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Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon“) today published its consolidated financial report for the first six months of fiscal year 2024, providing an update on the company’s business performance.

“Formycon can look back on a very successful first half of the year, characterized by significant progress in its development projects. Particularly remarkable is the strong performance of our first biosimilar, FYB201, which continued to secure a significant market share against biosimilar competitors in key markets such as the USA and the UK. This success, along with the approval of FYB203 in the USA and the positive CHMP opinion for FYB202 in Europe in July, underscore the high quality of the biosimilars we develop. With the enrolment of the first patients in our clinical program for FYB206, we are well-positioned among the leading developers of Keytruda^® biosimilars. Our development expertise and operational agility lay the foundation for a successful future for Formycon AG as an independent specialist in biosimilars and the partner of choice,” says Dr. Stefan Glombitza, CEO of Formycon AG.

Enno Spillner, CFO of Formycon AG, adds: “Formycon is pursuing a clear growth strategy to become a leading and sustainably profitable biosimilar company. With the approval, market entry, and successful establishment of the two biosimilar candidates FYB202 and FYB203, Formycon aims to achieve EBITDA and operating cash flow profitability in the medium term. Until then—and even beyond—we will continue to invest heavily in our pipeline projects to ensure the swift progress of our promising development projects and to further strengthen our excellent position in the dynamic growth market of biosimilars.”

Operational milestones drive key growth momentum

Formycon achieved strong corporate development in the first half of the year, successfully meeting all targeted operational, clinical, and regulatory objectives.

FYB201 Lucentis^®[1]-biosimilar

Formycon’s FYB201 (Ranibizumab), marketed under the trade name CIMERLI^®[2] in the USA, has secured a significant share of the overall U.S. Lucentis^® market. Following the strategic realignment of commercialization partner Coherus BioSciences, Inc. (Coherus), the marketing rights for CIMERLI^®, including Coherus’ ophthalmology sales team, were transferred to Sandoz AG on March 1, 2024. According to market reports, CIMERLI^®‘s market share in the U.S. Ranibizumab market was over 45%[3]. In the United Kingdom, FYB201/ONGAVIA^®[4] holds a dominant market position with a 79% share based on indication-specific market volume[5]. Additionally, further markets, such as Canada and Saudi Arabia, were entered in the first half of the year. As of the reporting date, FYB201 is available in a total of 19 countries worldwide.

FYB202 Stelara^®[6] biosimilar candidate

For FYB202, Formycon’s Stelara^® biosimilar candidate, a settlement agreement with Johnson & Johnson was reached in the first half of 2024 regarding the commercialization of the biosimilar in Europe and Canada. It was agreed to keep the terms of the agreement confidential. A prior agreement had already been made for the U.S. market entry, which is scheduled for no later than April 15, 2025. At the end of July 2024 (after the reporting period), the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) recommended the approval of FYB202 for the treatment of serious inflammatory diseases in the fields of gastroenterology, dermatology, and rheumatology. The decision of the European Commission on the approval is expected in early Q4, while the decision of the FDA is anticipated by the end of September 2024.

FYB203 Eylea^®[7] biosimilar candidate

Formycon achieved another success with the U.S. approval of FYB203, a biosimilar candidate for Eylea^®. On June 28, 2024, FYB203/AHZANTIVE^®[8] was approved by the FDA for the treatment of patients with age-related neovascular (wet) macular degeneration (nAMD) and other serious eye diseases such as diabetic macular edema (DME), diabetic retinopathy (DR), and macular edema following retinal vein occlusion (RVO). The decision on approval in Europe is expected by early 2025 at the latest.

FYB206 Keytruda^®[9] biosimilar candidate

The start of the clinical development program for FYB206, a biosimilar candidate for the immuno-oncology blockbuster drug Keytruda^®, marked another significant operational milestone. In June, the enrolment of the first patient in the Phase I study to compare the pharmacokinetics (PK), safety, and tolerability of FYB206 with the reference drug Keytruda^® (pembrolizumab) in patients with malignant melanoma (black skin cancer) was announced. At the end of July (after the reporting period), the parallel Phase III study was initiated to compare the safety and efficacy of FYB206 with the reference drug Keytruda^® in patients with non-small cell lung cancer.

