Original-Research: HAEMATO AG (von GBC AG)

Original-Research: HAEMATO AG - von GBC AG

Einstufung von GBC AG zu HAEMATO AG

Unternehmen: HAEMATO AG
ISIN: DE000A289VV1

Anlass der Studie: Management Interview
Empfehlung: Management Interview
Letzte Ratingänderung: 
Analyst: Cosmin Filker

In operational terms, HAEMATO AG is heading for a record year following the
acquisition of M1 Aesthetics GmbH. In addition, the expansion of their
private label business is increasingly coming into focus. In this regard,
the company plans to expand its portfolio with a botulinum toxin product
under its own brand. GBC analyst Cosmin Filker spoke with Patrick Brenske
about the latest development of
GBC AG: You have concluded an exclusive supply and licence agreement with
the South Korean Huons BioPharma for the supply of botulinum toxin
products. What is the background and what are the potentials of this
Patrick Brenske: One of HAEMATO AG's business areas is Lifestyle &
Aesthetics, where we offer both cosmetic products under our own brand M1
SELECT, as well as supplying clinics and pharmacies with botulinum toxin
products from third-party manufacturers. As we want to further expand the
higher-margin private label segment, we will in future offer a botulinum
toxin product under our own brand in addition to our existing portfolio.
The potentials are huge. The International Society of Aesthetic Plastic
Surgery has reported that botulinum toxin treatment is the most performed
non-invasive beauty treatment worldwide and that treatments have increased
by more than 35% since 2015. This trend is expected to continue in the
future due to the increased acceptance of beauty treatments.
GBC AG: The products have to go through a European approval procedure. How
long are the clinical trials expected to take and what costs can be
expected here?
Patrick Brenske: From today's perspective, we expect to receive European
approval in about three to four years. The scope and, therefore, also the
costs of the clinical trials cannot be reliably quantified at the moment,
as we first have to wait for the Scientific Advice with the regulatory
authority, in which we will discuss our plans for the clinical trials to
obtain approval. We expect to be able to publish more detailed information
on this by the middle of next year.
GBC AG: With the parent company M1 Kliniken AG, HAEMATO AG has a customer
for botulinum toxin products. Are you planning to distribute the products
beyond that?
Patrick Brenske: We are in the comfortable position that our parent company
is one of the leading providers of beauty treatments in Europe. Our
botulinum toxin product ensures that M1 Kliniken AG will be supplied with
an attractively priced product range for a long time to come. This is, of
course, economically attractive for both companies. However, we do not want
to limit ourselves to this relationship. We do not have to hide with our
botulinum toxin product because it enables us to compete with the leading
suppliers on both the price and quality levels. Thus, we will offer the
product in all relevant markets in Europe.
GBC AG: The increase in profit margins is the focus of the operative
development of HAEMATO AG. What should contribute to this, in addition to
the expansion of the proprietary business?
Patrick Brenske: In addition to the expansion of the private label
business, we have started a transformation process this year and
reorganized HAEMATO AG. This has enabled us to cut personnel costs and make
the company more agile. The sales-relevant departments are now able to
react faster and more effectively to market changes in the retail business,
also due to the automation of many processes.
We are also intensifying our business with cannabis products. Here, of
course, we are closely monitoring the political developments in Germany
with regard to legalisation. We already supply pharmacies with cannabis
that is prescribed for medical purposes. In the event of a possible
legalisation, we are immediately in a position to expand this higher-margin
business area and to enter the market with our own cannabis umbrella brand
here as well.
GBC AG: At the beginning of the year, you reacted quickly to an existing
high demand with the corona tests. Should such opportunities continue to be
Patrick Brenske: Definitely. The strength of HAEMATO AG is its ability to
react quickly to trends in the healthcare market, regardless of whether
they occur in the short term and in spurts, as is currently the case again
with the corona tests, or whether they concern a long-term development, as
can be observed, for example, with drugs for chronic diseases. HAEMATO AG
will continue to take advantage of short-term opportunities as long as they
fit into the business concept and help the patient. This is the only reason
why we were well prepared at the beginning of the current, fourth corona
wave and able to supply our existing customers, such as pharmacies and
clinics, but also state institutions with sufficient corona tests and as
well as FFP2 masks. In addition, we have also added a state-of-the-art
mobile PCR workstation to our portfolio at short notice. This allows
pharmacists and physicians to perform a PCR test without an external
laboratory. Of course, the device is not limited to the analysis of the
corona virus, but is also capable of detecting other viruses.
GBC AG: The core business of HAEMATO AG is the so-called Specialty Pharma.
How is the development in this area?
Patrick Brenske: Specialty Pharma in the area of high-priced drugs remains
an important pillar of HAEMATO AG. Here, we benefit, first of all, from our
expertise in the area of parallel imports of drugs. However, trading in
originals and biosimilars, which we can procure from manufacturers at
favourable prices, is also becoming increasingly important. Our specialised
product portfolio enables us to offer our more than 7,000 customers a
customised product mix. The key is direct sales to our customers,
especially pharmacies, which we also support with our field sales force on
site, because access to the customer is the gatekeeper to the further
successful expansion of this business.
GBC AG: The nine-month figures show that HAEMATO AG is on a record course.
How would you classify this development?
Patrick Brenske: The aforementioned transformation of HAEMATO AG and the
quick reaction to current situations have made this possible. This year, we
have made trend-setting decisions which have achieved short-term success,
here I am thinking in particular of the supply of corona tests, but which
also ensure long-term success, such as the planned approval and
distribution of the botulinum toxin product under our own brand throughout
Europe. I expect the positive development to continue next year, as we have
set the right course. Other projects, on which we will soon be able to
report more, such as our own hyaluronic acid filler to complement our
botulinum toxin product, are in development. This year has shown that we
have the right strategic sense and are well positioned for the future.
GBC AG: Mr. Brenske, thank you for the interview.

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
Date (Time) Completion (german version): 06.12.2021 (09:18 am)
Date (time) first transmission (german version): 06.12.2021 (10:30 am)
Date (Time) Completion (english version): 10.12.2021 (11:31 am)
Date (time) first transmission (english version): 10.12.2021 (12:30 pm)

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