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28.05.2024 07:30:29 - dpa-AFX: EQS-News: BRAIN Biotech AG receives major milestone payment and stays on-track to achieve year end targets (english)
BRAIN Biotech AG receives major milestone payment and stays on-track to
achieve year end targets
EQS-News: BRAIN Biotech AG / Key word(s): Half Year Results/Half Year Report
BRAIN Biotech AG receives major milestone payment and stays on-track to
achieve year end targets
28.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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BRAIN Biotech AG receives major milestone payment and stays on-track to
achieve year end targets
* Major milestone payment from pharma-project of EUR 1.5 million received
* On-track to meet fiscal year end targets
* Significantly strengthened cash position
Zwingenberg, Germany, May 28th, 2024 - BRAIN Biotech AG, a leading provider
of integrated solutions for the biologization of industry, today published
its half year results, 6M 2023/2024. BRAIN received a significant milestone
payment of EUR 1.5 million in its second quarter for the successful
development progress in the out-licensed active pharmaceutical ingredient
program with deucrictibant (formerly PHA121). Overall cash on hand almost
doubled to EUR 10.2 million compared to September 30, 2023. The company stays
fully on track to meet its business year targets for FY 2023/24.
In the first six months of the 2023/2024 financial year, BRAIN Biotech Group
generated revenues of EUR 27.2 million, which is at the same level as the
previous year. In the second quarter of 2023/24, revenue increased by EUR 1.0
million or 7.4 % to EUR 14.5 million. Total operating performance decreased by
2.6 % from EUR 28.1 million to EUR 27.4 million in the first six months of the
financial year. This was primarily due to negative changes in inventories
and lower other income compared to the same period of the previous year. The
adjusted Group EBITDA in the first half of the 2023/24 financial year
improved by EUR 0.4 million from EUR -0.9 million in the previous year to EUR -0.5
million.
Adriaan Moelker, CEO of BRAIN Biotech AG says: "The significant EUR 1.5
million milestone payment from our licensee Pharvaris clearly demonstrates
that we are starting to harvest the fruits of our past investments and that
our BioIncubator pipeline increasingly creates value. We continue to aim for
accelerated commercialization of our many BioIncubator projects." Moelker
adds, "I am also very pleased that the growth in the BioProducts segment has
accelerated in the second quarter as forecasted and I remain confident that
the second half in our products business will be even stronger."
Development of segments
In the BioProducts segment, which comprises the product business with
specialty enzymes and other proteins, revenues decreased by 5.0 % from EUR
20.9 million to EUR 19.8 million in the reporting period. Total operating
performance amounted to EUR 19.7 million, down 6.5 % on the same quarter of
the previous year. Revenues in the second quarter totaled EUR 10.5 million, an
encouraging increase compared to EUR 9.3 million in the first quarter of the
financial year. The cost of materials was reduced from EUR 11.5 million to EUR
10.2 million. This led to an improved cost of materials ratio compared to
the same period of the previous year. Overall, the BioProducts segment's
adjusted EBITDA fell from EUR 2.2 million to EUR 1.7 million, primarily due to
the lower revenues.
The BioScience segment which includes research-intensive custom solutions
based on enzyme technology, strain development, bioprocess development and
natural product screening generated revenues of EUR 5.8 million in the
reporting period, which corresponds to a decrease of 5.3 % compared to the
same period of the previous year (EUR 6.1 million). Thanks to stringent
project controlling and good general cost control, the segment's adjusted
EBITDA was maintained at the previous year's level of EUR 0.0 million.
Revenues of the BioIncubator segment, which covers revenues from own R&D
projects or those initiated with partners increased significantly from EUR 0.2
million to EUR 1.6 million in the reporting period compared to the same period
of the previous year. A large milestone in the deucrictibant project
(PHA121) was successfully achieved in the reporting quarter, making a
significant contribution to the growth in revenues. The strong revenue
growth is also reflected in the segment's adjusted EBITDA, which improved
from EUR -1.5 million in the previous year to EUR -0.5 million. Overall, the
segment continues to be characterized by high investments of EUR 1.5 million
in the area of genome editing under the brand name Akribion Genomics.