FYB208 / FYB209 / (FYB210) – undisclosed biosimilar candidates

Formycon continues to invest in expanding its biosimilar platform and further strengthened its product pipeline with the addition of two early-stage biosimilar candidates, FYB208 and FYB209. Furthermore, the launch of development for FYB210, a new biosimilar candidate, is planned for the second half of the year.

With the strategic investment from Gedeon Richter Plc., a specialty pharmaceutical company, and the subsequent capital increase early in the year, Formycon successfully raised €82.84 million. In return, new company shares amounting to 9.08% were issued. This transaction opens up the opportunity to jointly leverage long-term strategic opportunities in the areas of development, manufacturing, and commercialization in the future.

Group revenue and Group EBITDA remain in line with expectations

The Formycon Group’s revenue for the first half of 2024 amounted to approximately €26.9 million (H1/2023: €43.8 million). This revenue includes earnings from the commercialization of FYB201 as well as income from development services for the collaboratively developed or out-licensed biosimilar candidates FYB201 and FYB203. Additionally, it includes partial realization of milestone payments from the commercialization partnership for FYB202 with Fresenius Kabi AG (Fresenius Kabi). The decrease in revenue compared to the previous year is primarily due to the additional revenue generated in 2023 through significant upfront and milestone payments, as well as the deferral of expected success payments that were realized for the FYB202 project under the then-new partnership with Fresenius Kabi.

The commercialization of the Ranibizumab biosimilar FYB201, which was launched in additional markets in the first half of the year and is now available in 19 countries worldwide, is developing very positively. Revenue from the direct participation in the commercialization of the Lucentis^® biosimilar FYB201 increased to approximately €3.8 million (H1/2023: €1.2 million). A significant portion of the success contribution from FYB201 was realized through the 50% at-equity investment in Bioeq AG and is therefore not reflected directly in revenue but below EBITDA (see below).

The Group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to approximately €-16.9 million in the first half of the year (H1/2023: €7.3 million) and was in line with expectations. This result is primarily due to the decline in revenue and the increase in costs in the areas of administration as well as research and development, driven by the progress of FYB208 and FYB209.

Adjusted Group EBITDA reflects strong FYB201 performance

The adjusted Group EBITDA aims to present the total earnings from the FYB201 project, which are 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 emphasis on the direct financial contributions of FYB201 to Formycon Group’s business success and provides better insight into the company’s actual operating performance. The adjusted Group EBITDA for the first half of 2024 amounted to €-2.1 million (H1/2023: €1.1 million). This is primarily due to the strong performance of FYB201 and the resulting significant increase in earnings contributions from Bioeq AG, amounting to €14.8 million (H1/2023: €-6.2 million).

Increased net working capital

As of June 30, 2024, the Formycon Group’s net working capital amounted to €63.0 million (December 31, 2023: €38.9 million), including cash and cash equivalents of €40.6 million (December 31, 2023: €27.0 million). The increase in cash and cash equivalents is primarily attributable to the capital increase carried out at the beginning of the year, which generated gross proceeds of €82.84 million, in addition to the positive business performance in the first half of the year. The remaining shareholder loan of €20.0 million was fully repaid by the end of the first quarter.

2024 guidance for adjusted Group EBITDA and working capital raised

The targeted development and continuous expansion of the biosimilar pipeline form the foundation for the long-term and sustainable growth of Formycon AG. For 2024, the Formycon Group continues to expect revenue between €55 million and €65 million. This forecast is based on the expectation of further increasing revenue contributions from the commercialization of FYB201. Additionally, income from development services for the collaboratively developed or out-licensed projects FYB201 and FYB203 is expected, though at a lower level compared to previous years due to the advanced stage of these projects.

The revenues from the success payments expected for FYB202 in 2024 were already partially realized in 2023 and recognized as deferred expected success payments. As a result, the expected regulatory milestone payments upon successful approval will not be fully recognized as revenue in 2024.

Given that Formycon will remain in an intensive phase of investment and transition in the second half of the year, with continued significant investments in its maturing product pipeline, management still expects a Group EBITDA between €-25 million and €-15 million for the 2024 fiscal year. This is mainly due to the planned development costs for the biosimilar projects FYB208 and FYB209, which are entering more cost-intensive project phases. Additionally, there are plans to expand Formycon’s biosimilar platform with a new project, FYB210.

