Formycon reports positive operational Progress and strong Revenue Growth in the First Quarter of 2026
- Successful start to the year with significant progress across the biosimilar portfolio
- EU launch of FYB203 expands commercial portfolio to three in-house developed biosimilars
- FYB206 reaches clinical milestone and strengthens Formycon’s position among the leading pembrolizumab biosimilar developers
- First-quarter financial figures show a clear growth trend – 2026 forecast confirmed
- “FYB4Growth” sets strategic framework for scalable growth and sustainable value creation
- Invitation to today’s conference call at 3:00 p.m. (CEST)
Planegg-Martinsried – Formycon AG (FSE: FYB, Prime Standard, “Formycon”) today reports on the Group´s positive business development and financial results for the first quarter of fiscal year 2026.
Dr. Stefan Glombitza, CEO of Formycon AG, said: “Formycon had a successful start to the 2026 fiscal year and has already achieved significant operational and financial progress. Of particular note are the positive clinical data for our Keytruda®1 biosimilar candidate FYB206, which also triggered corresponding milestone payments. We are now clearly focused on advancing the next steps towards regulatory approval. With the launch of our Eylea®2 biosimilar FYB203 in Europe by our partners, we are once again demonstrating our strong execution capabilities and expanding our market presence to three in-house developed biosimilars. The approval of an autoinjector for FYB202, which will soon become available in Europe, further underscores the quality of our development work and will offer patients even greater ease of use in the future. With FYB4Growth, we have established a clear strategic framework to systematically translate our pipeline, our development expertise, and our market presence into sustainable value creation.”
Enno Spillner, CFO of Formycon AG, commented: “Our business performance in the first quarter reflects the ongoing commercial strengthening of our business model and confirms the expected growth trajectory for fiscal year 2026. With the advancing commercialization of three biosimilars, as well as the milestones from FYB206 and a one-time milestone for FYB202, there are several drivers for the expected increase in revenues in fiscal year 2026 in place. While sales revenue from FYB202 is currently still developing modestly, we see positive trends from our partner’s activities in the U.S., making us confident for the further course of the year. Furthermore, we are investing strategically in our maturing pipeline and focusing on efficient development structures as well as disciplined cost management. We therefore confirm our guidance and remain committed to our goal of achieving positive EBITDA in 2026.”
Operational progress strengthens growth foundation for 2026
Formycon started the 2026 fiscal year with significant operational progress. A key milestone was the positive result of the pivotal Dahlia pharmacokinetic study with FYB206, the pembrolizumab biosimilar candidate. The study met its primary endpoint and demonstrated the pharmacokinetic equivalence of FYB206 to the reference drug Keytruda®. This marks a significant step toward the completion of clinical development. The focus is now on finalizing development activities and preparing regulatory submissions. In addition, the global commercialization strategy was further strengthened through an additional exclusive licensing agreement with Lotus Pharmaceutical covering large parts of the Asia-Pacific region.
Important progress has also been achieved for FYB203, Formycon’s biosimilar to Eylea®. A settlement agreement with Regeneron and Bayer has secured European market entry for the aflibercept 2 mg biosimilars AHZANTIVE®3 and Baiama®4, which are approved in Europe; the biosimilars have been available in Europe since May 15, 2026. The staggered launch through multiple commercialization partners in key European markets underscores Formycon’s multi-partner approach and expands the commercial portfolio to a total of three in-house developed biosimilars.
With “FYB4Growth,” Formycon is pursuing a clearly defined growth strategy based on four strategic pillars that are geared toward sustainable value creation: geographic diversification through strong regional partners, a smart portfolio strategy featuring blockbuster molecules and selected niche products, technological and regulatory development expertise, and consistent cost efficiency. In doing so, Formycon strengthens the scalability of its business model and its competitiveness in a dynamically growing biosimilar market.
First-quarter financial figures show a positive trend
The Formycon Group generated revenue of €13.1 million in the first quarter of 2026 (Q1 2025: €5.3 million). The significant year-over-year increase was primarily driven by milestone payments for FYB202 and FYB206, as well as revenues from the commercialization of approved biosimilars. The milestone payments were mainly related to the further development of the FYB202 dosage range in form of an autoinjector, as well as the positive clinical data and regional partnership for FYB206. Revenues from the ranibizumab biosimilar FYB201 resulting from direct participation in its marketing amounted to €0.3 million following the product’s re-entry into the US market in the first quarter (Q1/2025: €0.6 million). Another portion of the revenue share for FYB201 was realized through the 50% at-equity investment in Bioeq AG and is reflected in the adjusted EBITDA (see below). For the remainder of fiscal year 2026, Formycon anticipates rising revenue contributions from FYB201, supported by the gradual gain in market share resulting from the re-introduction of CIMERLI®5 in the U.S. as well as the planned marketing under the secondary brand Nufymco®6 starting in the second half of the year.
As expected, sales of the Stelara®7 biosimilar FYB202 (Otulfi®8/Fymskina®9) are not developing in a linear fashion over the course of the year; a corresponding upturn in market dynamics during the reporting period started to emerge, particularly in the U.S. market. Revenue from direct participation in marketing amounted to €1.3 million (Q1/2025: €0.74 million) reflecting this development. Together with the milestone achieved for the approval of the autoinjector in Europe and other services, this results in a total FYB202 revenue of €4.5 million for the reporting quarter.
FYB202 is expected to make a growing contribution to revenue over the remainder of the year. Positive trends from our partner’s marketing activities in the U.S. and the autoinjector delivery form, which will be available in Europe in the future, strengthen the further commercial positioning of the Stelara® biosimilar. In addition, further significant milestone payments from FYB206 are expected.
Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to €-1.7 million in the first three months of 2026 (Q1/2025: €-13.2 million). Earnings performance has improved significantly compared to the same period last year; the first quarter of 2026 is characterized by corresponding cost of sales, particularly in relation to FYB206 and FYB202, as well as significantly reduced R&D and structural costs.
Adjusted consolidated EBITDA amounted to €-3.6 million in the first three months of 2026 (Q1/2025: €-11.8 million). This result is primarily attributable to the equity income from the at-equity valuation of Bioeq AG in the amount of €-1.9 million (Q1/2025: €1.4 million).
The Formycon Group’s net working capital amounted to €66.4 million as of March 31, 2026 (December 31, 2025: €70.1 million; March 31,2025: €29.4 million). This strong position is primarily driven by a solid financial foundation, together with significant receivables from outstanding upfront and milestone payments and cost reimbursements expected to be paid in the second quarter of 2026. Consistent cost management and efficiency improvements also contributed to this result.
Formycon confirms its guidance for the 2026 fiscal year published in April. The Group expects revenues of between €60.0 million and €70.0 million, consolidated EBITDA of between €0.0 million and €10.0 million, adjusted consolidated EBITDA of between €5.0 million and €15.0 million, and working capital of between €20.0 million and €30.0 million.
Overview of key financial performance indicators in € million
| FY 2026 Guidance | Result Q1 2026 | Result Q1 2025 | |
|---|---|---|---|
| Group revenues | 60.0 to 70.0 | 13.1 | 5.3 |
| Group EBITDA | 0.0 to 10.0 | -1.7 | -13.2 |
| Group Adjusted EBITDA | 5.0 to 15.0 | -3.6 | -11.8 |
| Group Working Capital | 20.0 to 30.0 | 66.4 | 29.4 |
Condensed Consolidated Balance Sheet IFRS
| In € million | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|
| Non-current assets | 612.7 | 614.5 |
| Current assets | 103.9 | 125.0 |
| Total assets | 716.5 | 739.5 |
| Equity | 384.6 | 399.1 |
| Long-term debt | 282.2 | 286.8 |
| Current liabilities | 49.7 | 53.6 |
| Total liabilities | 331.9 | 340.4 |
| Total equity and liabilities | 716.5 | 739.5 |
Condensed Consolidated Statement of Comprehensive Income
| In € million | Q1 2026 | Q1 2025 |
|---|---|---|
| Revenue | 13.1 | 5.3 |
| Cost of sales | -15.9 | -14.8 |
| Research and development expenses | -0.8 | -5.4 |
| Other expenses and income | -3.8 | -4.8 |
| Operating profit (EBIT) | -7.4 | -19.7 |
| Net finance income | -8.0 | -2.6 |
| Profit before taxes | -15.4 | -22.3 |
| Income tax receivables | 0.4 | -0.5 |
| Profit / Comprehensive income for the period | -15.0 | -22.8 |
Condensed Consolidated Statement of Cash Flows
| In € million | Q1 2026 | Q1 2025 |
|---|---|---|
| Cash flow from operating activities | -5.5 | 9.1 |
| Cash flow from investing activities | -5.8 | -16.8 |
| Cash flow from financing activities | -3.4 | -1.2 |
| Net change in cash and cash equivalents | -14.8 | -8.9 |
| Cash and cash equivalents at the end of the period | 68.8 | 41.9 |
| Cash and cash equivalents at the beginning of the period | 54.1 | 32.9 |
Conference Call and Dial-in Information
The Management Board of Formycon AG will discuss the company’s performance and key financial figures during a conference call. The conference call, which will be broadcast live online, will take place on Thursday, May 28, 2026, at 3:00 p.m. (CEST) in English.
To participate in the conference call, please register at: https://webcast.meetyoo.de/reg/z575aD6dDQUD
After registering, participants will receive a confirmation email with individual dial-in data.
The presentation and audio broadcast can be accessed via the following webcast link: https://www.webcast-eqs.com/formycon-2026-q1
After a brief presentation, the Management Board will be available to answer questions from analysts. The conference call will be recorded and can subsequently be accessed via the Formycon website: https://www.formycon.com/en/investor-relations/publications/
1) Keytruda® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co, Inc., Rahway, NJ/USA
2) Eylea® is a registered trademark of Regeneron Pharmaceuticals Inc.
3) AHZANTIVE® is a registered trademark of Klinge Biopharma GmbH
4) Baiama® is a registered trademark of Klinge Biopharma GmbH
5) CIMERLI® is a registered trademark of Coherus BioSciences, Inc.
6) Nufymco® is a registered trademark of Formycon AG
7) Stelara® is a registered trademark of Johnson & Johnson
8) Otulfi® is a registered trademark of Fresenius Kabi Deutschland GmbH in select countries
9) Fymskina® is a registered trademark of Formycon AG
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company covers the entire value chain, from the selection of a promising biosimilar candidate through the various stages of development to the delivery of the approved and market-ready product. In addition, Formycon also has extensive expertise in the planning, management, and monitoring of the supply chain as well as international product logistics. For the commercialization of its biosimilars, Formycon relies on strong, trusted and long-term partnerships worldwide. With FYB201/ranibizumab, FYB202/ustekinumab and FYB203/aflibercept, Formycon already has three biosimilars on the market. Four pipeline candidates – including FYB206/pembrolizumab and FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.
