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Medigene preliminary financials 2014: Significant improvement in revenue, EBITDA and net result
Total revenue increased by 82% / EBITDA loss reduced by 75% / Net result improved by 44% / Guidance 2014 exceeded(lifePR) ( Martinsried / Munich, )
Medigene's total revenue rose by 82% to EUR 13.8 m (2013: EUR 7.6 m). Revenue from the marketed drug Veregen® increased by 23% to EUR 5.2 m (2013: EUR 4.2 m). Other operating income includes EUR 2.7 m for a milestone achieved at the end of 2014 for the partnered drug candidate EndoTAG®-1 which was not included in the company's financial guidance.
The company reduced its EBITDA loss by 75% to EUR 2.1 m (2013: EUR 8.3 m). The net loss was reduced by 44% to EUR 5.8 m (2013: EUR 10.3 m).
With these preliminary results, Medigene exceeded its financial forecast announced at the beginning of 2014. The company had guided an increase in total revenue by 20-30% compared to 2013, Veregen® revenues of EUR 5-6 m and an EBITDA-loss of EUR 4-6 m.
Peter Llewellyn-Davies, Chief Financial Officer of Medigene AG, commented: "The excellent financial and operational performance in 2014 confirms our strategy and supports our plan to consequently invest in our promising immunotherapy programmes in the years to come."
Final results for 2014 and further details will be published with the annual report of Medigene on 25 March 2015 as planned.
This press release contains forward-looking statements representing the opinion of Medigene as of the date of this release. The actual results achieved by Medigene may differ significantly from the forward-looking statements made herein. Medigene is not bound to update any of these forward-looking statements. Medigene®, Veregen® and EndoTAG® are registered trademarks of Medigene AG. Medigene ImmunotherapiesTM is a registered trademark of Medigene Immunotherapies GmbH.
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