FYB206 entered clinical development in the first half of the year, which will lead to significant investments in 2024 to 2026. These investments will not be reflected in the income statement and therefore not in EBITDA, but rather on the balance sheet due to the capitalization of the incurred costs.

The adjusted Group EBITDA includes not only revenue but also the at-equity result from jointly managed Bioeq AG. The result from Bioeq AG is driven by the operational success of the FYB201 product, which performed better than expected in the first half of the year. As a result, Formycon anticipates a significantly higher at-equity result for 2024 and has raised its guidance for adjusted EBITDA from the original range of €-15.0 million to €-5.0 million to now €-5.0 million to €5.0 million.

Compared to the previous guidance, a higher working capital is now expected for 2024. This is due to a milestone payment, already recognized in revenue, that is now anticipated to positively impact liquidity in 2024 (instead of Q1 2025) due to the EU approval of FYB202 that is now expected earlier than originally assumed. Additionally, better payment terms were negotiated for the clinical development costs of FYB206, leading to a deferral of significant payments to the following year. As a result, Formycon has raised its working capital guidance from the original range of €10.0 million to €20.0 million to now €35.0 million to €45.0 million.

The complete 2024 half-year report can be found on the Formycon website under Financial Reports.

The Management Board of Formycon AG will discuss the development of the company and the key financial figures for the first half of the financial year 2024 in a conference call. The conference call, which will be broadcasted live on the Internet, will take place on August 13, 2024 at 3:00 p.m. (CEST) in English.

To participate, please register at: https://webcast.meetyoo.de/reg/T7S30CRURfic

After registration, participants will receive a confirmation email with individual login details to the call.

The presentation and audio transmission can be accessed via the following link:
https://www.webcast-eqs.com/formycon-2024-h1

Following a short presentation, the Management Board will be available to answer analysts’ questions. The conference call will be recorded and will be available afterwards on the Formycon website at:
https://www.formycon.com/en/investor-relations/facts-figures/

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

[2] CIMERLI^® is a registered trademark of Coherus BioSciences, Inc.

[3] Based on IQVIA weekly WSP data

[4] ONGAVIA^® is a registered trademark of Teva Pharmaceuticals Ltd.

[5] Based on IQVIA monthly R3M (rolling 3-month) data

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

[7] Eylea^® is a registered trademark of Regeneron Pharmaceuticals Inc.

[8] AHZANTIVE^® is a registered trademark of Klinge Biopharma GmbH

[9] Keytruda^® is a registered trademark of Merck Sharp & Dohme LLC

Planegg-Martinsried, Germany – Formycon AG (FWB: FYB) today announced details for the financial and earnings conference call for the first half of the 2024 fiscal year on August 13, 2024. The Management Board will discuss the company’s development, key financial figures, and provide an outlook for the second half of 2024. The conference call, which will be broadcast live on the internet, will take place on August 13, 2024, at 3:00 PM (CEST) in English.

To participate, please register at:
https://webcast.meetyoo.de/reg/T7S30CRURfic

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-2024-h1

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/facts-figures/

Formycon in Dialogue

Additionally, representatives of the Management Board will participate in the following international investor conferences in the coming weeks:

For the latest schedule of Formycon’s events, please visit: https://www.formycon.com/en/investor-relations/calendar/

Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon”) announced today that the first patient has been enrolled in the Phase III clinical trial “Lotus” to compare the safety and efficacy of FYB206/pembrolizumab with the immuno-oncology blockbuster drug Keytruda^® (First Patient In). The double-blind, multicenter “Lotus” study is evaluating the best overall response rate (bORR) in patients with non-small cell lung cancer (NSCLC). The comparative treatment comprises up to 17 treatment cycles within 52 weeks. Changes in tumor size will be continuously documented during this period using imaging techniques. Following the comparative treatment, the therapy will be continued for an additional 12 months.

