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Formycon (FYB) investor relations material

Formycon H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary13 Aug, 2025

Executive summary

  • Achieved key operational and regulatory milestones in H1 2025, including product launches, approvals in multiple regions, and a phase three waiver for a biosimilar, accelerating development and reducing costs.

  • Transitioned into a commercial company with two products on major global markets, focusing on pipeline execution, commercial growth, and maximizing asset value.

  • Strategic focus on biosimilars, innovation, and geographic diversification to drive sustainable profitability by 2026.

  • Issued a €70 million bond, significantly oversubscribed, strengthening liquidity for future growth.

  • Faced challenging US biosimilar market with slower-than-expected penetration and deeper price discounts, impacting revenue.

Financial highlights

  • H1 2025 revenue was €9.0 million, down from €26.9 million in H1 2024, mainly due to lower milestone, royalty, and deferred revenue, as well as US market challenges.

  • EBITDA for H1 2025 was €-17.9 million, compared to €-16.9 million in H1 2024; adjusted EBITDA was €-19.2 million (H1 2024: €-2.1 million), reflecting negative equity income from Bioeq AG.

  • Operational cost of sales for H1 2025 was €22.4 million, down from €25.0 million in H1 2024.

  • Cash and cash equivalents stood at €27.3 million as of June 30, 2025, excluding bond proceeds.

  • Equity ratio at 55.0% as of June 30, 2025.

Outlook and guidance

  • Full-year 2025 revenue expected between €55.0 million and €65.0 million, with most sales contributions anticipated in Q4.

  • EBITDA and adjusted EBITDA for 2025 forecasted between €-20.0 million and €-10.0 million.

  • Major revenue drivers in H2: upfront payments from licensing deals and increased royalties from key products.

  • Positive EBITDA targeted for 2026 or 2027, driven by product launches and pipeline progress.

  • Working capital guidance raised to €55.0–65.0 million, supported by bond proceeds.

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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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