Munich – The commercial performance of the biosimilars company Formycon has again advanced as planned in the first quarter of 2017. The development of its four biosimilar projects has progressed as expected and the company’s financial key performance indicators have developed as anticipated.
At group level, sales revenues and other earnings totaled Euro 3.38 million (previous year: Euro 6.34 million). During this phase of the company’s growth, sales revenues are directly linked to development expenditure in licensed projects, so this deviation is primarily a result of the reporting date. For the total year the company confirms the expected sales volume of around Euro 25 million. From January to March, the EBITDA was Euro -0.51 million (Euro -0.02 million) based on a quarterly result of Euro -0.71 million (Euro -0.19 million). Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled Euro 13.21 million at the end of March. Including short-term receivables from deliveries and services worth Euro 3.11 million, Formycon held liquid assets of Euro 16.32 million on the day of reporting.
Revenues from sales and other earnings at Formycon AG totaled Euro 2.16 million. The quarterly result stood at Euro -0.77 million.
Chief Financial Officer Dr. Nicolas Combé commented on the figures with these words: “The first quarter has again progressed in line with our expectations, and development costs are on budget, as outlined in our forecasts. What matters most here is that we have again made significant advances in our biosimilar projects. With the recently announced news that FYB202 is a biosimilar candidate for Stelara®*, we have once again highlighted the intrinsic value of our pipeline. We anticipate that we will reach further important milestones in our projects over the course of the year.”
* Stelara is registered trademark of Johnson & Johnson
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of an innovative COVID-19 drug FYB207.
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection – and by 2020, medications with revenues of approximately USD 100 billion will be off patent. Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. Global sales of biosimilars are estimated to exceed $15 billion by 2020. By 2030, analysts estimate that this figure could rise to over $60 billion.