Formycon Surpasses Financial Expectations in 2023, Lays Foundation for Future Growth

Formycon AG, a leader in the development of high-quality biosimilars, has announced its preliminary results for the 2023 financial year, showcasing a remarkable performance that exceeded its financial forecasts. The Germany-based company reported a significant 83% increase in group revenue, reaching €77.7 million, and accomplished a positive Group EBITDA of around €1.5 million.

A new financial metric, "Adjusted Group EBITDA", was introduced, standing at €13.3 million, to better represent the company's operating performance, factoring in the success of the FYB201 marketing. This adjustment was deemed necessary due to the contingent purchase price from a 2022 transaction, which previously influenced the net result through various external factors. The Group net result astonishingly reached €75.8 million, propelled by a notable non-cash adjustment.

Formycon's financial success in 2023 was largely driven by milestones from the FYB202 project and revenue shares from the sales of FYB201, which is now available in 17 countries. This positive performance has provided a substantial boost to the company's cash reserves and working capital, preparing it for a year of transition and investment in 2024.

Looking ahead, Formycon projects a 2024 revenue between €55 million and €65 million, with an EBITDA forecast of €-15 million to €-25 million, reflective of ongoing investments in developing its biosimilar pipeline. The company remains focused on enhancing its market position as a leading biosimilar developer and expanding its portfolio with new projects underway.