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Leverkusen (pta043/30.09.2025/20:15) - Biofrontera AG (ISIN: DE000A4BGGM7), an international biopharmaceutical company, today announced its financial results for the first six months ended June 30, 2025.
Key Financial Figures and Business Performance for the First Half of 2025 (unaudited)
| 01.01.-30.6.2025 | 01.01.-30.6.2024 | ||||
| TEUR | % of revenues | TEUR | % of revenues | ||
| Results of operations | |||||
| Sales revenue | 8,762 | 100.00% | 7,206 | 100.00% | |
| - thereof Germany | 4,424 | 50.49% | 3,554 | 49.32% | |
| - thereof Spain | 988 | 11.28% | 923 | 12.81% | |
| - thereof UK | 515 | 5.88% | 465 | 6.46% | |
| - thereof Rest of Europe | 321 | 3.66% | 1,148 | 15.93% | |
| - thereof USA | 2,500 | 28.53% | 1,023 | 14.20% | |
| - thereof Other Regions | 14 | 0.16% | 92 | 1.28% | |
| Gross profit on sales | 6,476 | 73.91% | 4,601 | 63.85% | |
| Result on operations | 1,135 | 12.95% | (4,426) | (61.42)% | |
| EBITDA | 2,071 | 23.64% | (3,557) | (49.36)% | |
| EBIT | 1,642 | 18.75% | (3,965) | (55.02)% | |
| Profit/loss before income tax | 1,461 | 16.67% | (5,344) | (74.16)% | |
| Profit/loss for the period | (3,692) | (42.14)% | (5,344) | (74.16)% |
"We continue to record very strong growth in the European markets covered by our own sales network, with particular emphasis on the outstanding and sustained growth in Germany of 24%, reaching a 73% share in the PDT market and consolidating our position as the undisputed leader.The positive development of the European markets, together with the restructuring agreed with Biofrontera Inc. on June 30 aimed at minimizing our structural risks associated with the U.S. market, places us in an excellent position to face the future, with a clear focus on strengthening our presence in the European markets as a leading pharmaceutical company specialized in therapies for dermatological conditions" commented Pilar de la Huerta Martinez, CFO of Biofrontera AG, on the half-year results released today.
Biofrontera reported total revenue of 8,762 TEUR for the period from January 1 to June 30, 2025, compared to 7,206 TEUR in the first half of 2024, representing a 21.5% increase. This growth in overall revenues is primarily driven by the expansion in the European markets where the Company operates its own sales network — Germany , the UK , and Spain — as well as by the increase in our sales to Biofrontera Inc. In the latter case, sales grew by 144% compared to the same period last year.
This growth, however, cannot be analyzed on a linear basis, since in the first half of 2024, due to a change in Biofrontera Inc.'s stocking policy, no Ameluz® sales were made to our U.S. partner. All sales during that period related exclusively to lamp sales and samples. From the fourth quarter of 2024 onwards, however, Biofrontera Inc. began to resume its usual volume of Ameluz® orders, a trend that has continued through the first half of 2025.
In Germany, revenue increased by 870 TEUR to 4,424 TEUR during the reporting period, representing an 24% increase. This outstanding performance highlights Ameluz®'s strong reception among patients and the success of Biofrontera AG's continuous efforts to adapt the product to their needs and to evolving market conditions. In our home market, Ameluz® has increased its market share to 73%, securing an undisputed leadership position in the photodynamic therapy (PDT) segment. As anticipated, the approval of Ameluz® for use with artificial daylight enhances the product's ability to reach a broader patient base and thereby expand its market.
In Spain, we return to growing scenario with an increase of 65 TEUR during the reporting period, representing 7% increase. Ameluz® has regained its leading position in the Spanish market, with a share exceeding 50%, demonstrating its sustained growth trend despite the PDT market in Spain being in recession.
The direct sales business in the United Kingdom achieved 11% growth on a lower revenue base, reaching 515 TEUR, reflecting also a very positive tendency.
In European markets, growth was offset by a 72% decline in distributor sales, which fell from 1,148 TEUR to 321 TEUR, resulting in an overall regional increase of 2.5%. This fluctuation reflects the typical bi-annual ordering pattern of our distributors. Despite this, the long-term outlook for these markets remains positive, with a clear growth trend.
Research and development expenses fell by 55%, from 3,821 TEUR to 1,723 TEUR, mainly due to the transfer of the U.S. clinical trial program to Biofrontera Inc. as of June 1, 2024. Marketing and sales expenses remained broadly stable, at 3,306 TEUR in 2024 versus 3,311 TEUR in 2025, despite a significant increase in sales in markets served by our own network. General and administrative expenses decreased sharply from 1,900 TEUR to 300 TEUR , reflecting the reversal of a legal provision.
EBITDA rose by 5,628 TEUR to a positive 2,071 TEUR in the first half of 2025 (H1 2024: (3,557 TEUR)). This turnaround was driven by lower R&D expenses, improved gross profit on sales, and the reversal of legal provisions following the binding restructuring agreement with Biofrontera Inc. signed on June 30, 2025..
The reduction in deferred tax assets by 5,093 TEUR resulted in a net loss of (3,692 TEUR), representing an improvement of 1,652 TEUR compared with the net result for the same period last year (5,344 TEUR).
Cash and cash equivalents amounted to 3,424 TEUR as of June 30, 2025 (December 31, 2024: 3,124 TEUR). Details of the business figures can be found on the Biofrontera AG website at Half-Year_Financial_Report_H1_2025.pdf ( https://www.biofrontera.com/fileadmin/files/PDFs/Financial_Reports/2025/Half-Year_Financial_Report_H1_2025.pdf)
Outlook
The Company published new sales and EBITDA guidance on August 1, 2025, reflecting the newly agreed terms signed June 30th. This guidance indicated a sales range for 2025 of between 17,000 TEUR and 20,000 TEUR, and an EBITDA range of between 1,500 TEUR and 3,500 TEUR. This guidance remains valid as of today.
The revised forecasted key performance indicators are as follows:
| Key Figure | Revised forecast 2025 | |
| Group sales | EUR 17 to 20 million | |
| EBITDA | EUR 1,5 million to + 3,5 million | |
| Cash and cash equivalents at 31. December 2025 | EUR 1,0 to 3 million |
Based on the current 2025 business plan, the Group will have sufficient liquidity to meet all obligations for an additional 12 months from the date of preparation. Assuming expenses and revenues develop as planned and considering Biofrotnera Inc fulfills all its payment obligations, the Group expects to have cash and cash equivalents of between 1.0 and 3 million EUR as of December 31, 2025.
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emitter: Biofrontera AG
address: Hemmelrather Weg 201, 51377 Leverkusen
country: Germany
contact person: Investor Relations
phone: +49 (0) 214 87 63 20
e-mail: ir@biofrontera.com
website: www.biofrontera.com
ISIN(s): DE000A4BGGM7 (share)
stock exchanges: regulated market in Dusseldorf, Frankfurt; free market in Munich, free market in Stuttgart; open market in Berlin, Tradegate