Formycon AG Announces Preliminary Financial Results for 2023 and Forecasts for 2024

Formycon AG has released its preliminary and unaudited financial results for the year 2023, demonstrating significant performance improvements and providing forecasts for the 2024 fiscal year. The German biotechnology company expects its EBITDA for 2023 to reach approximately EUR 1.5 million, surpassing the previously forecasted range of EUR -5 million to EUR -15 million. This improvement is attributed to increased revenues and lower investments in their COVID-19 project, FYB207, than initially planned.

The company also anticipates a consolidated net result of about EUR 75.8 million for 2023, well above the expected EUR 50 million to EUR 60 million, due to a non-cash adjustment in financial income. With revenues expected to be around EUR 77.7 million, Formycon AG's financial achievements are within their forecasted range of EUR 75 million to EUR 85 million.

Looking ahead to 2024, Formycon AG projects revenues between EUR 55 million and EUR 65 million and an EBITDA ranging from EUR -15 million to EUR -25 million. The company introduces adjusted EBITDA as a new key performance indicator, anticipating it to be between EUR -5 million and EUR -15 million. The expected working capital for the forthcoming year is estimated to be between EUR 10 million and EUR 20 million.

Final figures and the annual report for the 2023 financial year will be published on April 25, 2024. This announcement provides a promising outlook for Formycon AG, reflecting its financial health and strategic adjustments to its operations.