Formycon AG increases its outlook for the 2024 fiscal year – Biotech Investments

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Formycon AG increases its outlook for the 2024 fiscal year

Planegg-Martinsried, Germany, August 06, 2024 – Formycon AG (ISIN: DE000A1EWVY8 / WKN: A1EWVY) (“Company”) has today decided, based on the preliminary half-year figures, to raise its guidance for the 2024 fiscal year. This affects the key figures adjusted EBITDA[1] and working capital.

In its 2023 annual report, the Company had anticipated an At-Equity result of €10.0 million for the 2024 fiscal year. Due to the positive development in the global marketing of the Lucentis®[2] biosimilar FYB201, the Company’s At-Equity result in the jointly managed Bioeq AG increased more than expected in the first half of 2024. The earnings contributions totaled €14.8 million as of June 30, 2024, leading to an adjusted EBITDA of -€2.1 million. Consequently, the Company now expects an At-Equity result of approximately €20.0 million for the 2024 fiscal year. Therefore, the Company is raising its guidance for the adjusted EBITDA from the original range of -€15.0 million to -€5.0 million to a new range of -€5.0 million to €5.0 million.

The working capital (net current assets including cash and cash equivalents) amounted to €63.0 million as of June 30, 2024, based on the preliminary half-year figures. The European approval process for the Stelara®[3] biosimilar candidate FYB202, which has progressed rapidly and efficiently to date, has led to a positive CHMP opinion earlier than originally anticipated, which means that an earlier EU approval can be expected. The success payment already recognized in revenue is now expected for 2024 and the forecast for working capital has been adjusted from the original range of €10.0 million to €20.0 million to a new range of €35.0 million to €45.0 million.

The Company will publish the half-year report 2024 as planned on August 13, 2024.

Contact:
Sabrina Müller
Director Investor Relations and Corporate Communications
Formycon AG
Fraunhoferstr. 15
82152 Planegg-Martinsried
Germany

phone +49 (0) 89 – 86 46 67 149
fax + 49 (0) 89 – 86 46 67 110
Sabrina.Mueller@formycon.com
www.formycon.com

Disclaimer
Certain statements contained in this release may constitute “forward-looking statements” that involve a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of the words “may,” “will,” “should,” “plan,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” or “aim,” or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that, by their nature, are subject to significant risks and uncertainties and contingencies that are subject to change.

Formycon does not and will not give any assurance that any forward-looking statement will be achieved or prove to be accurate. Actual future business, financial condition, results of operations and prospects may differ materially from those projected or anticipated in the forward-looking statements. Subject to applicable legal requirements, neither Formycon nor any other person intends to update, review, revise or revise any forward-looking statements in this release to reflect actual events or developments, whether as a result of new information becoming available, new developments occurring in the future or otherwise, nor does it undertake any such obligation.

[1]Adjusted EBITDA is defined as EBITDA plus the At-Equity result from the jointly managed Bioeq AG. The adjusted Group EBITDA aims to present the total revenue from the FYB201 project, which is partially reported as At-Equity results below EBITDA due to the existing 50% stake in Bioeq AG, as regular operating income. This adjustment allows for a clearer highlight of the direct financial contributions of FYB201 to the Formycon Group’s business success and provides a more transparent view of the company’s actual operational performance.

^[2] Lucentis® is a registered trademark of Genentech Inc.

^[3] Stelara® is a registered trademark of Johnson & Johnson