Formycon (FYB) H1 2025 earnings summary

Executive summary

• Achieved key operational and regulatory milestones in H1 2025, including biosimilar approvals, product launches in major markets, and new commercial partnerships.

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

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

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

• Strategic focus on diversification, global expansion, and operational excellence to drive long-term growth.

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 income.

• EBITDA for H1 2025 was -€17.9 million, compared to -€16.9 million in H1 2024; adjusted EBITDA was -€19.2 million versus -€2.1 million.

• Cost of goods sold/operational cost of sales reduced to €10–22.4 million in H1 2025 from €25 million in H1 2024.

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

• Equity ratio at 55% as of June 30, 2025.

Outlook and guidance

• Full-year 2025 revenue guidance of €55–65 million confirmed, with major contributions expected from FYB202 royalties and FYB206 upfront/milestone payments in Q4.

• EBITDA and adjusted EBITDA for 2025 forecasted between -€20 million and -€10 million.

• Positive EBITDA targeted for 2026 or 2027, with a dynamic second half of 2025 anticipated.

• Working capital guidance raised and liquidity strengthened by €70 million bond proceeds.