Formycon posts higher H1 revenue, narrows EBITDA loss
German biotech firm Formycon raised first-half revenue to €48.7 million, while narrowing its EBITDA loss as cost controls offset R&D spending.
Formycon AG reported higher revenue and a reduced EBITDA loss for the first half of 2024, reflecting tighter expense management despite continued investment in research and development.
The German biotechnology company said first-half revenue rose to €48.7 million from €44.2 million in the same period last year. Adjusted EBITDA loss narrowed to €12.3 million from €15.1 million, driven by controlled operational costs and improved operational efficiency.
Formycon attributed the revenue growth to sustained demand for its ophthalmology portfolio, including its flagship product Eylea biosimilar, which has gained traction in European markets. The company maintained its research pipeline, with several biosimilar candidates in late-stage clinical development.
Despite the improved financial performance, Formycon reiterated its full-year guidance, citing ongoing macroeconomic uncertainties and competitive pressures in the biosimilars sector. The company has not provided an updated outlook following the half-year results.
Formycon’s shares, listed on the Frankfurt Stock Exchange under the ticker FYB, traded marginally higher in early trading on Tuesday.
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