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Formycon Group announces preliminary results for fiscal year 2014

Formycon AG / Key word(s): Final Results

30.03.2015 07:02

Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
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Munich - Formycon AG has reported its preliminary consolidated financial
results for fiscal year 2014, with sales revenue and other income totaling
EUR 12.67 million (prior year: EUR 0.41 million). Operating expenses rose
from EUR 1.25 million in the prior year to EUR 5.91 million due to ongoing
product development activities at its Munich headquarters. EBITDA for the
year was EUR 1.94 million (prior year: - EUR 6.64 million), while net
income came in at EUR 0.86 million (prior year: - EUR 7.74 million). With
these strong results, the company has delivered its first full-year profit
in 2014, significantly ahead of its own earlier forecasts.

As of December 31, 2014, Formycon Group held a total of EUR 9.22 million in
cash and marketable securities. Equity capital ended the year at EUR 13.11
million (prior year: EUR 12.25 million), leaving the company's equity
capital ratio (equity as percentage of total assets) almost unchanged from
the prior-year level at 77.5 percent.

Because of the significant investments into building its drug development
pipeline in 2013, Formycon had posted a loss of EUR 7.7 million for the
prior fiscal year, as anticipated. These investments have now started
paying out for the long term as the company successfully develops its own
biosimilar products. Since December 2013, Formycon has already been earning
significant income from the out-licensing of its first product to Santo
Holding. As the licensed partner for this drug, Santo Holding is now
financing the further clinical development, regulatory approval process and
market launch of this first bioisimilar drug, towards the aim of global
distribution.

Through its intensive R&D activities, Formycon has since managed to achieve
a number of further milestones in the development of its three biosimilar
candidates. As already announced, the company was able in December 2014 to
moves its first biosimilar (FYB201) directly into the critically important
phase III clinical trials on the basis of preliminary guidance received
from the European Medicines Agency (EMA). Formycon is likewise now seeking