EQS-News

Convincing overall performance - Formycon reports preliminary results for the financial year 2023 and exceeds forecast - Seite 2

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 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.

EBITDA positive for the year as a whole

Contrary to the original forecast, which was in the range of € -5 million to € -15 million, consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) were positive for the year as a whole and amounted to around € 1.5 million (2022: € -15.9 million). This result is mainly due to the increase in revenue and significantly lower than originally anticipated investments in the COVID-19 project FYB207.

New KPI "Adjusted Group EBITDA" shows operating performance including the success in marketing FYB201, and will replace the net result as a performance indicator in future financial statements

In future reporting, Formycon will replace the previous financial performance indicator "consolidated net result" with the new indicator "adjusted Group EBITDA". From the management's perspective, the net result is significantly influenced by the fair value assessment of the contingent purchase price payment from the transaction with ATHOS in 2022, which in turn depends on various external factors (such as the applicable interest rate (WACC)). Due to the high volatility of these factors, net result, at the company's current stage, does not adequately reflect the operational business model's performance after taxes, considering all expenses and revenues for the relevant period.