Formycon AG is headquartered in Munich and listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/
About #FYB4Growth:
With FYB4Growth, Formycon is pursuing a growth strategy based on four strategic pillars aimed at creating sustainable value. First, geographic diversification: in addition to Europe and the U.S., Formycon is strategically expanding into high growth regions such as MENA, APAC and Latin America through strong regional partners. Second, a smart portfolio strategy: Formycon relies on an intelligent portfolio strategy that specifically combines blockbuster molecules with selected niche products and creates the foundation for sustainable value generation through efficient regulatory development pathways. Third, excellence and innovation: Formycon positions itself as a technological and regulatory development powerhouse, creating clear competitive differentiation through innovative product solutions and new regulatory approaches. Fourth, consistent cost efficiency: streamlined processes, optimized development structures and the increased use of digital technologies are designed to enhance the scalability of the business model and strengthen Formycon’s competitiveness over the long term.
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s 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.
Formycon invites to conference call on the results of the first quarter of 2026 and announces participation in international investor conferences
Planegg-Martinsried, Germany – Formycon AG (FSB: FYB, Prime Standard, „Formycon“) plans to publish its results for the first quarter of 2026 on May 28, 2026. The Management Board will discuss the company’s development, key financial figures, and provide an outlook for the course of 2026. The conference call, which will be broadcast live on the internet, will take place on Thursday, May 28, 2026, at 3:00 PM (CEST) in English.
To participate in the conference call, please register at:
https://webcast.meetyoo.de/reg/z575aD6dDQUD
After registration, participants will receive a confirmation email with individual dial-in data.
The presentation and audio broadcast can be accessed via the following webcast link:
https://www.webcast-eqs.com/formycon-2026-q1
After a brief presentation, the Management Board will be available for analysts’ questions. The conference call will be recorded and can subsequently be accessed via the Formycon website at: https://www.formycon.com/en/investor-relations/publications/
Formycon in Dialogue
Representatives of the Management Board will attend the following investor conferences in the coming months:
June 2 – 3, 2026
Jefferies Global Healthcare Conference
Enno Spillner (CFO)
New York City
June 8, 2026
mwb research Rountable
Dr. Stefan Glombitza (CEO), Enno Spillner (CFO),
Nicola Mikulcik (CBO), Dr. Andreas Seidl (CSO)
virtual
September 14 – 16, 2026
H.C. Wainwright 28th Annual Global Investment Conference
Enno Spillner (CFO)
New York City
September 16, 2026
Jefferies Fireside Chat
Enno Spillner (CFO)
virtual
September 21 – 23, 2026
Berenberg and Goldman Sachs Fifteenth German Corporate Conference
Dr. Stefan Glombitza (CEO), Enno Spillner (CFO)
Munich
Please find our current events at:
https://www.formycon.com/en/investors/financial-calendar/
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/ranibizumab and FYB202/ustekinumab, Formycon already has two biosimilars on the market. Another biosimilar, FYB203/aflibercept, has been approved by the FDA, EMA, and MHRA. Four pipeline candidates – including FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.
Formycon AG is headquartered in Munich and listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s 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.
Formycon expands commercial portfolio: Aflibercept biosimilars Ahzantive® and Baiama® are now available in the European Union
- FYB203 (aflibercept) is now available as prefilled syringe under the brand names Ahzantive® and Baiama® in the European Union
- Phased rollout through multiple commercialization partners in key European markets
- Multi-partner approach reinforces market penetration and underscores Formycon’s FYB4Growth strategy
Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon”) and its licensing partner Klinge Biopharma GmbH (“Klinge”) jointly announce the launch of the Eylea®1 2mg biosimilar FYB203 in the European Union. This marks an important milestone in Formycon’s growth strategy and expands its commercial portfolio to three in-house developed biosimilars. The market launch of the Ahzantive®2 and Baiama®3 pre-filled syringes (“PFS”) through multiple commercialization partners began on May 15, 2026, in key European markets such as Germany, France, and Italy. The rollout in additional Central and Eastern European countries will take place step by step over the coming weeks and months.
Nicola Mikulcik, CBO of Formycon AG, said: “With the launch of Ahzantive® and Baiama®, we are reaching another important milestone in scaling our portfolio commercially. In line with our FYB4Growth strategy, we are positioning our biosimilar broadly across Europe’s diverse market landscape together with several strong licensing partners. This provides patients with severe retinal diseases with another safe, effective, and cost-efficient treatment option.”
In March 2026, Formycon entered into a settlement and licensing agreement with Regeneron Pharmaceuticals, Inc. (“Regeneron”) and Bayer Healthcare LLC (“Bayer”), ensuring the market launch in Europe starting May 15, 2026. In October 2025, Formycon had already secured the U.S. market launch for the fourth quarter of 2026 – or potentially earlier under certain circumstances – as part of an agreement with Regeneron.
Ahzantive® and Baiama® are being launched across Europe as pre-filled syringes. This user-friendly system was specifically designed to meet the requirements of intravitreal injections and supports the efficient and safe treatment of patients with neovascular (wet) age-related macular degeneration (nAMD) and other serious retinal diseases. The Ahzantive® and Baiama® vials will be introduced in selected European regions over the coming months.
1 Eylea® is a registered trademark of Regeneron Pharmaceuticals Inc.
2 Ahzantive® is a registered trademark of Klinge Biopharma GmbH
3 Baiama® is a registered trademark of Klinge Biopharma GmbH
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company covers the entire value chain, from the selection of a promising biosimilar candidate through the various stages of development to the delivery of the approved and market-ready product. In addition, Formycon also has extensive expertise in the planning, management, and monitoring of the supply chain as well as international product logistics. For the commercialization of its biosimilars, Formycon relies on strong, trusted and long-term partnerships worldwide. With FYB201/ranibizumab, FYB202/ustekinumab and FYB203/aflibercept, Formycon already has three biosimilars on the market. Four pipeline candidates – including FYB206/pembrolizumab and FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.
