Biotest AG

BIO3.DE

Biotechnology · Healthcare

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Weak

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Winston Score History

The full picture

Biotest AG is a German biotechnology company that makes medicines from human blood plasma. Its main products are plasma-derived therapies — including immunoglobulins, clotting factors, and albumin — used to treat patients with immune deficiencies, bleeding disorders, and serious infections. The company sells primarily to hospitals, clinics, and healthcare systems across Europe and other international markets.

Biotest earns revenue by collecting or sourcing human plasma, processing it into specialized medical products, and selling those products to healthcare providers. It operates mainly in Europe, with its headquarters in Dreieich, Germany, and is majority-owned by the Chinese pharmaceutical group Creat, which acquired control in 2018. The company's moat comes from the complex, highly regulated manufacturing process required to produce plasma-derived therapies, which creates a high barrier to entry for competitors. The key risk is its very thin operating margin, which leaves little room for error if production costs rise or plasma supply tightens.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-42.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-173.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

59.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

€62M cash & investments

Quarterly Free Cash Flow

Short runway — potential dilution ahead through share issuance

Cash watch

Biotest AG has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

11.4%

Thin — 11.4% gross margin

Profit after running costs

Operating Margin

-18.5%

Losing money on operations — -18.5%

Return on the money invested

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-18.8%

Shrinking sales (-18.8% YoY)

Profit growth

EPS YoY

-113.9%

Earnings shrinking (-113.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-2.3%

Burning cash (-2.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.31

Elevated debt (1.31)

Covers its interest

Interest Cover

0.43x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

48.1x

no trend

Expensive — P/E 48.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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