Biofrontera reports preliminary unaudited sales revenue for the first three months of 2020

Leverkusen, Germany, April 17, 2020 (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 2020.

The preliminary unaudited revenue of the Company for the period January 1 to March 31, 2020 was in the range of EUR 6.4 to 6.6 million. This represents a decline of approximately 5% compared to the previous year period. The current COVID-19 pandemic had a major impact on the Company’s business, with very little sales in particular in the second half of March.

The largest impact on business was noted in the US, with product sales expected to be approximately EUR 4.2 million compared to EUR 5.2 million in the same period in 2019 (-20%). First quarter 2020 product sales in Germany increased by approximately 20% to EUR 1.3 million compared to EUR 1.1 in the first quarter of 2019. Revenue generated in the remainder of Europe was around EUR 0.8 million, compared to EUR 0.6 million in the same period last year. The main contributor to this increase were revenues generated in Spain, which developed quite strongly before regional lockdown due to the COVID-19 pandemic reduced sales substantially.

Given the dynamic situation with the coronavirus crisis, the Company’s ability to predict sales development is severely limited. Biofrontera has already initiated cost reduction measures as published on March 20, 2020. The Company continues to retain cash while preparing for a rebound in business once the markets have recovered.

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