Formycon AG is headquartered in Munich and listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/
About #FYB4Growth:
With FYB4Growth, Formycon is pursuing a growth strategy based on four strategic pillars aimed at creating sustainable value. First, geographic diversification: in addition to Europe and the U.S., Formycon is strategically expanding into high growth regions such as MENA, APAC and Latin America through strong regional partners. Second, a smart portfolio strategy: Formycon relies on an intelligent portfolio strategy that specifically combines blockbuster molecules with selected niche products and creates the foundation for sustainable value generation through efficient regulatory development pathways. Third, excellence and innovation: Formycon positions itself as a technological and regulatory development powerhouse, creating clear competitive differentiation through innovative product solutions and new regulatory approaches. Fourth, consistent cost efficiency: streamlined processes, optimized development structures and the increased use of digital technologies are designed to enhance the scalability of the business model and strengthen Formycon’s competitiveness over the long term.
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s 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.
Formycon reports successful financial year 2025 with important operational progress, growing market presence and strategic partnerships
- Operational milestones achieved across development pipeline and further progress in expanding global market access
- “FYB4Growth” strategy combines four strategic pillars into a scalable, sustainable and value‑creating business model
- Group revenue of €44.5 million below forecast (€55.0 million € to €65.0 million)
- Group EBITDA of €‑3.6 million and adjusted EBITDA of €‑2.3 million, both significantly exceeding expectations (€‑10.0 million to €‑20.0 million)
- Financial position significantly strengthened by the successful placement of a €70.0 million corporate bond
- Outlook for 2026: revenue growth and positive EBITDA expected
- Invitation to today’s conference call at 3:00 p.m. (CEST)
Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, Prime Standard) today published its audited consolidated financial statements for the 2025 financial year and provided a forecast for the 2026 financial year.
Dr. Stefan Glombitza, CEO of Formycon AG, said: “The financial year 2025 was a year of strong operational execution and disciplined financial management for Formycon. In a dynamically growing and challenging market environment, we clearly exceeded our guidance for EBITDA, adjusted EBITDA and working capital, underscoring the robustness and quality of our business model, even though certain revenue components were deferred into the new financial year. In line with our tailored FYB4Growth strategy, we are consistently advancing sustainable value creation across our pipeline, supported by strategic partnerships, a diversified portfolio and efficient development approaches. Against this backdrop, our 2026 guidance reflects both the value potential of our pipeline and Formycon’s solid foundation for sustainable, profitable growth.”
Enno Spillner, CFO of Formycon AG, added: “From a financial perspective, 2025 was a year of important strategic decisions. Improved regulatory frameworks, our proven experience from three approved biosimilar developments and the increased use of digital technologies enable streamlined and more cost‑efficient development processes. With the successful placement of a corporate bond, effective resource allocation and a solid financing structure, we have further strengthened the Group’s financial position. Looking ahead, we expect to benefit from the relaunch and an additional partner for FYB201 in the U.S., continued revenue growth from FYB202, further market entries and a growing number of commercialized products. The ongoing commercialization of our biosimilars and the expansion of international partnerships are intended to support our objective of achieving positive EBITDA from 2026 onwards and sustaining this development over time.”
Solid Business Performance and Market Development in the Financial Year 2025
Formycon achieved significant operational milestones across its biosimilar pipeline, further demonstrating its development expertise and partnering capabilities. FYB201 strengthened its international market position through additional country launches, the introduction of an innovative ophthalmic pre‑filled syringe, and an additional regulatory approval in the U.S. FYB202 was launched in the U.S., Europe and Canada; however, market penetration to date has progressed only gradually and, despite continued growth, remained below expectations. For FYB203, key patent-related hurdles were resolved, enabling market entry in Europe and the U.S. in 2026. With FYB206, Formycon achieved decisive clinical progress and further strengthened its development position, supported by an optimized study design and disciplined execution. This led to the successful conclusion of initial licensing partnerships, including corresponding upfront and milestone payments, and positive study results reported in February 2026. In addition, the pipeline continued to mature with the achievement of Technical Proof of Similarity (TPoS) for FYB208, while the successful placement of a corporate bond strengthened the Company’s financial foundation for the next phase of growth.
Group revenue for the financial year 2025 amounted to €44.5 million (previous year: €69.7 million). The year‑on‑year decline was primarily attributable to the expected reduction in payments for development compensations related to FYB201 and FYB203 due to their advanced project status. In addition, the Group recorded lower revenue contributions from licensing income, partly reflecting the temporary pause of U.S. commercialization of FYB201/Cimerli®1. In contrast, milestone revenues developed positively, driven in particular by the conclusion of regional commercialization partnerships for FYB206 and FYB202.
The lower revenue level compared to the forecast range of €55.0 million to €65.0 million was primarily the result of prolonged negotiations related to the conclusion of additional partnerships, including for FYB206, which required additional time due to the optimization of economic terms. Furthermore, milestone payments originally expected in the fourth quarter of 2025 were deferred into the first quarter of 2026. In addition, despite a strong fourth quarter, revenues from the commercialization of FYB202 developed less dynamically than anticipated overall and also contributed to the deviation.
