MediGene reports positive results for the first half of 2011 and confirms forecast for the year

Increase in total revenue (from continued operations and discontinued operations) by 18% to EUR 29.6 million (6M 2010: EUR 25.2 million)

04-Aug-2011 - Germany

MediGene AG generated total revenue (from continued operations and discontinued operations) of EUR 29.6 million in the first half of the 2011 fiscal year (6M 2010: EUR 25.2 million). This revenue consists primarily of product sales from the commercialization of the drugs Eligard® and Veregen® and milestone payments of EUR 20.0 million from the transfer of European rights for Eligard® to Astellas. The EBITDA result was positive and totaled EUR 17.0 million (6M 2010: EUR -5.4 million). Net profit for the period was EUR 14.4 million (6M 2010: EUR -3.3 million). Cash and cash equivalents at the end of the reporting period totaled EUR 15.9 million. These results have been prepared under IFRS (International Financial Reporting Standards).

Product sales and other income

MediGene increased total revenue from continued operations by 49% in the first half of 2011 to EUR 1.9 million (6M 2010: EUR 1.3 million). This revenue was generated from Veregen® product sales and royalties in the USA, Germany, and Austria, which increased by 43% to EUR 0.8 million (6M 2010: EUR 0.5 million), and from milestone payments for Veregen® of EUR 0.1 million (6M 2010: EUR 0.7 million). In addition, since March 1, 2011, MediGene has recorded a 2% participation in net sales of Eligard® in continued operations under other income. This line item amounted to EUR 0.9 million.

Revenue from discontinued operations totaled EUR 27.7 million (6M 2010: EUR 23.9 million). Revenue from discontinued operations was generated from European Eligard® product sales, royalties and milestone payments.

EBITDA and net results

In the first half of 2011, MediGene recorded a positive EBITDA result of EUR 17.0 million, compared to EUR -5.4 million for the same period the previous year. Net profit was EUR 14.4 million (6M 2010: EUR -3.3 million). This significant improvement is due primarily to higher revenue. The company has continued to significantly reduce operating expenses compared to the same period of the previous year.

Financial Forecast 2011

MediGene today confirms its financial outlook for the 2011 fiscal year. Based on its present product portfolio, MediGene expects a positive EBITDA result of EUR 10 to 16 million for fiscal year 2011. This result includes non-recurring one-time effects in the form of milestone payments totalling EUR 20 to 25 million for Eligard®, which will also contribute to the total revenue (from continued and discontinued operations) guidance for 2011 of EUR 32 to 38 million.

https://www.bionity.com/en/news/133812/medigene-reports-positive-results-for-the-first-half-of-2011-and-confirms-forecast-for-the-year.html