12.05.2014
Formycon AG DE000A1EWVY8
DGAP-News: Formycon AG announces financial results of fiscal year 2013 and first quarter results of fiscal year 2014
Formycon AG / Key word(s): Final Results
12.05.2014 08:13
Dissemination of a Corporate News, transmitted by DGAP - a company of EQS
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Munich - Formycon reports solid performance in fiscal year 2013 and a
strong start in first quarter of 2014. For the first quarter of this year,
Formycon AG has reported strong top-line and bottom-line growth, with
revenue of EUR 5.832.904 compared to EUR 7.886 in the prior-year period.
Earnings before interest, tax, depreciation and amortization (EBITDA) for
the period were EUR 4.246 million, a dramatic gain from the EBITDA loss of
EUR 1.558 million reported in the first quarter of 2013. Net income after
tax for the first three months of this year was EUR 3.972 million, compared
to a net loss of EUR 1.837 million in the prior-year quarter. On 31 March
2014, cash and securities amounted to approximately EUR 14 million.
The strong financial performance for the first quarter was mainly
attributable to a downpayment from the successful out-licensing of its
first biosimilar drug product, which Formycon will develop to enter
clinical trials in the middle of 2015, as well as other development work
for clients on a service-provider basis. The first biosimilar product will
be developed by Formycon up to registration whereby the licensee, Santo
Holding GmbH, will bear the full costs for the development and will be
responsible for marketing and commercialization. The development of the
company's second biosimilar drug candidate is likewise proceeding according
to plan. Originally planned for out-licensing in 2015, this product could
be partnered already as early as the second half of 2014. Formycon is
currently working to further expand the development pipeline of its
biosimilar products.
Fiscal year 2013, which ended in line with plan, was marked by steady
progress in the development of the company's first two biosimilar drugs.
The expenditures for these significantly exceeded revenues, leading to a
tentative loss before tax of EUR 7.766 million and a net loss of EUR 7.767
million, compared to a loss of EUR 2.395 million in the previous fiscal
year. The full-year loss per share for 2013 was thus EUR 0.90, compared to
a per-share loss of EUR 0.47 in the previous fiscal year. Following its
successful capital-raising measures in 2013, Formycon ended the year with
equity capital of EUR 13.928 million, a significant increase for the year,
and equal to approximately 80 percent of total assets. Formycon AG expects
to end the current fiscal year 2014 with positive full-year EBITDA.
About Formycon:
Formycon AG is a leading independent developer of biosimilar drugs for the
global market in which it has taken on a pioneering role. The Formycon team
consists of highly experienced experts with decades-long experience in the
development of biosimilars and complex molecules, having already developed
and out licensed biopharmaceutical product portfolios incl. the first
European biosimilars. Building on its unique base of expertise, Formycon
develops high-quality biosimilars that fulfill the stringent requirements
of drug regulatory authorities in high-regulated markets, such as Europe
and the United States. With its first biosimilar drug candidate already
licensed out to Santo Holding GmbH, the company currently has two products
in the development pipeline, along with further biosimilar drug candidates
in the planning phase. Formycon aims to be the first company in the world
to present clinical data for each of its biosimilar drug candidate, and to
license out the products to large pharmaceutical or generics companies for
further development. Alternatively, Formycon offers the development of its
biosimilars up to marketing authorization and their manufacturing on behalf
of its licensees.
Contact:
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg
Germany
phone +49 (0) 89 - 86 46 67 100
fax + 49 (0) 89 - 86 46 67 110
[email protected]
www.formycon.com
Disclaimer:
This release may contain forward-looking statements and information which
may be identified by formulations using terms such as "expects", "aims",
"anticipates", "intends", "plans", "believes", "seeks", "estimates" or
"will". Such forward-looking statements are based on our current
expectations and certain assumptions which may be subject to variety of
risks and uncertainties. The results actually achieved by Formycon AG may
substantially differ from these forward-looking statements. Formycon AG
assumes no obligation to update these forward-looking statements or to
correct them in case of developments which differ from those anticipated.
12.05.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Formycon AG
Fraunhoferstraße 145
82152 Planegg-Martinsried
Germany
Phone: 089 864667 100
Fax: 089 864667 110
E-mail:
Internet: www.formycon.com
ISIN: DE000A1EWVY8
WKN: A1EWVY
Listed: Freiverkehr in Berlin; Frankfurt in Open Market (Entry
Standard)
End of Announcement DGAP News-Service
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