Formycon Publishes Figures for the First Quarter of 2017
Sales and Results on Target
Pipeline Value Further Increased
The commercial performance of the biosimilars company Formycon has again advanced as planned in the first quarter of 2017. The development of its four biosimilar projects has progressed as expected and the company's financial key performance indicators have developed as anticipated.
At group level, sales revenues and other earnings totaled Euro 3.38 million (previous year: Euro 6.34 million). During this phase of the company’s growth, sales revenues are directly linked to development expenditure in licensed projects, so this deviation is primarily a result of the reporting date. For the total year the company confirms the expected sales volume of around Euro 25 million. From January to March, the EBITDA was Euro -0.51 million (Euro -0.02 million) based on a quarterly result of Euro -0.71 million (Euro -0.19 million). Stocks of liquid assets, which comprise cash, checks, bank deposits and securities, totaled Euro 13.21 million at the end of March. Including short-term receivables from deliveries and services worth Euro 3.11 million, Formycon held liquid assets of Euro 16.32 million on the day of reporting.
Revenues from sales and other earnings at Formycon AG totaled Euro 2.16 million. The quarterly result stood at Euro -0.77 million. Chief Financial Officer Dr. Nicolas Combé commented on the figures with these words: “The first quarter has again progressed in line with our expectations, and development costs are on budget, as outlined in our forecasts. What matters most here is that we have again made significant advances in our biosimilar projects. With the recently announced news that FYB202 is a biosimilar candidate for Stelara®*, we have once again highlighted the intrinsic value of our pipeline. We anticipate that we will reach further important milestones in our projects over the course of the year.”
* Stelara is registered trademark of Johnson & Johnson
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.
Formycon is a leading, independent developer of high-quality follow-on products for biopharmaceutical medicines known as biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire added value chain from technical development to the clinical phase III and approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development, two of which have already been licensed out.