The BRAIN Biotech Holding segment mainly includes personnel expenses and
other expenses for Group administration, further development of the BRAIN
Biotech Group, stock exchange listing and M&A activities. The adjusted
EBITDA of the segment amounted to EUR -1.7 million and was therefore only
slightly below the previous year's level (EUR -1.6 million).
The financial year guidance remains unchanged to achieve revenues in a range
of EUR 58 - 62 million with an adjusted EBITDA to rise, at least, in-line with
the revenue growth.
Key financials (first six months of the financial year 2023/24)
1 Revenues + change in inventories + other income including R&D grants
2 The reconciliation from adjusted to unadjusted EBITDA can be found in the
6M report for the period October 1, 2023 to March 31, 2024
Further information
BRAIN Biotech AG 6M Report 2023/24:
https://www.brain-biotech.com/investors/financial-news
About BRAIN Biotech
BRAIN Biotech AG is a leading European supplier of bio-based products and
solutions such as enzymes and proteins, microbial production strains,
natural compounds and biotechnological solutions for more sustainable
industrial processes. The company focuses on the fields of nutrition, health
and environment.
BRAIN Biotech AG is the parent company of the international BRAIN Biotech
Group. The Group's business activities are divided into three segments: The
BioProducts segment comprises the product business with specialty enzymes
and other proteins, for which the Group operates fermentation facilities in
the United Kingdom and production facilities in continental Europe and the
United States. The BioScience segment offers research-intensive custom
solutions based on enzyme technology, strain development, bioprocess
development and natural product screening. The BioIncubator segment conducts
its own R&D projects or those initiated with partners with high value-added
potential. A particularly promising incubator project is the development of
the Company's own CRISPR-based gene editing technology platform, which is
currently being established and expanded by Akribion Genomics (in foundation
planning).
Through its own R&D activities, BRAIN Biotech Group is continuously
expanding its product portfolio in the field of specialty enzymes and small
molecules. The latter are the starting point for screenings, e.g. for novel
drug candidates for pharmaceutical applications.
BRAIN Biotech AG has been listed on the Prime Standard of the Frankfurt
Stock Exchange since February 9, 2016 (ticker symbol: BNN; securities
identification number: ISIN DE0005203947 / WKN 520394). The company employs
approximately 330 people and generated revenues of EUR 55.3 million in the
fiscal year 2022/23.
For more information, please visit: https://www.brain-biotech.com, LinkedIn,
Threads and YouTube.
Contact Media
Dr. Stephanie Konle
PR & Corporate Communications
Phone: +49 6251 9331-70
Email: stk@brain-biotech.com
Contact Investor Relations
Martina Schuster
Investor Relations
Phone: +49 6251 9331-69
Email: ms@brain-biotech.com
Disclaimer
This press release contains forward-looking statements. These statements
reflect the current views, expectations, and assumptions of the management
of BRAIN Biotech AG, and are based on information currently available to the
management.
Forward-looking statements are no guarantees of future performance, and
entail both known and unknown risks as well as uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Numerous factors exist that could
influence the future performance of and future developments at BRAIN Biotech
AG and the BRAIN Biotech Group. Such factors include, but are not limited
to, changes in the general economic and competitive environment, risks
associated with capital markets, currency exchange rate fluctuations,
changes in international and national laws and regulations, in particular
with respect to tax laws and regulations, as well as other factors.
BRAIN Biotech AG does not undertake any obligation to update or revise any
forward-looking statements.
