Munich – Formycon AG has announced its financial results for the first quarter of 2015, reflecting the continued advances of its biosimilar development projects in line with plan. The group’s revenue for the period was largely attributable to its licensing and development agreement with Santo Holding GmbH for FYB201, the first of its biosimilar drug projects. Expenses consisted mainly of research and development costs for its three pending biosimilar projects. Subsequent to the end of the quarter, an important operational milestone was reached with the signing of an out-licensing agreement for FYB203, which will provide a further boost to the company’s financial flexibility. As to FYB201, the farthest advanced of its development projects, preparations and consultations with U.S. and European regulatory authorities for the commencement of phase III clinical trials essential for final regulatory approval are proceeding according to plan.
In the first quarter of 2015, Formycon reported consolidated revenues of EUR 3.0 million (1Q 2014: EUR 5.8 million). The decline was due to the fact that the prior-year period included a one-time payment following the signing of the above-mentioned licensing agreement. Consolidated EBITDA for the period was negative EUR 0.3 million (1Q 2014: EUR 4.2 million), with the decline likewise attribute to the one-time payment in the prior-year period. Based upon the recently announced successful signing of a partnership deal for FYB203, the company has raised its full-year forecast for fiscal year 2015, which it now expects to end with positive EBITDA.