Munich - Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today published its financial performance indicators for 2019 and has recorded a solid financial year.
On the day of reporting, December 31, 2019, the Formycon Group's commercial figures had developed as forecast. Consolidated group sales, which in addition to the AG include the two subsidiaries Formycon Project 201 GmbH and Formycon Project 203 GmbH as well as the 24.9 percent share in the FYB 202 GmbH & Co. KG joint venture, amounted to a total of Euro 33.2 million (overall performance 2019: Euro 33.9 million; sales revenue previous year: Euro 43.0 million including a special effect of Euro 8.5 million). The Formycon Group is currently focusing on research and development activities for both its own and out-licensed biosimilar projects, which are the source of its current revenues. After successful approval of the biosimilar candidates, Formycon will also participate in the subsequent marketing revenues.
Group earnings before interest, taxes and depreciation on fixed assets and intangible assets (EBITDA) amounted to Euro -1.4 million (previous year: Euro 8.0 million). The operating result (EBIT) as well as the annual result amounted to a rounded Euro -2.3 million (previous year Euro 7.1 million) and were thus in line with the forecast.
Current assets consist largely of liquidity and near-liquid assets. As in previous years, the Formycon Group has a very solid capital base, which, with approximately Euro 22.4 million (prior year: Euro 12.3 million) in cash and cash equivalents (cash on hand, checks, bank balances and securities), allows for flexibility. Including short-term receivables and other assets worth Euro 5.3 million, the Formycon Group holds liquid assets of Euro 27.7 million in total (previous year Euro 17.5 million).
The Group's balance sheet total rose by 35% to around Euro 53.6 million (previous year: Euro 39.6 million) with a simultaneous increase in the equity ratio to 90.0 percent (previous year 83.9 percent). This was mainly due to the cash capital increase of around Euro 17.3 million carried out in the second quarter of 2019. The company has no financial liabilities.
Formycon AG, as the Group's actual operational unit, achieved a turnover of Euro 21.0 million (previous year: Euro 29.6 million including a special effect) and recorded an EBITDA of Euro -1.3 million (previous: Euro 8.2 million). Accordingly, this resulted in an EBIT as well as an annual result of a rounded Euro - 2.2 million (previous year: Euro 7.3 million).
Formycon continued to recruit qualified professionals in 2019 according to the needs of the development projects. The number of employees at the end of the reporting period was 113 (+19%).
Dr. Nicolas Combé, CFO of Formycon AG, draws the following conclusion: "We have ended the 2019 financial year in line with our forecasts and made key operational and strategic progress. The good liquidity base allows us to operate from a stable position. Eventful months lie ahead of us and we are confident that we will reach the milestones we have set. This applies both to our late-phase projects, which are being developed within the framework of development partnerships, and to our early pipeline projects. For the current financial year, we anticipate a turnover volume that will be above the level of last year."
The full 2019 annual financial statements / annual report can be found on our website at https://www.formycon.com/en/investor-relations/financial-reports/.