Biotest AG — Interim / Quarterly Report 2004

Nov 24, 2004

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Biotest Autumn Conference for Journalists and Analysts Frankfurt/Main, November 22, 2004

Contents - Report by Dr. Ramroth

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Highlights I. – III. Quarter 2004	1
Key issues I. – III. Quarter 2004	2
Overview I. – III. Quarter 2004	3
Sales I. – III. Quarter 2004	4
Sales according to regions I. – III. Quarter 2004	5
EBIT. I. – III. Quarter 2004	6
EBT I. – III. Quarter 2004	7
Finance I. – III. Quarter 2004	8
Balance Sheet	9
Outlook	10

Biotest Group - Highlights I. – III. Quarter 2004

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• ♦ FDA inspection of our production facilities for TANGO successfully completed in June 2004

• ♦ Completion of contract for further development of TANGO to enter the US market

• ♦ Approval of Intratect in September 2004

• ♦ Foundation of Biotest Hellas

• ♦ Diagnostic division successfully certified by TÜV-Rheinland

• ♦ Interest in SIFIN sold

• ♦ Joint venture for toll manufacturing of Iranian plasma

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - Key issues I. – III. Quarter 2004

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Business developments

• ♦ Strong price pressure on international markets for plasma derivatives due to world - wide excess capacities

• ♦ Decrease in foreign sales, partially due to deliberate tender business reduction (prices)

• ♦ Shortfalls in EBIT caused by reduced sales activities are compensated by cost cuts

• ♦ Production of Intratect started

• ♦ Clinical studies for FDA approval of TANGO in the US successfully completed

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - Overview I. - III. Quarter 2004 (Mio. €)

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Biotest Group	PY	AC	? PY vs. AC
Sales	164,3	163,1	-1%
- Germany	55,2	56,9	3%
- other Countries	109,1	106,2	-3%
Profit from operations (EBIT)	7,6	12,9	70%
in % of sales	4,6%	7,9%
Earnings before tax (EBT)	-2,1	2,9	-
in % of sales	-1,3%	1,8%
Earnings after tax (EAT)	-1,6	0,6	-
in % of sales	-1,0%	0,4%
Cash flow	6	10	67%
EBITDA	16	22	38%

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - Sales I. - III. Quarter 2004 (Mio. €)

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----- Start of picture text -----

• 2% +1% -1%164,3 163,1107,6 106,056,7 57,1Pharma Diagnostic GroupAC I.-III. 2003 AC I.-III. 2004----- End of picture text -----

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - Sales according to regions I. - III. Quarter 2004 (in %)

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----- Start of picture text ----- 50 46,9%43,04034,933,630209,310 6,7 7,4 7,85,74,70Germany Rest of Europe America Near East Asia / RoWInland Restl. Nord- und Naher Osten Asien ROWEuropa Südamerika1999 2000 I.-III.2003 I.-III.2004----- End of picture text -----

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - EBIT I. - III. Quarter 2004 (Mio. €)

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----- Start of picture text ----- 15,412,9+70%7,64,62,7 2,4Pharma Diagnostic GroupAC I.-III. 2003 AC I.-III. 2004----- End of picture text -----

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - EBT I. - III. Quarter 2004 (Mio. €)

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----- Start of picture text ----- 8,42,4 2,91,1-2,1-4,3Pharma Diagnostic Group----- End of picture text -----

AC I.-III. 2003 AC I.-III. 2004

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - Finance Quarter I. - III. 2004 (Mio. €)

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	1-9 / 2003	1-9 / 2004
Sources of funds
• Cash flow	6	10
• Increase in provisions	4	2
• Decrease in working capital	14	5
• Disinvestment	6	-
• Decrease in other assets	6	2
• Decrease in cash or cash equivalents	1	7
Operativer Cashflow	37	26
Application of funds
• Capital expediture	16	11
• Decrease in interest-bearing loans	13	12
• Decrease payables	8	2
• Dividend in payment	-	1
	37	26

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group - Balance Sheet

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AssetsMio. €%Mio. €%31.12.200330.09.2004	AssetsMio. €%Mio. €%31.12.200330.09.2004
Fixed Assets1504315045Inventories1173411334Trade receivables59175918Cash12362Other assets12393Total assets350100337100Equity & LiabilitiesMio. €%Mio. €%
	Mio. €%Mio. €%
EquityProvisionsInterest-bearing loansFinance lease obligationsTrade payablesOther payablesTotal Equity & Liabilities	1033010330541556171333812437309278154154154124350100337100

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HK 22.11.2004 - Dr. Michael Ramroth

Biotest Group – Outlook

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• Sales slightly below the previous year (price pressure, reduced foreign tender business)

• Significant increase of EBIT

• Due to cost cuts, EBT will be positive after two years of losses

• Technical advantages of our new production facilities will be economically effective starting in 2006 – first in Germany and follwed by product registrations in the European markets

• Trends towards prrice stabilization are noticable in the US market. Positive effects on European markets are expected for the second half of 2005

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HK 22.11.2004 - Dr. Michael Ramroth