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Leverkusen (pta031/30.09.2026/13:30) - Leverkusen, September 30, 2026 – Biofrontera AG (ISIN: DE000A4BGGM7), an international biopharmaceutical company specialized in dermatology, today announced its financial results for the first six months ended June 30, 2026.
Highlights for the first half of 2026
* European sales revenue increased by 44.3% to EUR 9.0 million partly driven by temporary wholesaler stocking in Germany ahead of the July Ameluz® price increase.
* EBITDA from continuing operations improved to EUR 1.7 million from EUR -1.3 million in H1 2025.
* Adjusted EBITDA, including the U.S. earn-out and other discontinued-operation effects, increased by 91.3% to EUR 3.9 million (last year EUR 2.1 million).
* Total result after income tax improved by EUR 9.2 million, from a loss of EUR 3.7 million to a profit of EUR 5.5 million.
* In-market sales of Ameluz® in Germany reached a record of more than 32,800 units, up 11.3% year-on-year; in-market unit sales in European partner markets increased by 21.3%.
* Ovixan® continued its successful market expansion in the United Kingdom following its launch in Q1 2026.
* Cash and cash equivalents increased to EUR 7.1 million as of June 30, 2026, compared with EUR 3.6 million at year-end 2025.
Key financial figures and business performance for the first half of 2026 (unaudited)
| unaudited Jan 1 – Jun 30, 2026 Jan 1 – Jun 30, 2025 | |||||
| EUR thousand % of revenue EUR thousand % of revenue | |||||
| Results of operations | |||||
| Sales revenue | 9,038 | 100.00% | 6,262 | 100.00% | |
| thereof Germany | 6,832 | 75.59% | 4,424 | 70.65% | |
| thereof Spain | 926 | 10.25% | 989 | 15.79% | |
| thereof UK | 754 | 8.34% | 515 | 8.22% | |
| thereof Rest of Europe | 517 | 5.72% | 320 | 5.11% | |
| thereof Other regions | 9 | 0.10% | 14 | 0.22% | |
| Gross profit on sales | 7,322 | 81.01% | 5,290 | 84.48% | |
| Operating result | 1,440 | 15.93% | (1,367) | (21.83)% | |
| EBITDA | 1,741 | 19.26% | (1,256) | (20.06)% | |
| EBIT | 1,513 | 16.74% | (1,298) | (20.73)% | |
| Result before income tax from continuing operations | 1,515 | 16.76% | (1,302) | (20.79)% | |
| Result before income tax from discontinued operations | 4,027 | 44.56% | 2,763 | 44.12% | |
| Income tax from continuing operations | (4) | (0.04)% | (5,120) | (81.76)% | |
| Income tax from discontinued operations | (5) | (0.06)% | (33) | (0.53)% | |
| Result after income tax from continuing operations | 1,511 | 16.72% | (6,422) | (102.56)% | |
| Result after income tax from discontinued operations | 4,022 | 44.50% | 2,730 | 43.60% | |
| Total result after income tax | 5,533 | 61.22% | (3,692) | (58.96)% |
"The first half of 2026 clearly demonstrates the improvement in the underlying performance of our European business. We achieved strong revenue growth and, more importantly, returned continuing operations to positive EBITDA. The German business benefited from a temporary stocking effect ahead of the July price increase, but underlying in-market demand also remained strong, with record Ameluz® unit sales. At the same time, the launch of Ovixan® in the UK and the continued growth of our partner markets confirm the potential of our strategy to leverage our dermatology infrastructure across a broader portfolio. With a leaner cost base, stronger liquidity and a clear European focus, we are well positioned to pursue the next phase of profitable growth," commented Pilar de la Huerta Martínez, CFO of Biofrontera AG, on the half-year results released today
Business performance
Biofrontera generated sales revenue from continuing operations of EUR 9.0 million in H1 2026, compared with EUR 6.3 million in H1 2025, an increase of 44.3%. The main driver was Germany, where revenue rose by 54.4% to EUR 6.8 million. This increase was partly attributable to higher inventory levels at German wholesalers ahead of the Ameluz® price increase implemented in July 2026. Management expects this temporary stocking effect to reverse over the coming months as inventory levels normalize.
