EQS-News

Formycon reports audited annual results for the financial year 2023 – Looking back on a successful operative year and exceeded guidance - Seite 2

Enno Spillner, CFO of Formycon AG, adds: “We have presented excellent financial figures for 2023 and reached or exceeded the guidance. Our positive economic development confirms our strategy to continuously invest in our biosimilar pipeline to ensure the rapid and parallel progress of our projects. For us, 2024 will therefore mark a year of transition and investment underpinning the basis for sustainable growth and report positive EBITDA contributions in the medium term. The biosimilar market is growing rapidly, and we are ideally positioned to utilize this potential.”

Increasing revenue due to milestone payments from the FYB202 project, revenue shares from FYB201 sales, and income from development services

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, revenues were within the guided corridor of between € 75 million and € 85 million. In addition to income from development services for the partnered projects FYB201 and FYB203, 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.

The marketing of the ranibizumab biosimilar FYB201, which is now available in a total of 17 countries worldwide, also contributed to an increase in revenue and net earnings contributions. Revenue resulting from direct participation in the marketing of the Lucentis[1] biosimilar FYB201 amounted to around € 4.1 million. A further significant part of the FYB201 revenue was realized as part of the 50% at equity investment in Bioeq AG and is therefore not shown directly in the revenue but below EBITDA. For the financial year 2023, the at-equity result totaled to € 11.8 million (2022: € -12.9 million), which is included in the newly established key performance indicator "adjusted Group EBITDA" and thus reflects the overall operating performance including the FYB201 marketing success.