Formycon Announces Strong Financial Results for 2023 and Provides Outlook for 2024

Formycon AG delivered a detailed presentation of their financial outcomes for FY 2023, showing a significant revenue increase and robust operational performance. The company reported an 83% jump in group revenue to €77.7 million, surpassing their previous year’s performance. Their EBITDA turned positive at €1.5 million, with adjusted Group EBITDA reaching €13.3 million, indicating efficient operational management and successful marketing strategies.

According to the CEO, Dr. Stefan Glombitza, the success of their biosimilar FYB201 in the US and ongoing expansions into new markets underscore the company's progress as a key player in the biosimilar sector. They also outlined progress in their development pipeline with biosimilar candidates FYB202 and FYB203, which are expected to bolster future revenues following their anticipated regulatory approvals.

Looking ahead to 2024, Formycon forecasts a transition year with projected revenues between €55 million and €65 million. The lower revenue forecast reflects partially realized milestone payments in 2023, with ongoing investments in new and existing biosimilar projects. Despite anticipated negative EBITDA due to these investments, they are integral to Formycon’s long-term growth plans.