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Biotest AG Investor Presentation 2007

Nov 13, 2007

66_ip_2007-11-13_1d418ed8-c2f1-4518-8f44-4ee6baaf0e2e.pdf

Investor Presentation

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Deutsches Eigenkapitalforum Frankfurt/ Main, 13 November 2007

Biotest at a glance (1)

Plasma proteins

Immunoglobulins Coagulation factors Human Albumin

Diagnostics

Immunological diagnostics Microbiological diagnostics

Development of Biotherapeutics BT-061BT-062

BT-063

Biotest at a glance (2)

• Salesof 2006: € 281.9 m

Q1-Q3 2007: € 241.0 m

• EBITof 2006: € 31.4 m

Q1-Q3 2007: € 27.4 m

  • •68 % of sales are generated outside Germany
  • •~ 1,250 employees worldwide (FTE)
  • •Pharmaceuticals division 75 % of sales
  • •Listed at the German Stock Exchange since 1987
  • • Total Market Cap € 459.9 m (9 November 2007) 6,595,242 ordinary shares

  • 5,133,333 preference shares

  • Biotest Diagnostics

  • Biotest Biotherapeutics
  • Key Financials (as of 30 September 2007)

Biotest Plasma proteins: Markets and competitive Position

  • • Strong market share in Europe (e.g. Germany > 20% immunoglobulin market)
  • • Major competitors: Baxter, CSL Behring, Talecris, Octapharma, Grifols
  • • Increase in demand for IVIG in Europe and the USA due to new indications, e.g. autoimmune diseases
  • • Increase of plasma collection in developed world limited by regulatory hurdles

Capacities in Dreieich

  • •700,000 litres fractionation
  • •400 m I.U. Factor VIII/ IX
  • • Expansion of chromatographic purification of immunoglobulins to 4,000 kg by the end of 2008

Biotest Plasma protein products

Biotest Plasma proteins strategy: Upgrading product portfolio, entering new markets

  • • Upgrading the product portfolio by modernisationof the production process
  • • Expansion of international marketing & sales

Expansion EU:

• Further extension of approvals in European countries by MR (mutual recognition procedure)

Market Entry USA:

• USA represents one third of global immunoglobulin demand (> 30 tons)

Acquisition of Nabi Biologics, Boca Raton, USA

- Closing expected December 2007

Global immunoglobulin demand (in tons)

Biotest AG Company Presentation www.biotest.com 6

Six convincing reasons to acquire Nabi Biologics

Immediate strong presence in the US market

Immediate additional capacity in plasmapheresis and production

Experienced and driven team of experts

Global leader in hepatitis B hyperimmunoglobulin market

Promising R&D pipeline with huge market potential

Positive contribution to sales and EBIT from the very start

Nabi Biologics: state-of-the-art production plant and plasma collection centres

Plasma protein production plant

  • •Built in 2002, certified by FDA
  • • Fractionation capacity 400,000 litres (after limited capex)
  • •Maximum output 1.5 tons IVIG
  • •Includes labs, QC, storage capacity

Plasma collection centres

  • •Nine centres in seven US states
  • •Certified by FDA and EMEA
  • • Collection volume ∼400,000 litres

Nabi Biologics: Hyperimmunoglobulin Nabi HB ® and plasma currently sold to third parties

Nabi HB®

  • • Leading hyperimmunoglobulin for Hepatitis B prophylaxis in the US
  • • e.g. prevention of reinfection after liver transplants

Plasma for third parties

  • • Plasma raw material and specific hyperimmune sera
  • • Major part of collected plasma will be used for own products in future
  • • Favourable market conditions due to growing IgG production in USA, EU

Nabi Biologics - Major development products

Premium IVIG product

  • • Premium product comparable to Intratect® in Europe
  • •Tailored to the US market
  • • Phase III pivotal trial has started in September 2007
  • •FDA approval expected for H1 2010
  • • US market launch earlier than previously planned for Intratect ®

Civacir®

  • • Indication is to prevent HCV reinfection in liver transplant patients
  • • High unmet medical need: 1/3 of liver transplants due to HCV infection (10x higher than HBV), no vaccination available
  • • Market potential (USA) in the three figure million USD range
  • •Orphan Drug designation (USA, EU)
  • • Phase II trial ongoing, Phase III trial to start in 2009
  • •FDA approval expected for 2012

Timeline and further process

  • •Approval of Nabi shareholders granted on 8 November 2007
  • •Asset purchase agreement still subject to US merger-control
  • •Approval of US merger-control authorities expected November/ December 2007

  • •Closing of transaction therefore expected December 2007

  • Biotest Diagnostics

  • Biotest Biotherapeutics
  • Key Financials (as of 30 September 2007)

