Formycon

DB: FYB

€273.7m market cap

€29.05 last close

Formycon is a biotechnology company focused on biosimilars. The lead product is FYB201, a Lucentis biosimilar in Phase III. FYB203 is an Eylea biosimilar in the preclinical stage. They are both partnered. It also has two unpartnered biosimilars: FYB202, a biosimilar candidate of Stelara; and FYB205, an undisclosed biosimilar.

Investment summary

Formycon has reported record H118 revenues, boosted by the one-off transfer of FYB202 into a joint venture with Aristo Pharma and payments stemming from the out-licensed assets FYB201 and FYB203. We believe that Formycon biosimilars FYB201 (Lucentis) and FYB203 (Eylea) are set to enter neovascular age-related macular degeneration (nAMD) market post-2020. Cash and equivalents at end-H118 were €11.8m and should give a cash runaway until 2020 based on H118 cash burn. Formycon guides for FY18 revenues of €35m.

Sector
Healthcare
Share price graph
Price performance
%
1m
3m
12m
Actual 3.9 (2.5) (8.6)
Relative* 2.1 (5.4) 0.1
52-week high/low €38.8/€25.1
*% relative to local index
Key management
Dr Carsten Brockmeyer CEO
Dr Nicolas Combé CFO
Dr Stefan Glombitza COO