Group EBITDA for the financial year 2025 amounted to €‑3.6 million (previous year: €‑13.7 million) and thus significantly exceeded the expected range of €‑20.0 million to €‑10.0 million. This improvement was primarily driven by strict cost management, higher‑than‑anticipated capitalized development investments, and a timing shift in development costs.
Group Adjusted EBITDA amounted to €‑2.3 million (previous year: €‑1.6 million) and was therefore significantly above the forecast range (€‑20.0 million to €‑10.0 million). In addition to the EBITDA effects described above, this was mainly attributable to the upfront payment received in connection with the partnership for FYB201/Nufymco®2. The earnings contribution from FYB201 via the joint venture Bioeq AG (equity income from the at-equity valuation) amounted to €1.2 million (previous year: €12.1 million) and was below the prior‑year level, primarily due to the significant decline in revenues following the temporary pause of U.S. commercialization of FYB201/Cimerli®. The product was reintroduced to the U.S. market in January 2026.
| 2025 | 2024 | |
|---|---|---|
| Group revenues | € 44.5 million | € 69.7 million |
| Group EBITDA | € -3.6 million | € -13.7 million |
| Group Adjusted EBITDA | € -2.3 million | € -1.6 million |
| Group Working Capital | € 70.1 million | € 55.1 million |
Due to market and price developments, particularly in the U.S., the planning assumptions for the FYB201 and FYB202 projects were reviewed and adjusted accordingly during the fiscal year, as in the previous year. As part of the impairment test performed for FYB202, the fair value of intangible assets was reduced by around €60 million. This resulted in a decrease in the related deferred tax liabilities of approximately €14 million and a reduction in the fair value of the earn‑out of approximately €5 million, leading to a net impact of around €41 million on net income. In addition, the fair value of the investment in Bioeq AG was reduced by approximately €18 million. Positive effects resulted from the fair value of the earn-out related to ATHOS, which reduced contingent purchase price liabilities by approximately €12 million, leading to net earnings effect of around €-6 million.
Working capital developed positively and increased to €70.1 million (previous year: €55.1 million), thereby exceeding the forecast range of €55 million to €65 million. This development was primarily driven by the successful placement of a €70 million corporate bond in July 2025, as well as significant upfront payments received in 2025 in connection with initial licensing partnerships for the Keytruda®3 biosimilar candidate FYB206. In addition, consistent cost management and efficiency improvements contributed to the increase in working capital. As of December 31, 2025, the Formycon Group reported cash and cash equivalents of €68.8 million (previous year: €41.8 million), providing a solid financial basis for future business development and the further advancement of the existing biosimilar product portfolio in line with the Group’s growth strategy.
Due to technical adjustments as well as extended review and reconciliation processes, the publication of the audited consolidated financial statements for fiscal year 2025 took place later than originally planned.
Outlook for the Financial Year 2026 – FYB4Growth
The development of biosimilars remains Formycon’s core strategic focus and the foundation for long‑term, sustainable growth. According to IQVIA, the global biosimilars market is expected to grow to approximately USD 74 billion by 2030.4 At the same time, market conditions – particularly in the U.S. – remain challenging for Formycon’s outlook, driven by slower-than-expected access to certain market segments and higher price discounts than originally anticipated. Recent project developments reflect this volatility, while at the same time highlighting the opportunities arising from a dynamic and evolving market environment.
With “FYB4Growth”, Formycon is pursuing a clearly defined growth strategy based on four strategic pillars aimed to create sustainable value. First, geographic diversification: in addition to Europe and the U.S., Formycon is strategically expanding into high‑growth regions such as MENA, APAC and Latin America through strong regional partners. Second, a smart portfolio strategy: Formycon relies on an intelligent portfolio strategy that specifically combines blockbuster molecules with selected niche products and creates the foundation for sustainable value generation through efficient regulatory development pathways. Third, excellence and innovation: Formycon positions itself as a technological and regulatory development powerhouse, creating clear competitive differentiation through innovative product solutions and new regulatory approaches. Fourth, consistent cost efficiency: streamlined processes, optimized development structures and the increased use of digital technologies are designed to enhance the scalability of the business model and strengthen Formycon’s competitiveness over the long term.
| Outlook for Fiscal Year 2026 – Financial Forecast | |
|---|---|
| Group revenues | € 60.0 million – € 70.0 million |
| Group EBITDA | € 0.0 million – € 10.0 million |
| Group Adjusted EBITDA | € 5.0 million – € 15.0 million |
| Group Working Capital | € 20.0 million – € 30.0 million |
Formycon expects to achieve further key operational milestones in the financial year 2026, which will lay the foundation for its continued transformation from a successful development company into a sustainable, commercially focused, and profitable biosimilar company.
For the financial year 2026, the Formycon Group expects revenue to increase to a range of €60.0 million and €70.0 million.
Following the reintroduction of FYB201/Cimerli® in the U.S. in early 2026, as well as the planned commercialization by an additional U.S. partner under the secondary brand Nufymco® starting in the second half of the year, Formycon expects increasing sales contributions for FYB201 in 2026.
According to the commercialization partners, the market rollout of FYB202 is expected to continue to develop positively, even though the US pharmacy benefit manager (PBM) market is opening only gradually. At the same time, political signals in the U.S. indicate potential structural changes that could create a more favorable environment for biosimilars in the long term. Formycon therefore expects a significantly greater revenue contribution from FYB202, generated across various regions worldwide, and anticipated to assume a leading role within the overall Group’s revenue structure.
For the Eylea®5 biosimilar FYB203, licensing agreements have been concluded enabling market entry in Europe from May 2026 and in the U.S. in the fourth quarter of 2026. In this context, Formycon expects initial moderate licensing revenues.
