Formycon (FYB) Q3 2026 earnings summary

Executive summary

• Nine-month revenue doubled to €40.0m from €19.5m; reported EBITDA loss narrowed to €8.9m from €21.4m.

• FYB201 and FYB202 market deterioration led to substantial non-cash impairments, expected to reduce 2026 net result by ~€121m.

• FYB206’s BLA was accepted for FDA review, while FYB286 launched as a partner-funded co-development program.

Financial highlights

• Nine-month revenue was €40.0m, including €20.7m milestone revenue, €9.7m royalties, €7.6m development-service recharges and €2.0m supply-management services.

• Reported EBITDA improved to -€8.9m from -€21.4m; adjusted EBITDA, including Bioeq AG’s at-equity result, improved to -€14.9m from -€21.7m.

• Cost of sales rose to €47.9m from €37.3m, including FYB206 development work and scheduled FYB202 amortization; R&D expense fell to €3.8m from €9.5m.

• Capitalized development expenditure for FYB206 and FYB208 fell to €16.2m from €31.9m, mainly following completion of FYB206 clinical work and its PK study.

Outlook and guidance

• FY2026 revenue guidance remains €60m–€70m and reported EBITDA €0m–€10m, both expected at the lower end; working-capital guidance remains €20m–€30m.

• Adjusted EBITDA guidance was revised to -€15m to -€5m from €5m–€15m, reflecting weaker Bioeq AG earnings and reduced FYB201 expectations.

• Q4 contributions are expected from FYB206 deferred revenue, partnerships, portfolio commercialization and development activity; recognition timing affects guidance.

• FYB206’s FDA decision could come in Q3 2027; LATAM partnership revenue is included in 2026 guidance, with further partnerships and territory milestones possible in 2027.