EQS-News

Formycon reports audited annual results for the financial year 2023 – Looking back on a successful operative year and exceeded guidance

EQS-News: Formycon AG / Key word(s): Annual Report/Forecast Formycon reports audited annual results for the financial year 2023 – Looking back on a successful operative year and exceeded guidance 25.04.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Press release // April 25, 2024

Formycon reports audited annual results for the financial year 2023 – Looking back on a successful operative year and exceeded guidance

• Preliminary results 2023 confirmed
• Group revenue increases by 83% compared to the previous year to a total of € 77.7 million
• Positive Group EBITDA of around € 1.5 million and adjusted Group EBITDA of € 13.3 million reflect the company's operating success
• Group net result stand at € 75.8 million due to one-off, non-cash adjustments in the context of financial income
• Working capital as at the reporting date increased significantly to € 38.9 million, including cash and cash equivalents of € 27.0 million,
• 2024 guidance reflects a year of transition and continuing investment in a sustainable biosimilar pipeline towards medium-term EBITDA profitability
• Invitation to today’s conference call at 15:00 (CEST)

Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon”) today published audited figures and the annual report for the 2023 financial year and provides an outlook for 2024.

“The growth rates prove it: biosimilars are on a successful path worldwide. And Formycon is not only part of this process, but we are on our way to become a driving force step by step. In 2023, we reached all the operational milestones we had set and therewith laid the foundations for a successful and profitable future. For example, our first biosimilar FYB201 had a remarkable market launch in the US and is gradually entering other countries and regions. We have made important progress in the development of the biosimilar candidates FYB202 and FYB203. For both, we have submitted applications for approval in the US and Europe. We are convinced that these pipeline candidates will generate increasing revenues once on the market. Patients with serious diseases should have access to the best possible therapy. Our goal is to consolidate our position as one of the few pure-play biosimilar developers and to further expand this position in a dynamic growth environment” explained Dr. Stefan Glombitza, CEO of Formycon AG.