Formycon AG Increases 2024 Fiscal Year Outlook

Formycon AG has revised its 2024 fiscal year outlook, based on preliminary half-year figures. The company now anticipates an At-Equity result of approximately €20.0 million, up from the previously expected €10.0 million.

This adjustment is attributed to the positive performance in the global marketing of the Lucentis® biosimilar FYB201. By June 30, 2024, the earnings contributions were €14.8 million. Consequently, Formycon's adjusted EBITDA guidance has shifted from a range of -€15.0 million to -€5.0 million, to a new range of -€5.0 million to €5.0 million.

Moreover, Formycon now projects its working capital to be between €35.0 million and €45.0 million, significantly higher than the initial range of €10.0 million to €20.0 million. This expectation is driven by the rapid European approval process for the Stelara® biosimilar candidate FYB202.

The full half-year report will be published on August 13, 2024.