Losses in H1 for Germany-based Biotest

Germany-based Biotest reported losses over the first semester of 2017. Biotest manufactures and markets products based on plasma proteins for clinical immunology. It had to recall batches of albumin products over the first six months of 2017, since they caused skin rash. The whole recall caused a charge over €27m to the Dreiech, Frankfurt-based company. Moreover, production was not regular during the first half, which further worsened the financial performances by the recently-established biotech company. Total revenues were €247m, corresponding to a 11% decline vs H1 2016. EBIT was €20m – vs €33m in H1 2016 – and overall losses were €17.6m. The acquisition by China-based investor Creat is still ongoing. This is perhaps the reason why Biotest’s shares did not fall after the results were announced.
(Sources: Biotest and ARD)