Home News MediGene despite sales rise in 1Q deeper in the red

MediGene despite sales rise in 1Q deeper in the red

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MARTINSRIED (Dow Jones) – The biotechnology company MediGene AG is in the first quarter despite higher revenues, although lower in a loss slipped. The expectation of analysts was still exceeded and confirms the outlook for 2010. The result after Taxes and third party sank in the reporting period to a minus of EUR 2.34 million, compared with a loss of EUR 1.9 million in the previous year, as the TecDAX Group from Martinsried announced on Friday. surveyed by Dow Jones Newswires Analysts had expected minus EUR 5 million.
The increase of the loss go mainly to the fact that revenues almost exclusively from product revenue originated, where appropriate procurement against each other, it was said in explanation. In the proceeds of the Same period last year was against a one-off included, for which no Procurement costs were incurred.
Total revenues increased 3% to 12.0 (11.6) million EUR. Still more, the increase was in product sales. They climbed to 11% to 11.5 (10.3) million EUR, exceeding also the Market expectation of 10.1 million EUR. The operating loss of EUR 2.64 million is a Prior year deficit of 2.07 million EUR and an analyst forecast of minus EUR 4.9 million compared.
For 2010, MediGene continues to expect a to more than EUR 40 million increase in sales, thanks mainly Product sales of Eligard and to a lesser extent by Veregen. A forecast to net income, the company will only after the Verpartnerungsprozesses for EndoTAG an issue.

   

Website: www.medigene.de

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(END) Dow Jones Newswires

May 07, 2010 02:12 ET (06:12 GMT