Market Cap€551.8m

Last Close €49.95

Formycon is a biotechnology company developing biosimilars. The main lead is FYB201, a Lucentis biosimilar candidate that has completed Phase III and is entering regulatory review. FYB203 is an Eylea candidate biosimilar in preclinical. They are both out-licensed. FYB202, a biosimilar candidate of Stelara, is being developed in a joint venture.

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Investment summary

Formycon progressed all key projects in 2020. FYB201 (partnered with Bioeq) is a Lucentis biosimilar to treat neovascular age-related macular degeneration (nAMD). After scaling up manufacturing in 2020, Bioeq aims to resubmit a BLA to the FDA in H121 with a subsequent EMA filing. FYB202 (a Stelara biosimilar) in a joint venture with Aristo Pharma started its Phase III for psoriasis. FYB203 (an Eylea biosimilar partnered with Klinge) is in Phase III. FYB207 is a novel COVID-19 therapy that neutralises SARS-CoV-2 virus and might start trials in late 2021. Formycon ended 2020 with a strengthened €42.2m cash position (2019: €22.4m). FY20 revenue was €34.2m (FY19: €33.3), while the loss was €5.9m (FY19: loss of €2.3m).

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Price performance
Actual (0.7) (15.6) 65.4
Relative* 1.2 (14.9) 34.3
52-week high/low €78.6/€27.1
*% relative to local index
Key management
Dr Carsten Brockmeyer CEO
Dr Nicolas Combé CFO
Dr Stefan Glombitza COO