Biofrontera AG (NASDAQ:BFRA) Q2 2020 Earnings Conference Call - Final Transcript

Aug 27, 2020 • 04:00 am ET

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Biofrontera AG (NASDAQ:BFRA) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Dear, ladies and gentlemen, welcome to the Conference Call of Biofrontera AG. [Operator Instructions] After the presentation there will be an opportunity to ask questions. [Operator Instructions]

May I now hand you over to Pamela Keck, Head of Investor Relations, who will lead you for this conference. Please go ahead, madam.

Executive
Pamela Keck

Thank you. Hello and welcome to Biofrontera's earnings conference call for the first half of 2020. Yesterday, we issued a press release announcing financial results for the six months ended June 30, 2020. We encourage everyone to read the press release, as well as the interim report, both of which are available on Biofrontera's website at www.biofrontera.com.

Please note that certain information discussed on the call today is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. We caution listeners that during this call, Biofrontera's management will be making forward-looking statements. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business. All risks and uncertainties are detailed in and are qualified by the cautionary statements contained in Biofrontera's press releases and SEC filings.

This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast today August 27. Biofrontera undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.And with that, I would now like to turn the call over to our CEO Hermann Lubbert.

Executive
Hermann Lubbert

Thank you, Pamela. And thank you very much, ladies and gentlemen for taking the time to participate in today's call. With me today is Thomas Schaffer, our Chief Financial Officer. He will present the financial results in a second, I will then afterwards summarize the general business development and clinical updates and we'll provide an update on the current status of our commercial efforts. I will then also briefly comment on some strategic topics.

But first, let's have a look at the financial results for the first six months of 2020. For that I would like to hand over to Thomas Schaffer.

Executive
Thomas Schaffer

Thank you, Hermann and thank you to everyone on the call for joining us today. I would like to start by giving you an overview of the financial results for the first half of 2020. In the first six months, we achieved a total revenue of EUR16.1 million, an increase of approximately 16%, compared to the same period last year. This however includes the one-time payment from Maruho under the license agreement, which we signed in April this year.

Revenues of EUR9.7 million were generated from product sales, a decrease of 30%, compared to the first half of 2019. Sales particularly in the second quarter were strongly influenced by the effects of the global Coronavirus crisis. Product sales in the United States experienced a significant impact due to the pandemic and amounted to EUR6.3 million almost 38% less than in the first half of 2019. This amount