Formycon AG: Q1 results and promising pipeline update, BUY

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Formycon is delivering constant news flow and just has released Q1 figures and a pipeline update. The Q1 figures showed the familiar picture, with revenues mainly coming from development activities. This is going to change, which is reflected by the company’s update on its development pipeline with its first biosimilar, FYB201, approaching commercialization, which is to deliver first cash flows in Q3. The other two late-stage projects, FYB202 and FYB203, should also reach commercialization within the next two years. Further, the company announced the expansion of the development pipeline by two new biosimilar projects, FYB208 and FYB209. We confirm our DCFbased PT of EUR 90.00, reiterating our BUY recommendation.

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