On June 7, 2021 Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the "Company"), an international biopharmaceutical company, reported preliminary, unaudited revenue for the month of May 2021 (Press release, Biofrontera, JUN 7, 2021, View Source [SID1234583646]).

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The Company’s preliminary, unaudited revenue from product sales in May 2021 amounted to approximately EUR 2,437 thousand, compared to EUR 1,172 thousand in May 2020, an increase of 108%.

Preliminary revenues from product sales in the US were around EUR 1,638 thousand compared to EUR 599 thousand in May 2020, an increase of 174%. In Germany, revenues from product sales amounted to approximately EUR 425 thousand, compared to EUR 540 thousand in May 2020, a decrease of 21%. Despite the pandemic, sales in Germany had developed positively last year, and in May in particular, we saw catch-up effects from the lock-down month of April 2020. In the rest of Europe, the Company generated product sales of around EUR 374 thousand, compared to EUR 33 thousand in May 2020, a plus of 1,041%.

Preliminary unaudited revenues

Due to commercial rounding, rounding differences may occur in tables.

Due to the pandemic, the monthly sales development is compared with sales in 2019 for increased transparency. As such, a slight increase of 1% in May 2021 total product sales was achieved in all markets compared to May 2019. In more detail, May 2021 sales were up by 1% in Germany and by 55% in the remaining European markets compared to May 2019. In the USA, product sales decreased by 7%. The decline was mainly caused by no or lower sales of Aktipak and Xepi, respectively, while sales of Ameluz were at a comparable level.

The recovery in product sales compared to 2020 as well as to 2019, which has been perceived since mid-March 2021, thus continued in May 2021. This indicates a significant recovery of the COVID-19 situation.