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| Datum : | 12.05.2014 |
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DGAP-News: Formycon AG announces financial results of fiscal year 2013 and first quarter results of fiscal year 2014 |
| Meldung : | Formycon AG / Key word(s): Final Results 12.05.2014 08:13 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 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 ir@formycon.com 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. --------------------------------------------------------------------------- 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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