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Formycon Reports Financial Results for the First Quarter of 2020

DGAP-News: Formycon AG / Key word(s): Quarter Results/Quarterly / Interim Statement
22.06.2020 / 06:30
The issuer is solely responsible for the content of this announcement.


Press Release // June 22, 2020

Formycon Reports Financial Results for the First Quarter of 2020

- Sales and other earnings total EUR 7.2 million

- EBITDA is EUR 0.4 million

- EBIT and net earnings also positive at EUR 0.2 million each

- Revenue forecast at group level for 2020 between EUR 35 and 40 million

Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) today presented the sales and earnings figures for the first quarter of 2020, demonstrating a positive start to the financial year. By responding early and implementing appropriate measures to protect employees in the context of the COVID-19 pandemic, Formycon was able to adapt well to the prevailing situation, so that the company's operational development activities were largely in line with planning. This is also reflected in a solid quarterly result.

Group turnover including other income amounted to EUR 7.2 million as of March 31, 2020 (same period of the previous year: EUR 9.5 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 0.4 million (previous year: EUR 0.5 million). The operating result (EBIT) as well as the quarterly result totaled around EUR 0.2 million (previous year EUR 0.2 million). The reported sales revenues result from reimbursements for development work in the licensed-out projects or projects developed in partnership. For the full year, the Formycon Group expects revenues of EUR 35 to 40 million.

The liquidity ratios of the Formycon Group developed as planned by the end of the first quarter: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 21.1 million at the end of March. Including short-term receivables from deliveries and services, as well as other assets worth around EUR 4.7 million, Formycon Group held liquid assets totaling EUR 25.8 million on the day of reporting.

In the first three months of the year, Formycon AG as the company's actual operational unit achieved a turnover of EUR 5.3 million (first quarter of 2019: EUR 6.4 million). The company's quarterly result stood at EUR 0.1 million, as in the previous year. As expected, the number of employees rose from 97 to 114 compared with the same period last year and is expected to increase moderately over the course of the year.

Dr. Nicolas Combé, Chief Financial Officer, is very satisfied with progress during the first quarter: "We are pleased about the good start to the new financial year. Despite the ongoing COVID-19 pandemic and the associated uncertainties, we were able to guide the company well through the crisis by taking appropriate measures early on. It is also thanks to our stable cooperations that the development activities in our projects were largely continued as planned. In addition, we were able to use our expertise in protein chemistry, analytics and immunology to also initiate an innovative project in the field of antibody-based drug development against COVID-19. Our solid financial KPIs and the consolidated liquidity base give us a certain amount of room for maneuver to be able to react flexibly even in the event of unforeseeable situations, such as the global COVID-19 pandemic."

About Formycon:
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of antibody-based COVID-19 compounds

About Biosimilars:
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection - and by 2020, medications with revenues of approximately USD 100 billion will be off patent. Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. While the global market for biosimilars is currently more than USD 5.0 billion, industry experts expect this figure to grow up to USD 30 billion by the year 2025.

Contact Formycon AG:
Sabrina Müller
Corporate Communications and Investor Relations
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
phone +49 (0) 89 - 86 46 67 149
fax + 49 (0) 89 - 86 46 67 110 //

This press release may contain forward-looking statements and information which are based on our current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.

22.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English
Company: Formycon AG
Fraunhoferstraße 15
82152 Planegg-Martinsried
Phone: 089 864667 100
Fax: 089 864667 110
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1074425

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Last Updated: 22-Jun-2020