Leverkusen, Germany, April 15, 2019 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the “Company”), an international biopharmaceutical company, today reports preliminary unaudited revenue for the first three months of fiscal year 2019.
The preliminary unaudited revenue of the Company for the period January to March 2019 was around EUR 6.8 million. This represents a revenue growth of approximately 46% compared to the previous year period, with pure product sales increasing by around 48%. The increase marks the fourth consecutive quarter-over-quarter revenue growth despite the traditionally weaker first quarter.
Preliminary unaudited product sales in the U.S. are expected to be approximately EUR 5.2 million, compared to EUR 3.4 million in the same period in 2018 (+52%). First quarter 2019 product sales in Germany increased by approximately 72% to EUR 1.1 million compared to EUR 0.6 in the first quarter of 2018. Revenue generated in the remainder of Europe will be flat at around EUR 0.6 million, compared to the same period last year. This effect is due to the elimination of re-imports within the EU.
Overall, sales in the first quarter of 2019 were again significantly higher than in the previous year and are further proof of the company's successful growth strategy.
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Biofrontera AG is an international biopharmaceutical company specializing in the development and commercialization of a platform of pharmaceutical products for the treatment of dermatological conditions and diseases caused primarily by exposure to sunlight that results in sun damage to the skin. Biofrontera's approved products focus on the treatment in the U.S. and Europe of actinic keratoses, which are skin lesions that can sometimes lead to skin cancer, as well as the treatment of certain forms of basal cell carcinoma in the European Union. American Depositary Shares representing Biofrontera's ordinary shares are listed on the NASDAQ Capital Market under the symbol "BFRA", and Biofrontera's ordinary shares are listed in the Frankfurt Stock Exchange (B8F, ISIN: DE0006046113). Information is also available at www.biofrontera.com.
Forward Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the public offering and the intended use of proceeds from the offering. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the Registration Statement on Form F-1 filed with the SEC, including in the section "Risk Factors," and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.