the Nine months report is available on http://www.rheinbiotech.com or from one of the contacts mentioned below: Valerie Ward, Investor Relations Rhein Biotech N.V., Maastricht (NL) T: +31 (0)43 / 3 56 78 98 F: +31 (0)43 / 3 56 78 99 e: investor@rheinbiotech.com ——————————————————————————– WKN: 919544; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Stuttgart, Hannover 130732 Nov 01