The study design was developed in close coordination with the regulatory authorities U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA) and the Japanese Pharmaceuticals and Medical Devices Agency (PMDA). The trial is being conducted in several countries in Eastern Europe and Southeast Asia and is running in parallel to the Phase I study, which started in mid-June, comparing the pharmacokinetics (PK), safety and tolerability of FYB206 with the reference drug Keytruda^® in patients with malignant melanoma (black skin cancer).

“Immuno-oncology is a relatively young field in cancer therapy and is seen as a great hope for many patients. Pembrolizumab has already demonstrated its efficacy in numerous types of cancer. Additionally, several studies are currently underway to expand the range of indications. This alone highlights the enormous potential of our pembrolizumab biosimilar candidate FYB206 – both in medical and economic terms. In fact, sales of Keytruda^®, currently the world’s best-selling drug, are also continuing to grow.

The start of the Phase III clinical trial represents an important milestone for us in order to provide an effective, safe and cost-effective treatment option for many severely ill cancer patients worldwide in the future,” comments Dr. Andreas Seidl, Chief Scientific Officer (CSO) of Formycon AG.

Non-small cell lung cancer is one of numerous cancer diseases for which the immune checkpoint inhibitor pembrolizumab is indicated. In a wide variety of cancers, cancer cells manage to inhibit the body’s own immune defenses by manipulating so-called immune checkpoints. Pembrolizumab, which targets the immune checkpoint PD-1, ensures that the body’s own T cells can again fight and kill the cancer cells.

Due to the increasing use of the active ingredient in earlier stages of cancer and the continuing high global demand, sales of Keytruda^® increased by 20% year-on-year in the first quarter of 2024.³ As a result, sales of this currently best-selling drug could rise to USD 30 billion worldwide by 2026.⁴

Following the completion of clinical development and subject to approval by the regulatory authorities, Formycon currently anticipates the earliest market entry of FYB206 after the expiry of the market exclusivity of the reference product in the USA from 2029 and in the EU from 2030. First results of the Phase I trial are expected in 2026. Preliminary results of the Phase III trial are to follow in the course of 2027.

¹ Keytruda® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co, Inc, Rahway, NJ/USA

² Non-small-cell lung cancer

³ https://www.merck.com/news/merck-announces-first-quarter-2024-financial-results/

⁴ https://www.reuters.com/business/healthcare-pharmaceuticals/merck-raises-2024-profit-forecast-strong-cancer-hpv-drugs-sales-2024-04-25/

Planegg-Martinsried, Germany – Formycon AG (FWB: FYB) and its commercialization partner Fresenius Kabi jointly announce, that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) issued a positive opinion for the marketing authorization of FYB202, a biosimilar candidate to Stelara^®1 (Ustekinumab) indicated for the treatment of several serious inflammatory diseases.

Dr. Stefan Glombitza, CEO of Formycon AG, commented: „The CHMP recommendation for FYB202, our biosimilar candidate to Stelara^®, is an important prerequisite for approval by the European Commission. With FYB202, more patients with serious chronic inflammatory diseases will have access to high-quality and affordable therapies. This recommendation is an additional confirmation of our great expertise in development and in the regulatory area. Economically, the Stelara® biosimilar is expected to significantly increase Formycon revenues following its global launch and thus contribute to sustainable EBITDA profitability in the medium term.“

Within the approval process, the CHMP’s positive opinion represents an important regulatory step towards the approval of FYB202 in the European Union. The CHMP’s scientific assessment report forms the basis for the European Commission’s decision to grant a central marketing authorization valid in all EU member states, which is expected until early Q4 2024.

Ustekinumab, a human monoclonal antibody that targets the cytokines interleukin-12 and interleukin-23, is used to treat various severe inflammatory conditions. FYB202/Ustekinumab has been recommended by the CHMP for approval in the European Union (EU) for the treatment of serious inflammatory diseases in the fields of gastroenterology, dermatology, and rheumatology. The recommendation is based on a thorough evaluation of our comprehensive data package including analytical, pre-clinical, clinical and manufacturing data. FYB202 demonstrated comparable efficacy, safety and pharmacokinetics to the reference drug Stelara^® in patients with moderate to severe psoriasis vulgaris (plaque psoriasis).

In February 2023, Formycon and Fresenius Kabi entered into a global commercialization partnership for the ustekinumab biosimilar candidate covering key global markets.

