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DGAP-News: Formycon AG / Key word(s): Annual Results/Miscellaneous
Press Release // May 15, 2019
- Group turnover increases and reaches around Euro 43 million
- Annual surplus rises to around Euro 7.1 million
- Equity ratio above average at 83.9 percent
Munich - The biosimilars company Formycon (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has today published its 2018 Annual Report and has recorded a successful financial year.
As part of the joint venture founded in 2017 with Aristo Pharma GmbH, a company within the Strüngmann Group, Formycon is developing the FYB202 biosimilar candidate for the reference drug Stelara(R)* (ustekinumab). The amount posted by Formycon from 2013 to 2016 and therefore before the contribution to the FYB202 project was Euro 8.5 million, and this was taken into account in the first quarter of 2018 in the financial obligations committed to the joint venture. With the conclusion of the pilot phase, and with 24.9 percent of the shares in FYB 202 GmbH & Co. KG, Formycon will bear the previous and future development costs in accordance with its shareholding quota. To date, Formycon has invested around Euro 21 million in the development of FYB202.
As in previous years, turnover was essentially generated from ongoing remuneration for product development services which were delivered on behalf of licensing partners. The Group's revenue, adjusted for the special effect of the joint venture, is Euro 34.5 million (previous year Euro 23.1 million), reflecting the advancing development of the biosimilar candidates FYB201 and FYB203.
The balance sheet total of the Formycon Group which, aside from the AG consists of both subsidiaries Formycon Project 201 GmbH and Formycon Project 203 GmbH, increased by 28.6% to around Euro 39.6 million (previous year: Euro 30.8 million). At the same time, the equity ratio rose to 83.9 percent (previous year 82.9 percent). Current assets are largely made up of cash and cash equivalents. Liquid assets, including securities, stood at Euro 12.3 million on the day of reporting (previous year Euro 15.5 million). Including short-term receivables from deliveries and services worth Euro 5.2 million and other assets, Formycon holds liquid assets of around Euro 17.5 million (previous year: Euro 26 million). The company has no financial liabilities.
Formycon AG, as the Group's actual operational unit, achieved a turnover of Euro 29.6 million (previous year: Euro 16.4 million) and improved its EBITDA significantly to Euro 8.2 million (previous year: Euro -0.7 million). Accordingly, this resulted in highly positive earnings for the period of Euro 7.3 million (previous year Euro -1.5 million).
2018 was again shaped by a noticeable increase in staffing levels in several operational areas, with the number of employees rising from 83 to 95.
The 2018 Annual Report can be found on our website at https://www.formycon.com/en/investor-relations/financial-reports/
* Stelara(R) is a registered trademark of Johnson & Johnson
|Phone:||089 864667 100|
|Fax:||089 864667 110|
|Listed:||Regulated Unofficial Market in Berlin, Frankfurt (Scale), Tradegate Exchange|
|EQS News ID:||811055|
|End of News||DGAP News Service|
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