Underlying market demand remained positive. In-market sales of Ameluz® in Germany reached a record level of more than 32,800 units, up 11.3% compared with H1 2025. In European partner markets, in-market Ameluz® unit sales increased by 21.3%.
In the United Kingdom, Biofrontera successfully launched Ovixan® in Q1 2026. The product developed in line with management expectations during the first quarter, with the positive launch performance consolidating further in Q2. Ovixan® complements Ameluz®, Skinoren® and Advantan® and supports Biofrontera's strategy of broadening its dermatology portfolio by leveraging its existing commercial infrastructure.
Significant improvement in profitability
Gross profit from continuing operations increased by 38.4% to EUR 7.3 million, corresponding to a gross margin of 81.0%. General and administrative expenses declined by 41.2% to EUR 1.4 million, primarily due to the optimization of the Group's organizational structure and the absence of new litigation requiring additional legal provisions. Sales and marketing expenses remained broadly stable at EUR 3.3 million, while R&D expenses increased moderately to EUR 1.1 million, partly due to preliminary work on potential new indications for Ameluz®.
EBITDA from continuing operations improved by EUR 3.0 million to EUR 1.7 million, compared with EUR -1.3 million in H1 2025. EBIT improved to EUR 1.5 million from EUR -1.3 million. The improvement reflects the strong revenue development, the optimized cost structure and the increased operational focus on the European business.
U.S. earn-out and discontinued operations
Following the restructuring of the U.S. business completed in 2025 and H1 2026, U.S.-related activities are reported as discontinued operations. The earn-out received from Biofrontera Inc. amounted to EUR 2.3 million in H1 2026, compared with EUR 0.6 million in H1 2025, and is recorded in other income rather than sales revenue. Adjusted EBITDA, including continuing and discontinued operations, increased by 91.3% to EUR 3.9 million from EUR 2.1 million in the prior-year period.
The positive development in the market value of Biofrontera Inc. shares held by Biofrontera AG generated a positive financial effect of EUR 1.8 million in H1 2026. The result after income tax from discontinued operations amounted to EUR 4.0 million, and the total result after income tax improved to a profit of EUR 5.5 million from a loss of EUR 3.7 million in H1 2025.
Liquidity
Cash and cash equivalents amounted to EUR 7.1 million as of June 30, 2026, compared with EUR 3.6 million as of December 31, 2025. Net cash flow from operating activities improved to EUR 3.7 million from EUR -4.4 million in the prior-year period. Based on current corporate planning, the Group expects to maintain sufficient liquidity to meet all obligations for at least the next twelve months.
Outlook
Biofrontera confirms the financial guidance for fiscal year 2026 published in March 2026. The Company expects full-year revenue growth to normalize as the temporary German stocking effect unwinds. Management continues to focus on Group sales and adjusted and unadjusted EBITDA as key performance indicators.
| Key figure Forecast 2026 | ||
| Group sales revenue | EUR 14.0 million to EUR 16.0 million | |
| Adjusted EBITDA (including U.S. earn-out) | EUR 3.5 million to EUR 5.1 million | |
| Unadjusted EBITDA | EUR -0.5 million to EUR +0.5 million | |
| Cash and cash equivalents at December 31, 2026 | EUR 4.0 million to EUR 8.0 million |
Looking beyond 2026, Biofrontera intends to pursue growth along three complementary paths: expanding Ameluz® into additional territories, adding selected dermatology products through licensing or acquisitions, and evaluating potential additional indications for Ameluz®.
The complete Half-Year Financial Report 2026 is available on the Biofrontera AG website under Investors & Media / Financial Reports.
About Biofrontera
Biofrontera AG is a biopharmaceutical company founded in 1997 that specializes in the development and distribution of dermatological drugs. Based in Germany, the Company develops and markets innovative products for the treatment of the skin. The Company's leading product is Ameluz®, a prescription topical drug used in photodynamic therapy for certain superficial skin cancers and their precursors. Ameluz® has been marketed in the EU since 2012. Biofrontera is one of the first German biopharmaceutical companies to have received a centralized European approval as well as an approval in the United Kingdom for a drug it developed in-house.
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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 Tradegate BSX