Formycon (AO) | Buy | Q1 26 breakdown: Solid start of the year, guidance confirmed

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Formycon (AO) | Buy | Q1 26 breakdown: Solid start of the year, guidance confirmed

milestone visibility and reiterated FY26 guidance are, in our view, the two takeaways.

Conference call is at 3PM today, and we expect the focus on the pace of FYB202/FYB201 commercial uptake, FYB203 launch traction and

further FYB206 regulatory/milestone newsflow through the remainder of FY26.

Q1 26 financials: growth visible, but milestone-driven

Formycon reported Q1 26 revenue of EUR13.1m, up from EUR5.3m in Q1 25. The YOY increase was mainly driven by milestone

payments related to FYB206 and FYB202, as well as commercialisation revenues from approved biosimilars. FYB202 contributed

EUR4.5m in total revenue, including the milestone for the European approval of the autoinjector and other services, while direct

participation in FYB202 marketing amounted to EUR1.3m. FYB201 direct participation revenue was EUR 0.3 m following the re-

entry of CIMERLI in the US market.

EBITDA improved to EUR-1.7m from EUR-13.2m in Q1 25, reflecting revenue growth, lower R&D expenses and reduced structural

costs. Adjusted EBITDA improved to EUR-3.6m from EUR-11.8m, despite a EUR-1.9m contribution from the at-equity valuation of

Bioeq. Net loss narrowed to EUR-15.0m from EUR-22.8m.

Table 1:Formycon Q1 26 results breakdown (EURm)

Q1 26 reported Q1 25 Visible Alpha consensus Bloomberg consensus Var vs VA Var Vs Bloomberg

Total revenues 13.1 5.3 18 8 -27% 64%

EBITDA -1.7 -13.2 0.7 -7 -343% -76%

EBITDA ajusted -3.6 -11.8

Net profit -15 -22.8 -5 -3

Source: Kepler Cheuvreux

Against consensus, the top line depends heavily on the consensus source: revenue was below Visible Alpha at EUR18m, but ahead

of Bloomberg at EUR8m. However, EBITDA and adjusted EBITDA were below both consensus datasets, so we would not