With respect to the Keytruda® biosimilar FYB206, an important operational milestone was already achieved in the first quarter of 2026 with the successful completion of the pharmacokinetic (PK) study. On this basis, preparations for the regulatory submissions are being further advanced, particularly in the U.S. and the EU. Together with initial licensing partnerships, this creates potential for revenues from clearly defined development milestones, while further regional partnerships are being pursued to enable additional upfront and milestone payments. Overall, FYB206 is thus expected to contribute meaningfully to revenues in 2026, primarily through milestone-based income, despite not yet being approved.
The biosimilar candidates FYB208 through FYB210 are at different stages of development. FYB208 has advanced into clinical development, following the achievement of Technical Proof of Similarity (TPoS), with preparations underway for clinical studies and commercial‑scale manufacturing.
The foundation of value creation is Formycon’s diversified product pipeline. Accordingly, the Company will continue to invest significantly in its development portfolio and also aims to initiate the development of additional biosimilar candidates over the course of 2026.
For the financial year 2026, Formycon expects EBITDA in a range between €0 million and €10 million, reflecting both increasing revenues and continued investments in the biosimilar pipeline. EBITDA is expected to improve further on a sustainable basis in subsequent years.
Revenues generated from the commercialization of FYB201 are primarily reported within the at equity result of the joint venture Bioeq AG, which is not consolidated in Formycon’s operating result. To better reflect the Group’s operating performance, EBITDA is therefore adjusted accordingly. For 2026, Formycon expects adjusted EBITDA in a range between €5.0 million and €15.0 million.
For financial year 2026, working capital is expected to amount to between €20.0 million and €30.0 million, mainly driven by ongoing investments in the FYB206 and FYB208 projects.
The full 2025 Annual Report is available on the Formycon website at https://www.formycon.com/en/investor-relations/publications/
Conference Call and Webcast
The Management Board of Formycon AG will discuss the company’s performance and key financial figures during a conference call. The earnings call, which will be broadcast live online, will take place on April 22, 2026, at 3:00 p.m. (CEST) in English.
To participate in the conference call, please register at:
https://webcast.meetyoo.de/reg/lNibT8TVWubG
After registration, participants will receive a confirmation email with individual dial-in data.
The presentation and audio broadcast can be accessed via the following webcast link:
https://www.webcast-eqs.com/formycon-2025-fy
After a brief presentation, the Management Board will be available for analysts’ questions. The conference call will be recorded and can subsequently be accessed via the Formycon website at: https://www.formycon.com/en/investor-relations/publications/
1) CIMERLI® is a registered trademark of Coherus BioSciences, Inc.
2) Nufymco® is a registered trademark of Formycon AG
3) Keytruda® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co, Inc, Rahway, NJ/USA
4) https://www.iqvia.com/-/media/iqvia/pdfs/germany/publications/fokus-biosmilars/newsletter-fokus-biosimilars-ausgabe-10.pdf
5) Eylea® is a registered trademark of Regeneron Pharmaceuticals Inc.
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/ranibizumab and FYB202/ustekinumab, Formycon already has two biosimilars on the market. Another biosimilar, FYB203/aflibercept, has been approved by the FDA, EMA, and MHRA. Four pipeline candidates – including FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.
Formycon AG is headquartered in Munich and listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s 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.
Formycon invites to Conference Call on the Results of the Financial Year 2025 and announces Participation in international Investor Conferences in the 2nd Quarter of 2026
Planegg-Martinsried, Germany – Formycon AG (FSB: FYB, Prime Standard, „Formycon“) plans to publish its results of the financial year 2025 on April 22, 2026. The Management Board will discuss the company’s development, key financial figures, and provide an outlook for the 2026 fiscal year. The conference call, which will be broadcast live on the internet, will take place on Wednesday, April 22, 2026, at 3:00 PM (CEST) in English.
To participate in the conference call, please register at:
https://webcast.meetyoo.de/reg/lNibT8TVWubG
After registration, participants will receive a confirmation email with individual dial-in data.
The presentation and audio broadcast can be accessed via the following webcast link:
https://www.webcast-eqs.com/formycon-2025-fy
After a brief presentation, the Management Board will be available for analysts’ questions. The conference call will be recorded and can subsequently be accessed via the Formycon website at: https://www.formycon.com/en/investor-relations/publications/
Formycon in Dialogue
Representatives of the Management Board will attend the following events and investor conferences
in the second quarter of 2026:
May 11–12, 2026
Equity Forum Spring Conference
Enno Spillner (CFO)
Frankfurt, Germany
May 28, 2026
Publication of the Results for the first Quarter of 2026
Dr. Stefan Glombitza (CEO), Enno Spillner (CFO),
Nicola Mikulcik (CBO), Dr. Andreas Seidl (CSO)
Conference Call and Webcast
June 2–4, 2026
Jefferies Global Healthcare Conference
Enno Spillner (CFO)
New York City, U.S.
June 8, 2026
mwb research Roundtable
Dr. Stefan Glombitza (CEO), Enno Spillner (CFO)
Nicola Mikulcik (CBO), Dr. Andreas Seidl (CSO)
Webcast
June 10, 2026
Annual General Meeting
Dr. Stefan Glombitza (CEO), Enno Spillner (CFO),
Nicola Mikulcik (CBO), Dr. Andreas Seidl (CSO)
Haus der Bayerischen Wirtschaft, Munich, Germany
June 18, 2026
UBS Life Sciences Conference
Enno Spillner (CFO)
London, UK
Please find our current events at:
https://www.formycon.com/en/investors/financial-calendar/
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/ranibizumab and FYB202/ustekinumab, Formycon already has two biosimilars on the market. Another biosimilar, FYB203/aflibercept, has been approved by the FDA, EMA, and MHRA. Four pipeline candidates – including FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.
