• Group turnover of Euro 16.5 million corresponds to forecasts
  • EBITDA of Euro -0.9 million and half-year result of Euro -1.35 million in line with expectations
  • Significant progress in late-stage projects, the expansion and further development of the company’s own pipeline and in organizational development
Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today announced its financial results for the first half of 2020. On the day of reporting, June 30, 2020, the Formycon Group's commercial figures developed as forecasted. The Group's turnover which, in addition to the joint-stock company also includes the two fully consolidated subsidiaries Formycon Project 201 GmbH and Formycon Project 203 GmbH, as well as the shareholding in FYB 202 GmbH & Co. KG, which is not consolidated, totaled Euro 16.5 million in the first six month of 2020 (H1/2019: Euro 17.2 million). During the company's current phase, the Formycon Group continues to focus on research and development activities for its own and out-licensed biosimilar projects as well as its own COVID-19 project. The development services for the out-licensed or partnered projects are also the source of the current revenue returns. Following the successful approval of these products, Formycon also participates in the subsequent marketing revenues. Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) amounted to Euro-0.9 million (H1/2019: Euro -0.2 million), the operating result (EBIT) totaled around Euro -1.4 million (H1/2019: Euro -0.7 million). As of June 30, 2020, the Group period result was Euro -1.4 million compared to Euro -0.7 million in the same period last year. For the full year 2020, Formycon expects revenues at the group level to be between EUR 35 and 40 million. As in previous years, the Group's financial position is solid: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled around Euro 20.2 million on the day of reporting. Including short-term receivables and other assets worth Euro 6.0 million, the Formycon Group held liquid assets of around Euro 26.2 million in total. Formycon AG, as the company's central development and operational unit, achieved a turnover of Euro 12.0 million during the first half of 2020 (H1/2019: Euro 11.3 million). The earnings for this period totaled Euro -1.3 million (H1/2019: Euro -0.7 million). "The half-year figures are in line with our expectations. We have made good progress in the out-licensed and partnered projects. At the same time, we are working intensively on building and developing our own pipeline and are convinced that we will create sustainable value. In addition, we are investing in organizational development, which includes expanding our capacities as well as extensive measures to further digitalize our processes," comments Dr. Nicolas Combé, CFO of Formycon AG. The full half-year report can be found on the Internet at https://www.formycon.com/en/investor-relations/financial-reports/