Formycon AG: Formycon Reports its Nine-Month Figures for 2019

DGAP-News: Formycon AG / Key word(s): 9 Month figures/Monthly Figures
14.11.2019 / 07:20
The issuer is solely responsible for the content of this announcement.

Press Release // November 14, 2019
 

Formycon Reports its Nine-Month Figures for 2019
 

- Group turnover and other earnings total EUR 26.8 million
 

- EBITDA well-balanced
 

- Group revenues for 2019 remain forecast to be EUR 35.0 million
 

Munich - The biosimilars company Formycon (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today published its financial results for the first nine months of the 2019 fiscal year.
 

The company announced that group sales, including other earnings, as of September 30 of this year, amount to EUR 26.8 million (previous year, including special effect, in the amount of EUR 8.5 million: EUR 32.4 million). The earnings before interest, tax and depreciations and amortizations (EBITDA) was well-balanced (previous year, including special effect: EUR 9.3 million). The operating result (EBIT) as well as the net result totaled around EUR -0.7 million (previous year, including special effect: EUR 8.1 million) and therefore were in line with expectations.
 

The Formycon Group's stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 9.6 million as of September 30, 2019. Including short-term receivables from deliveries and services as well as other assets worth approximately EUR 19.6 million, Formycon held liquid assets totaling EUR 29.2 million on the day of reporting.
 

The reported sales revenues result from reimbursements for development work in the licensed-out projects or projects developed in partnership. For the 2019 fiscal year, revenues in the amount of approximately EUR 35.0 million are expected at group level.
 

In the first nine months of the year, Formycon AG - as the company's actual operational unit - achieved a turnover of EUR 16.2 million (same period last year, including special effect: EUR 23.7 million). The nine-month result of the joint stock company amounted to EUR -0.8 million compared to EUR 7.8 million in the same period last year (taking the special effect into consideration).
 

CFO Dr. Nicolas Combé commented on the results as follows: "We are happy with the financial figures from the first nine months. As a result of sales revenue generated from development services and solid liquidity, we are operating from a stable financial position. For Formycon, advances in the development of our biosimilar candidates are our key value drivers. We are therefore delighted by the positive progress of 2019 so far, and by the fact that we have already achieved important milestones in our development projects."
 

About Formycon:
Formycon is a leading, independent developer of high-quality follow-on products for biopharmaceutical medicines known as biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development.


About Biosimilars:
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection - and by 2020, medications with revenues of approximately USD 100 billion will be off patent. Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. While the global market for biosimilars is currently more than USD 5.0 billion, industry experts expect this figure to grow up to USD 30 billion by the year 2025.
 

Contact:
Sabrina Müller
Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
Phone.: +49 (0) 89 - 86 46 67 149
Fax + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com // www.formycon.com


Disclaimer:
This press release may contain forward-looking statements and information which are based on our current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended.

This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.

14.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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