Formycon AG is headquartered in Munich and listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s 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.
Formycon AG announces improved preliminary figures for the 2025 fiscal year and sets date for the publication of the annual financial statements
Disclosure of inside information according to Article 17 of the Regulation (EU) No 596/2014
- Group EBITDA of approx. € -4 million (vs. € -12 million) and adjusted EBITDA of approx. € -2 million (vs. € -7 million), better than previously communicated
- Group revenue unchanged at approx. € 45 million
- Group working capital of approx. € 70 million (vs. € 73 million) slightly below preliminary estimates but above the forecast
Planegg-Martinsried, Germany, April 15, 2026 – Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) (“Company” or “Formycon“) announces that, as part of the final preparation of the annual financial statements for the 2025 fiscal year, changes have occurred in the key performance indicators Group EBITDA and Group adjusted EBITDA, as well as in working capital, compared to the preliminary figures published on March 4, 2026.
Based on the information currently available, the Company expects significantly better Group’s earnings before interest, taxes, depreciation and amortization (Group EBITDA) as well as clearly higher adjusted consolidated earnings before depreciation and amortization (Group adjusted EBITDA) than previously communicated. The improvements in Group EBITDA from the originally reported € -12 million to approximately € -4 million and in Group adjusted EBITDA from the originally reported € -7 million to approximately € -2 million result primarily from an adjustment to the accounting approach of development investments.
These adjustments also have an impact on the working capital, which now amounts to approximately € 70 million, slightly below the previous preliminary estimate (approximately € 73 million) but significantly above the forecast (€ 55 million to € 65 million).
Preliminary Group revenues remain unchanged at approx. € 45 million. Likewise, there have been no changes to the previously communicated impairment test for FYB202.
The final financial figures and further information on the 2025 financial year as well as the outlook for 2026 will be published on April 22, 2026 with the annual report for the 2025 financial year on the website under Publications – Formycon AG
Formycon secures license date for aflibercept 2 mg biosimilar FYB203 in Europe and further territories following settlement with Regeneron and Bayer
- Settlement and licensing agreement for FYB203 (AHZANTIVE® and Baiama®) concluded with Regeneron and Bayer; all pending patent litigations fully resolved
- Agreement covers Europe as well as key markets in Latin America and the Asia-Pacific region
- Market launches by commercialization partners across Europe to start in May 2026
Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon”) and its license partner Klinge Biopharma GmbH (“Klinge”) announce a settlement and license agreement (“Agreement”) with Regeneron Pharmaceuticals, Inc. (“Regeneron”) and Bayer Healthcare LLC (“Bayer”), resolving all patent disputes related to the EU-approved Eylea®1 2 mg biosimilars AHZANTIVE®2 and Baiama®3. Under the terms of the agreement, both products may be launched in Europe and further territories including key markets in Latin America and Asia-Pacific from May 2026. In October 2025, Formycon had already secured the U.S. license date for FYB203 in Q4 2026 as part of an agreement with Regeneron.
“The agreement for Europe and further territories is a significant milestone, as it secures timely market access for our commercialization partners. With our differentiated and regionally focused partnering strategy, we are sure that we have set the course for sustainable success of FYB203 across the European markets and beyond. For ophthalmologists and patients with severe retinal diseases, our biosimilars represent a highly effective and cost-efficient treatment option,” says Nicola Mikulcik, Chief Business Officer of Formycon AG.
AHZANTIVE® and Baiama® are approved by the European Medicines Agency (“EMA”) for the treatment of neovascular age-related macular degeneration (“nAMD”) and other serious retinal diseases. The active ingredient aflibercept inhibits vascular endothelial growth factor (“VEGF”), which is responsible for the excessive formation of blood vessels in the retina, causing severe visual impairment.
1 Eylea® is a registered trademark of Regeneron Pharmaceuticals Inc.
2 AHZANTIVE® is a registered trademark of Klinge Biopharma GmbH
3 Baiama® is a registered trademark of Klinge Biopharma GmbH
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/ranibizumab and FYB202/ustekinumab, Formycon already has two biosimilars on the market. Another biosimilar, FYB203/aflibercept, has been approved by the FDA, EMA, and MHRA. Four pipeline candidates – including FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.
Formycon AG is headquartered in Munich and listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s 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.
Formycon AG postpones the publication of its audited annual and consolidated financial statements for 2025
Disclosure of inside information according to Article 17 of the Regulation (EU) No 596/2014
Planegg-Martinsried, Germany, March 18, 2026 – Formycon AG (ISIN: DE000A1EWVY8 / WKN: A1EWVY) (the “Company”) announces that the publication of the audited 2025 annual and consolidated financial statements, originally scheduled for March 26, 2026, will be postponed.
A key reason is the change to a new internal financial planning system, which was rolled out companywide during the reporting period. Furthermore, in the course of closing process, additional reconciliation and validation work have arisen, requiring more time and documentation than originally anticipated. Against this background, not all documents have been finalized yet, and the required audit measures could not yet be completed.
The publication of the audited annual and consolidated financial statements for the 2025 fiscal year is scheduled for April 2026 and will therefore continue to comply with statutory and stock exchange deadlines. The company will announce the exact date in due course.
