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Fresenius SE Completes Fenwal Purchase, Discontinues Biotech


12/14/2012 8:14:50 AM

December 14, 2012 - Fresenius has decided to focus on its four established business segments Fresenius Medical Care, Fresenius Kabi, Fresenius Helios and Fresenius Vamed, which offer significant growth opportunities.

The Fresenius Biotech subsidiary will be discontinued.

The company is in talks with several parties about a sale of Fresenius Biotech, while simultaneously assessing the equally viable option of continuing the immunosuppressive drug ATG-Fresenius S within the Fresenius group. ATG-Fresenius S has been well established in the hospital market for decades, and is consistently profitable. Fresenius will divest the trifunctional antibody Removab (catumaxomab) business. The final decision on how to proceed will be made in the first quarter of 2013.

In the first nine months of 2012, Fresenius Biotech's sales increased by 15% to EUR26 million. ATG-Fresenius S sales grew by 14% to EUR22.5 million. Removab sales rose by 22% to EUR3.3 million. Fresenius Biotech's EBIT was -EUR15 million (Q1-3 2011: -EUR19 million). For the full year 2012, an EBIT of about -EUR25 million is expected. Withdrawing from Removab will have a positive effect on Group earnings starting in 2013.

Fresenius Biotech received the only Europe-wide approval to date for a monoclonal antibody developed in Germany when the European Commission approved Removab in 2009 for treating malignant ascites. The company subsequently obtained reimbursement approvals for Removab from the national health care systems of several European countries, providing the opportunity to expand marketing of the drug.

With ATG-Fresenius S, Fresenius Biotech offers a polyclonal antibody that has been used since 1981, for both organ and stem-cell transplantation.

Fresenius will focus on the attractive growth opportunities of its four core business segments, which have grown strongly over the last years and offer outstanding prospects. Between 2001 and 2011, Group sales increased from EUR7.3 billion to EUR16.5 billion, and Group net income from EUR93 million to EUR770 million. For the full year 2012, Fresenius expects sales1 of more than EUR19 billion, corresponding to an increase of 12% to 14% in constant currency. Net income2 is forecast to exceed EUR900 million, an increase of 14% to 16% in constant currency.

1 Previous year's sales were adjusted according to a U.S. GAAP accounting change. The sales adjustment of -EUR119 million in the first three quarters of 2011 and of -EUR161 million for the full year 2011 solely relates to Fresenius Medical Care North America.

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA - adjusted for a non-taxable investment gain (EUR34 million) and potential special charges (up to EUR17 million) at Fresenius Medical Care as well as for one-time costs (EUR31 million) related to the offer to the shareholders of RHON-KLINIKUM AG. 2011 adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights.

[Editorial queries for this story should be sent to newswire@enpublishing.co.uk]

((Comments on this story may be sent to info@enpublishing.co.uk))



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