---------------------------------------------------------------------------
28.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
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1912131 28.05.2024 CET/CEST
achieve year end targets
EQS-News: BRAIN Biotech AG / Key word(s): Half Year Results/Half Year Report
BRAIN Biotech AG receives major milestone payment and stays on-track to
achieve year end targets
28.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
BRAIN Biotech AG receives major milestone payment and stays on-track to
achieve year end targets
* Major milestone payment from pharma-project of EUR 1.5 million received
* BioProducts business growth accelerated in Q2, further acceleration
expected throughout H2
* On-track to meet fiscal year end targets
* Significantly strengthened cash position
Zwingenberg, Germany, May 28th, 2024 - BRAIN Biotech AG, a leading provider
of integrated solutions for the biologization of industry, today published
its half year results, 6M 2023/2024. BRAIN received a significant milestone
payment of EUR 1.5 million in its second quarter for the successful
development progress in the out-licensed active pharmaceutical ingredient
program with deucrictibant (formerly PHA121). Overall cash on hand almost
doubled to EUR 10.2 million compared to September 30, 2023. The company stays
fully on track to meet its business year targets for FY 2023/24.
In the first six months of the 2023/2024 financial year, BRAIN Biotech Group
generated revenues of EUR 27.2 million, which is at the same level as the
previous year. In the second quarter of 2023/24, revenue increased by EUR 1.0
million or 7.4 % to EUR 14.5 million. Total operating performance decreased by
2.6 % from EUR 28.1 million to EUR 27.4 million in the first six months of the
financial year. This was primarily due to negative changes in inventories
and lower other income compared to the same period of the previous year. The
adjusted Group EBITDA in the first half of the 2023/24 financial year
improved by EUR 0.4 million from EUR -0.9 million in the previous year to EUR -0.5
million.
Adriaan Moelker, CEO of BRAIN Biotech AG says: "The significant EUR 1.5
million milestone payment from our licensee Pharvaris clearly demonstrates
that we are starting to harvest the fruits of our past investments and that
our BioIncubator pipeline increasingly creates value. We continue to aim for
accelerated commercialization of our many BioIncubator projects." Moelker
adds, "I am also very pleased that the growth in the BioProducts segment has
accelerated in the second quarter as forecasted and I remain confident that
the second half in our products business will be even stronger."
Development of segments
In the BioProducts segment, which comprises the product business with
specialty enzymes and other proteins, revenues decreased by 5.0 % from EUR
20.9 million to EUR 19.8 million in the reporting period. Total operating
performance amounted to EUR 19.7 million, down 6.5 % on the same quarter of
the previous year. Revenues in the second quarter totaled EUR 10.5 million, an
encouraging increase compared to EUR 9.3 million in the first quarter of the
financial year. The cost of materials was reduced from EUR 11.5 million to EUR
10.2 million. This led to an improved cost of materials ratio compared to
the same period of the previous year. Overall, the BioProducts segment's
adjusted EBITDA fell from EUR 2.2 million to EUR 1.7 million, primarily due to
the lower revenues.
The BioScience segment which includes research-intensive custom solutions
based on enzyme technology, strain development, bioprocess development and
natural product screening generated revenues of EUR 5.8 million in the
reporting period, which corresponds to a decrease of 5.3 % compared to the
same period of the previous year (EUR 6.1 million). Thanks to stringent
project controlling and good general cost control, the segment's adjusted
EBITDA was maintained at the previous year's level of EUR 0.0 million.
Revenues of the BioIncubator segment, which covers revenues from own R&D
projects or those initiated with partners increased significantly from EUR 0.2
million to EUR 1.6 million in the reporting period compared to the same period
of the previous year. A large milestone in the deucrictibant project
(PHA121) was successfully achieved in the reporting quarter, making a
significant contribution to the growth in revenues. The strong revenue
growth is also reflected in the segment's adjusted EBITDA, which improved
from EUR -1.5 million in the previous year to EUR -0.5 million. Overall, the
segment continues to be characterized by high investments of EUR 1.5 million
in the area of genome editing under the brand name Akribion Genomics.
The BRAIN Biotech Holding segment mainly includes personnel expenses and
other expenses for Group administration, further development of the BRAIN
Biotech Group, stock exchange listing and M&A activities. The adjusted
EBITDA of the segment amounted to EUR -1.7 million and was therefore only
slightly below the previous year's level (EUR -1.6 million).
The financial year guidance remains unchanged to achieve revenues in a range
of EUR 58 - 62 million with an adjusted EBITDA to rise, at least, in-line with
the revenue growth.
