Formycon Reports Financial Results for the First Quarter of 2021

DGAP-News: Formycon AG / Key word(s): Quarterly / Interim Statement/Quarter Results
30.06.2021 / 07:20
The issuer is solely responsible for the content of this announcement.


Press Release // June 30, 2021

Formycon Reports Financial Results for the First Quarter of 2021

- Sales and other earnings total EUR 9.4 million

- EBITDA is EUR -1.7 million

- EBIT and net result in line with expectations at around EUR -2.0 million each

Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) today presented the sales and earnings figures for the first quarter of 2021, demonstrating a positive start to the financial year.

Consolidated sales including other income increased by around EUR 2.2 million to a total of EUR 9.4 million as of March 31, 2021, compared with the same period of the previous year (EUR 7.2 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR -1.7 million (Q1/previous year: EUR 0.4 million), the operating result (EBIT) amounted to EUR -1.9 million (Q1/previous year: EUR 0.2 million) and therefore was in line with expectations. The quarterly result totaled EUR -2.0 million (Q1/previous year: EUR 0.2 million). In line with its growth strategy, Formycon will continue to invest in the development of its own as-yet unpartnered pipeline programs in 2021 and, in addition to the COVID-19 drug FYB207, will also advance the as-yet unpublished biosimilar candidate FYB206 on the development side. The forecast Group sales for 2021 will be higher than in the previous year (EUR 34.2 million).

In the current phase of the company, Formycon is focusing on the research and development activities of its own and out-licensed biosimilar projects or projects developed in partnership, which are providing the current revenues. After successful approval of the biosimilar candidates, Formycon will also participate in the marketing revenues.

The liquidity ratios of the Formycon Group also developed as planned by the end of the first quarter: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 35.3 million at the end of March. Including short-term receivables from deliveries and services, as well as other assets worth around EUR 10.7 million, the Formycon Group held liquid assets totaling EUR 46.0 million on the day of reporting (Q1/previous year: EUR 25.8 million).

In the first three months of the year, Formycon AG as the company's actual operational unit achieved a turnover of EUR 5.1 million (Q1/previous year: EUR 5.3 million). The company's three-month result was EUR -2.1 million (Q1/previous year: EUR 0.1 million).

Commenting on the first quarter, Chief Financial Officer Dr. Nicolas Combé said: "We are very pleased with the start to the new fiscal year. We are on track with our biosimilar candidates as communicated and the development of our COVID-19 drug (FYB207) is also progressing. Our strengthened liquidity base allows further investments in FYB207 beyond the currently ongoing preclinical phase and we also continue to advance the still unpartnered biosimilar project FYB206 according to our plans. For the full year 2021, we expect consolidated revenues to be above the prior year."

About Formycon:
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of a COVID-19 fusion protein.

About Biosimilars:
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection - and by 2020, medications with revenues of approximately USD 100 billion will be off patent. Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. In 2019, global sales of biosimilars exceeded USD12 billion. Analysts estimate that this figure could rise to around USD 69 billion by 2025.

Sabrina Müller
Senior Manager Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
phone +49 (0) 89 - 86 46 67 149
fax + 49 (0) 89 - 86 46 67 110 //

This press release may contain forward-looking statements and information which are based on our current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.

30.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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