Biotest Diagnostics: Markets and Competitive Position

  • • Sales in the Diagnostic segment Q1 - Q3 2007: € 59.2 m
  • • Strong growth in microbiological diagnostics (hygiene monitoring): strong demand in the pharmaceutical industry, raising demand in food and cosmetics industry
  • • But flat sales in immunological diagnostics: intense competition and high pressure on margins in Europe
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Diagnostics strategy: Focusing on core markets

Immunological diagnostics (ID)

Following the nearly completed re-structuring of the Immunological Diagnostics: Spin-off of the ID business in an independent company

Outsourcing as an essential prerequisite for entering strategic partnership: contacts and first negotiations to be completed until Q2/ 2008

Microbiological diagnostics

Broadening the market base:

Market expansion through investments in marketing & sales, e.g. Japan

In June 2007 heipha Dr. Müller GmbH has been granted licenses from United States Department for Agriculture to export culture media to the USA

  • Biotest Diagnostics
  • Biotest Biotherapeutics
  • Key Financials (as of 30 September 2007)

Biotest Biotherapeutics: Focused research

Three monoclonal antobodies (MAb) projects:

Unique mode of action 25% of patients do not respond to TNF-a antagonist therapies High medical need Fast growing markets Blockbuster potential

Biotest MAb and major indications:

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Expenses for biotherapeutics [€ m]

Biotest Biotherapeutics: Focused research

BT-061

Immunemodulator

Demonstration of good tolerability in a recently completed phase I clinical study.

Initial data on efficacy (phase IIa) expected for the first half of 2008

BT-062

Cooperation and license agreement with ImmunoGen secures exclusive rights to use TAP technology for BT-062

Start of clinical testing at the Dana Farber Cancer Institute in Boston and other centres in the USA expected for the first half of 2008

  • Biotest Diagnostics
  • Biotest Biotherapeutics
  • Key Financials (as of 30 September 2007)

Financial Highlights Q3 2007

•29 September 2007: Capital increase succesfully completed:

Capital increase by 10% (599,567 ordinary shares, 466,666 preference shares) Gross profit: € 33.1 m temporarily used to fully pay back long term portion of old syndicated loan

  • • New financing structure in place to finance the Nabi Transaction on the date of closing
  • •New financing structure includes € 40 m working capital facility
  • • Participants of new syndicated loan: Commerzbank, HypoVereinsbank, Deutsche Bank, West LB
  • •Capital expenditure fully funded by cash flow

Biotest Group: Pleasant growth in Q1-Q3 2007

Revenues Q1-Q3 2006 - Q1-Q3 2007 [ m € ]

Revenues Germany / Rest of World [ %]

Revenues Segment Pharma: Double digit growth

Revenues 2005 - 2006 [ m € ] Revenues Q1-Q3 2006 - Q1-Q3 2007 [ m € ]

Biotest Group: EBIT grows stronger than revenues

EBIT 2005 - 2006 [ m € ] EBIT Q1-Q3 2006 - Q1-Q3 2007 [ m € ]

Biotest Group: Balance Sheet

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Impressive increase in the market capitalization of Biotest within the last years

[€ m ]

Always as of Dec. 31, except in 2007, there as of Nov. 9

Significant in crease in sales and earnings over the last years

Sales and EBIT in € m

Biotest AG Company Presentation www.biotest.com 25

Increase in revenues – higher EBT in 2008 expected – significant improvement of earnings from 2010 onwards

  • • Biotest targets revenues of > EUR 500m in the medium term after successful launch of "IVIG" in the USA – Civacir® adds further upside potential
  • •Forecast 2007 unchanged – EBIT should exceed 2006 figure by 12 – 15 %
  • •Striving for a further improvement of EBIT and EBT in 2008
  • • Earnings from acquired assets expected to exceed additional interest expenses from 2010 onwards

Disclaimer

This document contains forward-looking statements on overall economics development as well as on the business, earnings, financial and asset situation of Biotest AG and its subsidiaries. These statements are based on current plans, estimates, forecasts and expectations of the company and thus are subject to risks and elements of uncertainty that could result in deviation of actual developments from expected developments. The forward-looking statements are only valid at the time of publication. Biotest does not intend to update the forward-looking statements and assumes no obligation to do so.

Financial calendar & contact

Financial calendar

28 March 2008 Annual Report 2007 15 May 2008 1. Quarterly Report 2008 27 May 2008 Annual General Meeting

Contact

Dr. Marion WendorffInvestor RelationsLandsteinerstraße 563303 Dreieich

Tel. + 49 (0) 6103 801 520 Fax + 49 (0) 6103 801 7840

[email protected]

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