Biofrontera AG (NASDAQ: BFRA) reported its Q1 2020 results, showing total revenue of €6.5 million, a 5% decrease from €6.8 million in Q1 2019, significantly impacted by the COVID-19 pandemic. The company faced a 19% decline in product sales in the USA, totaling €4.2 million. Operating costs rose sharply, leading to a loss before tax of €5.5 million (up 109% year-over-year). Despite challenges, a licensing agreement with Maruho Co. Ltd. provided €6 million to support liquidity. The outlook for 2020 remains uncertain due to ongoing pandemic effects.
Biofrontera AG (NASDAQ: BFRA) commented on its litigation against DUSA Pharmaceuticals in California. The company initially sued DUSA for unfair competition, alleging excessive product sampling and inflated pricing. Biofrontera's litigation strategy has been reevaluated due to COVID-19, leading to resource cessation on this lawsuit after successfully stopping DUSA's distribution method. However, the ongoing litigation brought by DUSA in Massachusetts remains unaffected. The company emphasizes its commitment to ensuring competitive fairness and may initiate future legal actions.
Biofrontera AG (NASDAQ: BFRA), a biopharmaceutical company based in Germany, will announce its first quarter 2020 unaudited financial results on May 19, 2020. Shareholders and investors are invited to join conference calls on May 20, 2020, with sessions in both German and English. The company specializes in dermatological drugs and medical cosmetics, with notable products like Ameluz® and Xepi™. Biofrontera is recognized for being the first German founder-led pharmaceutical firm to gain both European and US drug approvals.