EQS-News

Convincing overall performance - Formycon reports preliminary results for the financial year 2023 and exceeds forecast

EQS-News: Formycon AG / Key word(s): Preliminary Results/Forecast Convincing overall performance - Formycon reports preliminary results for the financial year 2023 and exceeds forecast 12.04.2024 / 22:15 CET/CEST The issuer is solely responsible for the content of this announcement. Press release // 12 April 2024

 

Convincing overall performance - Formycon reports preliminary results for the financial year 2023 and exceeds forecast
 

• Group revenue increase by 83% compared to the previous year to a total of € 77.7 million
• Positive Group EBITDA of around € 1.5 million achieved
• New key financial performance indicator (KPI) "Adjusted Group EBITDA" amounts to € 13.3 million and reflects the overall operating performance including the success in marketing FYB201, and will replace the net result as a KPI in future financial statements
• Group net result stand at € 75.8 million due to an one-off, non-cash adjustment in the context of financial income
• Cash and cash equivalents increased to € 27.0 million as at the reporting date, working capital increased significantly to € 38.9 million
• 2024 guidance reflects a year of transition and investment in a sustainable biosimilar pipeline
• Publication of final figures and annual report on April 25, 2024 incl. conference call at 3:00 p.m. (CEST)
   

Planegg-Martinsried, Germany - Formycon AG (FSE: FYB, "Formycon") today announced preliminary, unaudited consolidated figures for the 2023 financial year and overall looks back on the past year very positively. The year was characterized by further market launches of the biosimilar FYB201 and important progress in the development of the biosimilar candidates FYB202 and FYB203, for which regulatory applications have been submitted in both the USA and Europe.

Milestone payments from the FYB202 project, revenue share from FYB201 sales, and income from development services are reflected in rising revenues

In 2023, revenues increased to around € 77.7 million (2022: € 42.5 million), which corresponds to growth of around 83% compared to the previous year. Therefore, the revenues were within the forecasted corridor of between € 75 million and € 85 million. In addition to income from development services for the out licensed and partnered projects FYB203 and FYB201, a significant proportion of revenue resulted from several milestone payments due to the commercialization partnership concluded with Fresenius Kabi for the FYB202 project in the first quarter of 2023. Of these, a milestone payment anticipated for 2024 was already partially realized in advance and reported in the financial year 2023 as a correspondingly deferred, expected success payment.