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Formycon (FYB) investor relations material
Formycon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Revenue and earnings for the first nine months of 2025 aligned with expectations, with full-year guidance confirmed and significant pipeline progress achieved, including launches, regulatory milestones, and expanded partnerships.
Operational expansion advanced through development, financing, and competitiveness, with a strategic focus on biosimilars, geographic diversification, and leveraging regulatory changes for cost efficiency.
Commercial ramp-up for FYB202 (Stelara® biosimilar) underway, with strong Q4 sales momentum anticipated in the US and Europe.
Achieved key milestones: completion of FYB206 phase I recruitment, first registration for FYB201 in sub-Saharan Africa, and settlement for FYB203 enabling US launch in Q4 2026.
Liquidity strengthened by a €70 million bond issue and increased cash position.
Financial highlights
Group revenue for 9M 2025 was €19.5 million, down from €41.1 million in 9M 2024, reflecting a shift from one-time license payments to recurring commercialization revenues.
EBITDA for 9M 2025 was €-21.4 million (9M 2024: €-17.7 million); adjusted EBITDA was €-21.7 million (9M 2024: €2.9 million).
Working capital increased to €83.2 million at Q3 end, supported by bond issuance.
Cash and cash equivalents at period end were €79.5 million, up from €41.8 million at the end of 2024.
Net loss for 9M 2025 was €-60.4 million, compared to €-20.9 million in 9M 2024.
Outlook and guidance
Full-year 2025 revenue guidance of €55–65 million confirmed, with major revenue streams expected in Q4 from FYB202 and FYB206.
EBITDA and adjusted EBITDA guidance unchanged at €-20 million to €-10 million; positive EBITDA targeted by 2026, or at the latest by 2027.
Q4 revenue drivers include increased FYB202 royalties and anticipated licensing deals for FYB206.
FYB201 US re-launch strategy details.
How do new US regs streamline development?
How will recurring sales drive 2026 EBITDA?
FYB206: How Phase III waiver accelerates deals?
FYB202 U.S. market penetration: What's the outlook?
How will reduced biosimilar development costs impact P&L?
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Q4 202527 Mar, 2026
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Frequently asked questions
Formycon AG is a German biotechnology company specializing in the development of biosimilars, which are biologic medical products highly similar to approved reference drugs. The company's portfolio includes biosimilars for treatments in areas such as ophthalmology and immunology, targeting chronic diseases with a high demand for cost-effective therapies. Formycon is involved in all stages of biosimilar development, from research and production to clinical trials and regulatory approval, aiming to expand access to high-quality biologics in global markets.The company is headquartered in Planegg, Germany, and its shares are listed on the Frankfurt Stock Exchange.
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