¹Stelara® is a registered trademark of Johnson & Johnson

Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon”) and its licensing partner Klinge Biopharma GmbH (“Klinge”) jointly announce that the U.S. Food and Drug Administration (“FDA”) approved FYB203/AHZANTIVE^® (aflibercept-mrbb), a biosimilar to Eylea^®, on June 28, 2024.

Dr. Stefan Glombitza, CEO of Formycon AG, commented: “The FDA approval of FYB203/AHZANTIVE^® is another key milestone on our way to becoming the leading pure-play biosimilar developer. It highlights the expertise and experience of our team. With the Eylea^® biosimilar FYB203/AHZANTIVE^® and our already approved Lucentis^®3) biosimilar FYB201, we have achieved an outstanding position in ophthalmic biosimilar therapies. We are thus improving healthcare for patients with retinal diseases by offering effective, safe and, above all, affordable treatment options.”

FYB203/AHZANTIVE^® obtained FDA approval for the treatment of patients with Age-Related Neovascular (wet) Macular Degeneration (nAMD) and other serious retinal diseases such as Diabetic Macular Edema (DME), Diabetic Retinopathy (DR) and Macular Edema following Retinal Vein Occlusion (RVO). The active ingredient inhibits the vascular endothelial growth factor (“VEGF”), which is responsible for the excessive formation of blood vessels in the retina. In 2023, Eylea^® reached global sales of around US$ 9 billion⁴⁾, confirming its status as the currently best-selling drug in the field of anti-VEGF therapies.

The FDA approval for FYB203/AHZANTIVE^® is based on a thorough evaluation of our comprehensive data package including analytical, pre-clinical, clinical and manufacturing data. FYB203/AHZANTIVE^® demonstrated comparable efficacy, safety, pharmacokinetics and immunogenicity to the reference drug Eylea^® in patients with Age-Related Neovascular (wet) Macular Degeneration (nAMD).

In addition, a marketing authorization application for FYB203 was submitted to the European Medicines Agency (“EMA”) at the end of 2023. A decision by EMA is expected by early 2025 at the latest.

1) AHZANTIVE^® is a registered trademark of Klinge Biopharma GmbH
2) Eylea^® is a registered trademark of Regeneron Pharmaceuticals Inc.
3) Lucentis^® is a registered trademark of Genentech Inc.
4) Source: https://investor.regeneron.com/news-releases/news-release-details/regeneron-reports-fourth-quarter-and-full-year-2023-financial/

Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, “Formycon”) held its Annual General Meeting on 12 June 2024 as an in-person event in Munich. In its presentation, the Management Board provided shareholders with a detailed report on the company’s development and answered all questions in the general debate. Dr Olaf Stiller, long-standing Chairman of the Supervisory Board, chaired the Annual General Meeting for the last time and was bid farewell with great appreciation for his successful collaboration.

The represented shareholders followed the proposals of the Management Board and Supervisory Board and approved all of the Executive Board’s proposed resolution resolutions with large majorities. Both the members of the Management Board and the Supervisory Board were given a formal approval of their actions with majorities of over 96 per cent in each case.

In order to reflect a more international focus and expanded industry and financial expertise on the Supervisory Board in future, new and independent members were elected to the Supervisory Board along with the decision to increase the size of the Supervisory Board from four to five members. Dr Bodo Coldewey, Managing Director of WEGA Invest GmbH, the Wendeln family office, and Nicholas Haggar, currently CEO of healthqube Ltd. and a long-standing executive at major pharmaceutical companies, were elected as new members of the Supervisory Board by large majorities. Dr Olaf Stiller and his deputy Peter Wendeln resigned from the Supervisory Board as planned with effect from the end of the Annual General Meeting. Colin Bond, currently still CFO of Sandoz Group AG, was also elected to the expanded Supervisory Board by a large majority with effect from 1 October 2024. The Supervisory Board was constituted immediately after the Annual General Meeting and elected Wolfgang Essler as the new Chairman and Nicholas Haggar as Deputy Chairman.

