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Formycon Publishes Figures for the First Quarter of 2019
Sales and other earnings total EUR 9.5 million
EBITDA is EUR 0.5 million
Group revenues for 2019 are forecast to be EUR 35.0 million
The biosimilars company Formycon (ISIN: DE000A1EWVY8/ WKN: A1EWVY) presented the sales and earnings figures for the first quarter of 2019 today, showing a positive business development.
As the company announced today, the group sales, including other earnings, as of March 31 of this year amount to EUR 9.5 million (previous year, including special effect, in the amount of EUR 8.5 million: EUR 13.7 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 0.5 million (previous year, including special effect: EUR 6.9 million). The operating result (EBIT) as well as the quarterly result totaled around EUR 0.2 million (previous year, including special effect: EUR 6.7 million).
The liquidity ratios of the Formycon Group in the first quarter of 2019 are as follows: Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled EUR 9.2 million at the end of March. Including short-term receivables from deliveries and services worth approximately EUR 7.0 million, Formycon held liquid assets of EUR 16.2 million on the day of reporting. Within the capital increase announcement on March 22, 2019, to the present day EUR 577,397.00 nominal and EUR 4,422,603.00 as an additional payment under the law of obligations, i.e. a total of EUR 5,000,000.00, have been paid into the company's capital increase account. In the first quarter of 2019, the previous inflow from the corporate action was offset by an additional contribution of EUR 5.1 million to the joint venture FYB 202 GmbH & Co. KG, the joint venture founded with Aristo Pharma. To date, Formycon has invested a total of around EUR 21.0 million in the development of FYB202.
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 the group level.
In the first three months of the year, Formycon AG as the company’s actual operational unit achieved a turnover of EUR 6.4 million (first quarter of 2018, including special effect: EUR 11.9 million). The three-month result of the joint stock company amounted to EUR 0.1 million compared to EUR 6.6 million in the same period last year (taking the special effect into consideration).
The number of employees increased as anticipated to 97 compared to 85 in the same period last year.
Chief financial officer Dr. Nicolas Combé is delighted: “In addition to the positive development of our biosimilars projects, in particular, the recently communicated successful conclusion of the pilot phase of the project FYB202, we are also very satisfied with our financial benchmarks. We are operating from a very solid financing position thanks to the current license agreements for our biosimilars projects FYB201 and FYB203 as well as the FYB202 joint venture. Our main focus is currently clearly on developing our three main projects as well as expanding our biosimilars pipeline.”
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.
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.
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