Medigene : Adjustment of EBITDA guidance for fiscal year 2019 after receiving the assessment results from FREP

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Adjustment of EBITDA guidance for fiscal year 2019 after receiving the assessment results from FREP

01/28/2020 18:25:00

Martinsried/Munich - 28 January 2020. The Executive Board of Medigene AG (Medigene, FSE: MDG1, Prime Standard) today decided to adjust its previous 2019 full-year guidance on EBITDA loss.

In relation with the sale of Veregen®, which took place in April 2019, the inventories of the active pharmaceutical ingredient were revalued by EUR 4.7 million in the 'Inventories'. This cash neutral loss which was previously taken into account in 2019 will now be accounted for retroactively in the fiscal year 2018 after receiving the assessment result from the German Financial Reporting Enforcement Panel (FREP). As a result of this, and due to available preliminary EBITDA results, the Executive Board is reducing the forecast of the EBITDA loss for the 2019 financial year from the previously reported EUR -23 to -28 million to an anticipated EUR -17 to -18 million. The EBITDA loss for the 2018 financial year retroactively increases from the original EUR -16.3 million to EUR -20.9 million.

These adjustments are cash neutral, i.e. Medigene's financial resources remain unaffected.

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emitter: Medigene AG
address: Lochhamer Straße 11, 82152 Planegg/Martinsried
country: Germany
contact person: Medigene PR/IR
phone: [phone]
e-mail: [e-mail]
website: www.medigene.de

ISIN(s): DE000A1X3W00 (share)
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[ source: http://www.pressetext.com/news/20200128025 ]