Formycon AG publishes preliminary figures for the 2025 fiscal year
Disclosure of inside information according to Article 17 of the Regulation (EU) No 596/2014
- Strong increase in Group revenues in the fourth quarter, but full-year revenues still expected to remain below guidance
- Group EBITDA expected to be at the upper end of the expected range
- Adjusted EBITDA as well as working capital expected to be improved versus guidance
Planegg-Martinsried, Germany, March 4, 2026 – Based on preliminary and unaudited figures, Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) (“Company” or “Formycon“) expects Group revenues for the 2025 fiscal year to amount to approximately € 45 million. Despite a strong increase in the fourth quarter, total revenues are below the previously communicated forecast range of € 55 million to € 65 million. This is partly due to longer negotiations to conclude further commercialization and development partnerships, for example for the Keytruda®1 biosimilar candidate FYB206, in order to optimize their financial terms. In addition, recognition of milestone events anticipated for Q4 shifted to the first quarter of 2026. Furthermore, while revenue contributions from FYB202 increased significantly in Q4, the product is still in the early phase of commercialization and did not ramp up as quickly as expected.
In this context, based on the results of the impairment test available to date, the company expects that the valuation model and balance sheet measurement for FYB202 will need to be reviewed and adjusted to reflect this slower ramp up. According to Formycon’s commercialization partners, market uptake of FYB202 is developing positively. However, despite encouraging political signals, the pharmacy benefit market (PBM) in the U.S. is still opening only gradually. Based on preliminary calculations, the company expects an extraordinary, non-cash and non-EBITDA-relevant impairment requirement in the low to mid double-digit million range.
The Group’s earnings before interest, taxes, depreciation and amortization (Group EBITDA) for the 2025 fiscal year is expected to amount to approximately € -12 million, at the upper end of the forecast range of € -20 million to € -10 million. Adjusted consolidated earnings before depreciation and amortization (Group adjusted EBITDA), which also shows the total income of the FYB201 ranibizumab biosimilar, is expected to be approximately € -7 million, which is above the most recently communicated forecast range of € -20 million to € -10 million. The significantly better-than-expected at-equity result (approx. € 5 million) from the 50% stake in Bioeq AG mainly benefited from the upfront payment from the partnership of FYB201/Nufymco®2.
The Company expects a further improvement in working capital to approximately € 73 million, which is significantly above guidance. Due to the € 70 million corporate bond placed in July 2025, Formycon had already raised its forecast for this key figure from the original € 25 million to € 35 million to € 55 million to € 65 million upon publication of its half-year results for 2025. Significant upfront payments in connection with initial partnerships for the Keytruda® biosimilar candidate FYB206 in 2025, strict cost management and efficiency improvements contributed to a further increase.
The final financial figures and further information on the 2025 financial year as well as the outlook for 2026 will be published on 26 March 2026 with the annual report for the 2025 financial year on the website.
1) Keytruda® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co, Inc, Rahway, NJ/USA
2) Nufymco® is a registered trademark of Formycon AG
Formycon announces positive clinical data for Keytruda® biosimilar candidate FYB206 (pembrolizumab)
- Dahlia PK study demonstrates pharmacokinetic equivalence of FYB206 (pembrolizumab) with the reference drug Keytruda®
- Positive clinical data from the pivotal study underline Formycon’s strong position among the leading developers of a pembrolizumab biosimilar
- Focus on completing development and preparing the regulatory dossiers
Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, „Formycon“) announces that the pivotal Dahlia pharmacokinetic study (PK study) has successfully met its primary study objective. The randomized, double-blind, multicenter clinical PK study demonstrated pharmacokinetic equivalence (bioequivalence) of FYB206 (pembrolizumab) with the oncology blockbuster drug Keytruda®1.
Dr. Andreas Seidl, Chief Scientific Officer of Formycon AG, comments: “Reaching this important milestone in our clinical development program in such a short time reflects our exceptional scientific expertise as well as our strong capabilities in efficiently conducting clinical trials. The positive results of the Dahlia PK study for our biosimilar candidate FYB206 underline our position as one of the leading biosimilar developers for this important biologic drug. They confirm the strategy of our streamlined clinical development program as well as the high quality of our study design and management. We are now one step closer to making FYB206 available worldwide as quickly as possible and improving access to this essential therapy.”
At the beginning of 2025, Formycon and the US Food and Drug Administration (FDA) had agreed on a streamlined clinical strategy that aims to sufficiently demonstrate the therapeutic comparability of FYB206 with the reference drug Keytruda®, based on comprehensive analytical data and data from the Dahlia PK study. Having achieved the primary study objective, Formycon is now focusing on completing all development activities to finalize the documents for regulatory approval. The company is working closely with the regulatory authorities to make FYB206 available as soon as possible after the exclusivity of the reference drug expires. In the meantime, patients from the Dahlia study will continue to be treated to ensure optimum clinical care.
Pembrolizumab is a humanized monoclonal antibody that belongs to the class of immune checkpoint inhibitors and is used to treat various types of cancer. Due to this broad range of indications in oncology, global sales of Keytruda® in 2025 increased by 7% year-on-year to US$ 31.7 billion.2 Keytruda® thus maintains its top position among the world’s best-selling drugs.
1 Keytruda® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co, Inc, Rahway, NJ/USA.
2 https://www.merck.com/news/merck-highlights-progress-advancing-broad-diverse-pipeline/
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/ranibizumab and FYB202/ustekinumab, Formycon already has two biosimilars on the market. Another biosimilar, FYB203/aflibercept, has been approved by the FDA, EMA, and MHRA. Four pipeline candidates – including FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.
Formycon AG is headquartered in Munich and listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s 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.