Wolfgang Essler, chief representative of the main shareholder ATHOS KG and new Chairman of the Supervisory Board of Formycon AG, commented: “I am very honoured to have been elected Chairman of the Supervisory Board and by the trust placed in me. I would first like to welcome Bodo, Colin and Nick as new members of the Supervisory Board of Formycon AG and look forward to continuing the good and constructive cooperation with my colleagues on the Supervisory Board and the Formycon Management Board. The global market for biosimilars will see strong growth in the coming years and Formycon is excellently positioned to play a decisive role in shaping this development. On behalf of the entire organisation, special thanks go to Dr Olaf Stiller and Peter Wendeln, who have been instrumental in shaping Formycon’s very successful development with great dedication and expertise in their many years as members of the Supervisory Board and in leading roles.”

Votes were cast for 62.16 percent of the share capital. The detailed voting results and further information on the 2024 Annual General Meeting can be found at the Formycon Homepage under Annual General Meeting 2024.

Planegg-Martinsried – Formycon AG (FSE: FYB, “Formycon”) announced today that the clinical development program for FYB206, a biosimilar for Keytruda^®* / pembrolizumab, has started with the inclusion of the first patient.

Dr. Stefan Glombitza, Chief Executive Officer (CEO) of Formycon AG, commented: “With the start of the clinical development program and the first patient in, we have reached a major milestone. We are at the forefront of the development of a pembrolizumab biosimilar. Our FYB206 project not only has immense commercial potential, but above all offers exceptional therapeutic options. We are doing absolutely everything we can to ensure that more cancer patients worldwide can be treated with this drug in the future. After all, only biosimilars combine quality and efficacy with cost efficiency and thus improve healthcare.”

The active ingredient pembrolizumab is a humanized monoclonal antibody that belongs to the group of immune checkpoint inhibitors and is used to treat a variety of tumors. Pembrolizumab binds to the PD-1 receptor and specifically blocks the interaction between PD-1 and its ligand PD-L1. This helps the immune system to activate the body’s own cellular anti-tumor immune response and kill cancer cells.

With its broad range of indications in oncology and sales of USD 25 billion in 2023[i], Keytruda^® is currently the world’s best-selling drug. Due to the increasing number of cancers diagnoses around the world – the International Agency for Research on Cancer (IARC) predicts an increase of 77% by 2050[ii] – further growth in sales are forecasted for pembrolizumab over the coming years.

Formycon has started the clinical development program with a Phase I study to compare the pharmacokinetics (PK), safety and tolerability of FYB206 with the reference product Keytruda^® / pembrolizumab in patients with malignant melanoma (black skin cancer). The first patient was included in the study. For melanoma patients, preventive monotherapy with pembrolizumab after complete surgical removal of the tumor aims to minimize the risk of recurrence. The study design of the “Dahlia” Phase I study was developed in close cooperation with the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) and anticipates a treatment period of one year for the patients in the trial.

Dr. Andreas Seidl, Chief Scientific Officer (CSO) at Formycon, added: “With our sophisticated study design, we excellently address both the complexity of the mode of action and the requirements of the regulatory authorities. To largely exclude disease-related influencing factors in the investigation of PK equivalence, we have chosen the study indication for the preventive treatment of patients after surgical removal of a melanoma. We are assuming that the influence of the tumor on the variability of the pharmacokinetic parameters is rather low. The fact that our team has successfully put together such a comprehensive clinical program fills me with great pride and once again demonstrates our leading role as a focused biosimilar specialist”.

In the parallel phase III study, the safety and efficacy of FYB206 will be compared with the reference product Keytruda^® in patients with non-small cell lung cancer. Patients will be treated with pembrolizumab and chemotherapy for 24 months as part of a combination therapy. Recruitment is expected to start also very soon.

Following the completion of clinical development and subject to approval by the regulatory authorities, Formycon currently expects the earliest market entry of its biosimilar candidate FYB206 after the expiry of the market exclusivity of the reference product in 2029 for the USA and 2030 for the EU.

[i] Merck Announces Fourth-Quarter and Full-Year 2023 Financial Results – https://www.merck.com/news/merck-announces-fourth-quarter-and-full-year-2023-financial-results/

[ii] Word Health Organization (WHO): Global cancer burden growing, amidst mounting need for services -https://www.who.int/news/item/01-02-2024-global-cancer-burden-growing–amidst-mounting-need-for-services