Key financials (first six months of the financial year 2023/24)
(in EUR million) 6M 6M
2023/24 2022/23
Revenues 27.2 27.2
BioProducts 19.8 20.9
BioScience 5.8 6.1
BioIncubator 1.6 0.2
Total operating performance1 27.4 28.1
Adjusted EBITDA2 -0.5 -0.9
EBITDA -0.9 -1.3
Operating cash flow -3.2 -5.6
31.03.2024 30.09.2023
Cash and cash equivalents 10.2 5.4
1 Revenues + change in inventories + other income including R&D grants
2 The reconciliation from adjusted to unadjusted EBITDA can be found in the
6M report for the period October 1, 2023 to March 31, 2024
Further information
BRAIN Biotech AG 6M Report 2023/24:
https://www.brain-biotech.com/investors/financial-news
About BRAIN Biotech
BRAIN Biotech AG is a leading European supplier of bio-based products and
solutions such as enzymes and proteins, microbial production strains,
natural compounds and biotechnological solutions for more sustainable
industrial processes. The company focuses on the fields of nutrition, health
and environment.
BRAIN Biotech AG is the parent company of the international BRAIN Biotech
Group. The Group's business activities are divided into three segments: The
BioProducts segment comprises the product business with specialty enzymes
and other proteins, for which the Group operates fermentation facilities in
the United Kingdom and production facilities in continental Europe and the
United States. The BioScience segment offers research-intensive custom
solutions based on enzyme technology, strain development, bioprocess
development and natural product screening. The BioIncubator segment conducts
its own R&D projects or those initiated with partners with high value-added
potential. A particularly promising incubator project is the development of
the Company's own CRISPR-based gene editing technology platform, which is
currently being established and expanded by Akribion Genomics (in foundation
planning).
Through its own R&D activities, BRAIN Biotech Group is continuously
expanding its product portfolio in the field of specialty enzymes and small
molecules. The latter are the starting point for screenings, e.g. for novel
drug candidates for pharmaceutical applications.
BRAIN Biotech AG has been listed on the Prime Standard of the Frankfurt
Stock Exchange since February 9, 2016 (ticker symbol: BNN; securities
identification number: ISIN DE0005203947 / WKN 520394). The company employs
approximately 330 people and generated revenues of EUR 55.3 million in the
fiscal year 2022/23.
For more information, please visit: https://www.brain-biotech.com, LinkedIn,
Threads and YouTube.
Contact Media
Dr. Stephanie Konle
PR & Corporate Communications
Phone: +49 6251 9331-70
Email: stk@brain-biotech.com
Contact Investor Relations
Martina Schuster
Investor Relations
Phone: +49 6251 9331-69
Email: ms@brain-biotech.com
Disclaimer
This press release contains forward-looking statements. These statements
reflect the current views, expectations, and assumptions of the management
of BRAIN Biotech AG, and are based on information currently available to the
management.
Forward-looking statements are no guarantees of future performance, and
entail both known and unknown risks as well as uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Numerous factors exist that could
influence the future performance of and future developments at BRAIN Biotech
AG and the BRAIN Biotech Group. Such factors include, but are not limited
to, changes in the general economic and competitive environment, risks
associated with capital markets, currency exchange rate fluctuations,
changes in international and national laws and regulations, in particular
with respect to tax laws and regulations, as well as other factors.
BRAIN Biotech AG does not undertake any obligation to update or revise any
forward-looking statements.
---------------------------------------------------------------------------
28.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: BRAIN Biotech AG
Darmstädter Straße 34-36
64673 Zwingenberg
Germany
Phone: +49 (0) 62 51 / 9331-0
Fax: +49 (0) 62 51 / 9331-11
E-mail: ir@brain-biotech.com
Internet: www.brain-biotech.com
ISIN: DE0005203947
WKN: 520394
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1912131
End of News EQS News Service
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1912131 28.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
BRAIN BIOTEC NA O.N. | 520394 | Frankfurt | 2,240 | 03.07.24 09:01:50 | +0,070 | +3,23% | 2,260 | 2,370 | 2,240 | 2,240 |
