Formycon (FYB) Q1 2025 earnings summary

Executive summary

• Achieved key operational milestones in Q1 2025, including multiple product approvals and commercial launches in major markets, with a focus on transforming into a commercially driven organization amid industry headwinds.

• Expanded commercialization partnerships with Teva, Lotus, and MS Pharma, enhancing global reach and supporting sustainable profitability.

• Maintained strategic focus on R&D excellence and pipeline advancement, notably with FYB206 (Pembrolizumab) development acceleration.

Financial highlights

• Q1 2025 revenue was €5.3 million, down from €17.7 million in Q1 2024, mainly due to lower milestone payments and changes in revenue structure.

• EBITDA for Q1 2025 was -€13.2 million (Q1 2024: -€5.5 million); adjusted EBITDA was -€11.8 million (Q1 2024: -€1.2 million), impacted by lower revenues and reduced equity results from Bioeq AG.

• Cost of sales increased to €14.8 million, mainly due to regular amortization of FYB202 (€6.2 million per quarter).

• Cash and cash equivalents at March 31, 2025, were €32.9 million, with a positive €9.1 million from operating activities.

• Working capital at quarter-end was €29.4 million.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenue €55–65 million, EBITDA and adjusted EBITDA between -€20 million and -€10 million, with significant ramp-up expected in H2 driven by FYB202 launches and licensing deals.

• Management anticipates positive EBITDA as early as 2026, but no later than 2027.

• Major revenue contributions are anticipated from FYB202 and licensing activities, especially in Q4.