Munich – The biosimilars company Formycon (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today published its financial results for the first nine months of the 2019 fiscal year.
The company announced that group sales, including other earnings, as of September 30 of this year, amount to EUR 26.8 million (previous year, including special effect, in the amount of EUR 8.5 million: EUR 32.4 million). The earnings before interest, tax and depreciations and amortizations (EBITDA) was well-balanced (previous year, including special effect: EUR 9.3 million). The operating result (EBIT) as well as the net result totaled around EUR -0.7 million (previous year, including special effect: EUR 8.1 million) and therefore were in line with expectations.
The Formycon Group’s stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 9.6 million as of September 30, 2019. Including short-term receivables from deliveries and services as well as other assets worth approximately EUR 19.6 million, Formycon held liquid assets totaling EUR 29.2 million on the day of reporting.
The reported sales revenues result from reimbursements for development work in the licensed-out projects or projects developed in partnership. For the 2019 fiscal year, revenues in the amount of approximately EUR 35.0 million are expected at group level.
In the first nine months of the year, Formycon AG – as the company’s actual operational unit – achieved a turnover of EUR 16.2 million (same period last year, including special effect: EUR 23.7 million). The nine-month result of the joint stock company amounted to EUR -0.8 million compared to EUR 7.8 million in the same period last year (taking the special effect into consideration).
CFO Dr. Nicolas Combé commented on the results as follows: “We are happy with the financial figures from the first nine months. As a result of sales revenue generated from development services and solid liquidity, we are operating from a stable financial position. For Formycon, advances in the development of our biosimilar candidates are our key value drivers. We are therefore delighted by the positive progress of 2019 so far, and by the fact that we have already achieved important milestones in our development projects.”