EQS-News

Formycon reports on successful operating business and financial figures for the first quarter of 2024

EQS-News: Formycon AG / Key word(s): Quarterly / Interim Statement/Quarter Results Formycon reports on successful operating business and financial figures for the first quarter of 2024 08.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Press Release // May 8, 2024

Formycon reports on successful operating business and financial figures for the first quarter of 2024 

• Group revenue amounts to € 17.7 million and corresponds to plan
• Group EBITDA of € -5.5 million reflects investments in pipeline and corporate development
• Adjusted Group EBITDA of € -1.2 million shows strong at-equity result for FYB201 participation
• Gedeon Richter acquires a 9.1% stake as new strategic investor
• Working capital increases significantly to € 84.2 million including cash equivalents of € 56.9 million
• Invitation to today’s conference call at 3:00 pm (CEST)

Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon”) today published figures for the first quarter of financial year 2024.

Enno Spillner, CFO of Formycon AG, comments: “We have made a very good start to the new financial year in line with our plans and are positive about the first three months. In March, Sandoz announced the acquisition of the CIMERLI business including the Coherus ophthalmology sales team in the USA, which we very much welcome and are looking forward to working together in the future. We can also report approvals and market launches in Saudi Arabia, Canada and Switzerland and are pleased that our partners MS Pharma and Teva are providing many patients access to this treatment for serious eye diseases.

In February, we completed a cash capital increase with the specialty pharmaceutical company Gedeon Richter with gross proceeds of € 82.8 million. After many years of trustful cooperation in contract manufacturing, this strategic investment by our partner opens up opportunities to jointly exploit long-term strategic opportunities in the areas of development, manufacturing and commercial value creation. We are continuously investing in our pipeline and are well positioned to capitalize on the potential of the rapidly growing biosimilar market and expand our position as one of the few pure-play biosimilar developers.”