• Sales and other earnings total EUR 9.4 million
  • EBITDA is EUR -1.7 million
  • EBIT and net result in line with expectations at around EUR -2.0 million each

Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) today presented the sales and earnings figures for the first quarter of 2021, demonstrating a positive start to the financial year.

Consolidated sales including other income increased by around EUR 2.2 million to a total of EUR 9.4 million as of March 31, 2021, compared with the same period of the previous year (EUR 7.2 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR -1.7 million (Q1/previous year: EUR 0.4 million), the operating result (EBIT) amounted to EUR -1.9 million (Q1/previous year: EUR 0.2 million) and therefore was in line with expectations. The quarterly result totaled EUR -2.0 million (Q1/previous year: EUR 0.2 million). In line with its growth strategy, Formycon will continue to invest in the development of its own as-yet unpartnered pipeline programs in 2021 and, in addition to the COVID-19 drug FYB207, will also advance the as-yet unpublished biosimilar candidate FYB206 on the development side. The forecast Group sales for 2021 will be higher than in the previous year (EUR 34.2 million).

In the current phase of the company, Formycon is focusing on the research and development activities of its own and out-licensed biosimilar projects or projects developed in partnership, which are providing the current revenues. After successful approval of the biosimilar candidates, Formycon will also participate in the marketing revenues.

The liquidity ratios of the Formycon Group also developed as planned by the end of the first quarter: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 35.3 million at the end of March. Including short-term receivables from deliveries and services, as well as other assets worth around EUR 10.7 million, the Formycon Group held liquid assets totaling EUR 46.0 million on the day of reporting (Q1/previous year: EUR 25.8 million).

In the first three months of the year, Formycon AG as the company's actual operational unit achieved a turnover of EUR 5.1 million (Q1/previous year: EUR 5.3 million). The company's three-month result was EUR -2.1 million (Q1/previous year: EUR 0.1 million).

Commenting on the first quarter, Chief Financial Officer Dr. Nicolas Combé said: "We are very pleased with the start to the new fiscal year. We are on track with our biosimilar candidates as communicated and the development of our COVID-19 drug (FYB207) is also progressing. Our strengthened liquidity base allows further investments in FYB207 beyond the currently ongoing preclinical phase and we also continue to advance the still unpartnered biosimilar project FYB206 according to our plans. For the full year 2021, we expect consolidated revenues to be above the prior year."