DGAP-News Formycon Publishes Half-Year Results for 2021
DGAP-News: Formycon AG / Key word(s): Half Year Report/Half Year Results
Press Release // September 21, 2021
Formycon Publishes Half-Year Results for 2021
- Group turnover above H1 half-year level at Euro 20.3 million
- EBITDA of Euro -9.7 million and half-year results of Euro -10.2 million in line with plans
- Result due to investments in the non-partnered projects FYB206 and FYB207
- Significant progress in the biosimilar projects and the COVID-19 drug
Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today announced its financial results for the first half of 2021.
On the day of reporting, June 30, 2021, the Formycon Group's financial figures were as forecast. Turnover within the Group which, alongside the joint-stock company also includes two fully consolidated subsidiaries Formycon Project 201 GmbH and Formycon Project 203 GmbH, as well as the shareholding in FYB 202 GmbH & Co. KG which is not consolidated, stood at a total of Euro 20.3 million in the first six months of 2021 (H1/2020: Euro 16.5 million). For the full year of 2021, Formycon forecasts revenues above last year's level for the entire Group (2020: Euro 34.2 million).
During the company's current phase, the Formycon Group is focusing on research and development activities for its own and licensed biosimilar projects, as well as its own COVID-19 drug (FYB207). The current revenues also result from the development services for the out-licensed or partnered projects. Following the successful approval of these products, Formycon will also take a share of subsequent commercialization revenues.
The Group's earnings before interest, tax, depreciation and amortization (EBITDA) stood at Euro -9.7 million (H1/2020: Euro -0.9 million), the operating result (EBIT) and the consolidated net profit for the period were around Euro -10.2 million as of June 30, 2021, compared with Euro -1.4 million in the prior-year period.