Formycon Announces Half-Year Results for 2020
DGAP-News: Formycon AG / Key word(s): Half Year Results/Miscellaneous
23.09.2020 / 07:00
The issuer is solely responsible for the content of this announcement.
Press Release // September 23, 2020
*Formycon Announces Half-Year Results for 2020 *
*- *Group turnover of Euro 16.5 million corresponds to forecasts
- EBITDA of Euro -0.9 million and half-year result of Euro -1.35 million in line with expectations
- Significant progress in late-stage projects, the expansion and further development of the company's own pipeline and in organizational development
Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today announced its financial results for the first half of 2020.
On the day of reporting, June 30, 2020, the Formycon Group's commercial figures developed as forecasted. The Group's turnover which, in addition to the joint-stock company also includes the 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, totaled Euro 16.5 million in the first six month of 2020 (H1/2019: Euro 17.2 million).
During the company's current phase, the Formycon Group continues to focus on research and development activities for its own and out-licensed biosimilar projects as well as its own COVID-19 project. The development services for the out-licensed or partnered projects are also the source of the current revenue returns. Following the successful approval of these products, Formycon also participates in the subsequent marketing revenues.
Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) amounted to Euro
-0.9 million (H1/2019: Euro -0.2 million), the operating result (EBIT) totaled around Euro -1.4 million (H1/2019: Euro -0.7 million). As of June 30, 2020, the Group period result was Euro -1.4 million compared to Euro -0.7 million in the same period last year.
For the full year 2020, Formycon expects revenues at the group level to be between EUR 35 and 40 million. As in previous years, the Group's financial position is solid: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled around Euro 20.2 million on the day of reporting. Including short-term receivables and other assets worth Euro 6.0 million, the Formycon Group held liquid assets of around Euro 26.2 million in total.
Formycon AG, as the company's central development and operational unit, achieved a turnover of Euro 12.0 million during the first half of 2020 (H1/2019: Euro 11.3 million). The earnings for this period totaled Euro -1.3 million (H1/2019: Euro -0.7 million).
"The half-year figures are in line with our expectations. We have made good progress in the out-licensed and partnered projects. At the same time, we are working intensively on building and developing our own pipeline and are convinced that we will create sustainable value. In addition, we are investing in organizational development, which includes expanding our capacities as well as extensive measures to further digitalize our processes," comments Dr. Nicolas Combé, CFO of Formycon AG.
*The full half-year report can be found on the Internet at *
*https://www.formycon.com/en/investor-relations/financial-reports/**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:*
Sabrina Müller
Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg/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:*
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.
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23.09.2020 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
Germany
Phone: 089 864667 100
Fax: 089 864667 110
Internet: www.formycon.com
ISIN: DE000A1EWVY8
WKN: A1EWVY
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1135223
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