Munich – The first half of 2014 has been marked by the expansion of the company’s research and development activities. The company has started with the development of a third product, which, like the two previous products, is intended to mimic a biopharmaceutical active ingredient of the third wave of biosimilars. The company has also already licensed a biosimilar candidate out to Santo Holding GmbH and is currently in discussions with national and international pharmaceutical and generics companies about licensing out further product candidates.
In the first half of 2014, Formycon AG recorded a turnover of 7.4 million euros (2013: 0.2 million euros). This increase is substantially due to the high revenues achieved as a result of the above mentioned licence agreement and the resulting development alliance. The company’s EBITDA amounted to 3.2 million euros in the first half of 2014 (first half of 2013: -3.0 million euros). Overall, the company expects to achieve positive EBITDA for the business year 2014. The company’s liquid assets, comprising cash on hand, bank credit balances and financial securities, amounted to 11.2 million euros at the end of June 2014.