07.05.2018
Formycon AG DE000A1EWVY8
DGAP-News: Formycon AG: Formycon With Successful 2017 Financial Year
DGAP-News: Formycon AG / Key word(s): Final Results/Forecast
Formycon AG: Formycon With Successful 2017 Financial Year
07.05.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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Press Release // May 7, 2018
Formycon With Successful 2017 Financial Year
- Group sales growth stronger than forecast
- Development of biosimilar projects advances significantly
- Key milestones expected in 2018
Munich - The biosimilars company Formycon from Martinsried near Munich
(ISIN: DE000A1EWVY8/ WKN: A1EWVY) has ended the 2017 financial year
successfully and has once again significantly advanced the development of
its product candidates. The clinical phase III study for its most developed
biosimilar candidate, FYB201, a follow-on product for the ophthalmic drug
Lucentis(R)* (ranibizumab), is in an advanced stage of progress and is
expected to be completed in the first half of 2018.
With the integration of the FYB202 development project, a biosimilar
candidate for Stelara(R)** (ustekinumab), into a newly founded joint venture
operated with Aristo Pharma GmbH, the third project has already been
transferred into a development cooperation. Formycon holds a 24.9 percent
share in the joint venture. This means that the company bears this stake of
the development costs, but also shares accordingly in any potential future
marketing revenues.
FYB203, a biosimilar candidate for Eylea(R)***, is also making good progress
and is in its pre-clinical phase. Entry into clinical trials is being
prepared.
The development targets for 2017 were also reached on the FYB205 project.
Various scenarios are currently being evaluated for the further development
strategy.
As a function of the company's operational progress, its financial
benchmarks have also developed in a very satisfactory manner. The Group
increased its turnover by a good 48 percent compared to the previous year to
Euro 29.00 million (2016: 19.53 million). Originally, Formycon had
anticipated sales of around Euro 25 million for 2017. The founding of the
FYB202 joint venture with Aristo Pharma in particular had a positive effect,
since Formycon received compensation impacting on its turnover and liquidity
for contributing the project rights to the joint venture company. In
addition, sales were essentially generated from ongoing remunerations from
licensing partners for the FYB201 and FYB203 development programs. With the
increase in turnover, the earnings before interest, tax, depreciation and
amortizations (EBITDA) improved significantly compared to last year to Euro
-0.75 million (2016: Euro -3.37 million). The result before interest and
taxes (EBIT) totaled Euro -1.54 million (2016: Euro -4.07 million). The net
loss for the year was Euro -1.58 million (2016: Euro -4.07 million).
In July 2017, Formycon acquired Euro 6 million as part of a private
placement which is to be used for the further development of its biosimilar
product portfolio, and in particular FYB202. The Group's equity ratio
remained unchanged at 82.9 percent and is higher than the average, as in
previous years. The company has no financial liabilities. Stocks of liquid
assets, including securities, totaled Euro 15.47 million on the day of
reporting (2016: Euro 13.97 million). Including short-term receivables from
deliveries and services worth Euro 10.52 million, Formycon held liquid
assets of around Euro 26.00 million (2016: Euro 19.17 million).
Formycon AG as the Group's actual operational unit achieved a turnover of
Euro 16.39 million (2016: Euro 13.86 million) and improved its EBITDA
significantly to Euro -0.67 million (2016: Euro -3.49 million) and the EBIT
to Euro -1.45 million (2016: Euro -4.19 million). The net loss for the year,
at Euro -1.49 million, was also significantly less than the previous year's
figure of Euro -4.18 million.
The number of employees over the past year has risen considerably, as
planned, from 70 to 83 due to the growing maturity of the product pipeline
and the associated personnel requirements.
Dr. Carsten Brockmeyer, Chairman and CEO of Formycon, is happy with the
company's development: "I would like to thank all of our employees and the
entire Formycon team for an exceptionally successful year in 2017. We have
once again taken a major step forward in the development of our biosimilar
projects, and we have also taken the company forward structurally.
Particular thanks go to our licensing and cooperation partners, with whom we
enjoy trusting and focused collaboration."
Dr. Stefan Glombitza, responsible on the Board of Directors as COO for
product development, is proud of the development team's achievements in
2017: "All of our departments have shown tremendous dedication to achieving
our planned goals and milestones across all four programs in 2017. This is a
remarkable achievement, especially since we have also been investing at the
same time in a scalable, robust organization and efficient processes."
Financial Director Dr. Nicolas Combé sees the company as being in a solid
financial state, irrespective of its growth: "We have ended the 2017
financial year in an exceptionally satisfactory position, and in terms of
finance we are well prepared for forthcoming development activities. For the
current financial year, we anticipate a volume of sales that should be
around the same level as last year. The potential market launch of FYB201
from 2020 onwards should then bring us the first product marketing revenue,
which is expected to build up considerably with the step-by-step market
expansion and potential launch of marketing of our other product candidates
over time."
You can find the full 2017 annual report on the Internet at
www.formycon.com/investors/financial-reports. The English version will be
published at the end of May.
* Lucentis(R) is a registered trademark of Genentech Inc.
** Stelara(R) is registered trademark of Johnson & Johnson
*** Eylea(R) is a registered trademark of Regeneron Pharmaceuticals Inc.
About Formycon:
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 value chain from technical development to the
clinical phase III as well as the preparation of dossiers for marketing
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.
About Biosimilars:
Since their introduction in the 1980s, biopharmaceuticals have
revolutionized the treatment of serious diseases such as cancer, diabetes,
rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming
years, many of these biotech drugs will lose their patent protection - and
by 2020, medications with revenues of more than USD 100 billion will be off
patent. Biosimilars are follow-on versions of biopharmaceuticals, for which
exclusivity has expired. They are approved via stringent regulatory pathways
in highly regulated markets (such as EU, US, Japan, Canada, Australia) based
on proven similarity of the biosimilar with the originator biopharmaceutical
reference product. While the global market for biosimilars is currently more
than USD 3.0 billion, industry experts expect this figure to grow tenfold by
the year 2025.
Contact:
Thorsten Schüller
Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Planegg-Martinsried/Germany
phone +49 (0) 89 - 86 46 67 150
fax + 49 (0) 89 - 86 46 67 110
[email protected] // www.formycon.com
Disclaimer:
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.
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07.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
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Archive at www.dgap.de
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Language: English
Company: Formycon AG
Fraunhoferstraße 15
82152 Planegg-Martinsried
Germany
Phone: 089 864667 100
Fax: 089 864667 110
Internet: www.formycon.com
ISIN: DE000A1EWVY8
WKN: A1EWVY
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Frankfurt (Scale),
Tradegate Exchange
End of News DGAP News Service
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