Formycon (FYB) Q1 2026 earnings summary

Executive summary

• Achieved significant year-over-year revenue growth in Q1 2026, more than doubling compared to Q1 2025, driven by commercial revenues, milestone payments, and expansion of the biosimilar portfolio.

• Operational milestones reached across all pillars of the growth strategy, including the launch of FYB203 (biosimilar to EYLEA) in Europe and expansion into new geographic markets.

• Strategic focus on geographic diversification, portfolio management, innovation, and lean development to enhance competitiveness and growth.

• Key milestones include product launches, regulatory approvals, and expanded partnerships in global markets.

• Strategic framework "FYB4Growth" implemented to drive scalable growth and sustainable value creation.

Financial highlights

• Q1 2026 revenues rose to €13.1 million, more than doubling from €5.3 million in Q1 2025, driven by commercialization of FYB202 and FYB206, with main revenue sources being upfront payments, milestones, and royalties.

• EBITDA improved to €-1.7 million from €-13.2 million year-over-year; adjusted EBITDA at €-3.6 million versus €-11.8 million.

• Cost of sales increased to €15.9 million from €14.8 million, mainly due to FYB202 and FYB206 activities.

• R&D expenses significantly reduced due to capitalization of FYB208 costs and earlier-stage development of FYB209 and FYB210.

• Cash and cash equivalents at period end were €68.8 million, compared to €41.9 million in Q1 2025.

Outlook and guidance

• 2026 revenue guidance confirmed at €60–70 million, with EBITDA expected between €0–10 million and adjusted EBITDA €5–15 million.

• Revenue growth for 2026 expected to be driven by FYB202 royalties and FYB206 milestone achievements, with further contributions from FYB201 and FYB203.

• FYB203 to launch in the U.S. in Q4 2026; FYB201 anticipated to re-accelerate in H2 2026 with a new partner.

• Working capital for 2026 forecasted at €20–30 million, with high receivables expected to be collected in Q2.

• Going concern confirmed for the year based on current planning.