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PRESS RELEASE: Formycon AG: Formycon Reports its Nine-Month Figures for 2019

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DGAP-News: Formycon AG / Key word(s): 9 Month figures/Monthly Figures
Formycon AG: Formycon Reports its Nine-Month Figures for 2019
2019-11-14 / 07:20
The issuer is solely responsible for the content of this announcement.

_Press Release // November 14, 2019_

*Formycon Reports its Nine-Month Figures for 2019 *

*- *Group turnover and other earnings total EUR 26.8 million

- EBITDA well-balanced

- Group revenues for 2019 remain forecast to be EUR 35.0 million

Munich - The biosimilars company Formycon (ISIN: DE000A1EWVY8/ WKN: A1EWVY)
has today published its financial results for the first nine months of the
2019 fiscal year.

The company announced that group sales, including other earnings, as of
September 30 of this year, amount to EUR 26.8 million (previous year,
including special effect, in the amount of EUR 8.5 million: EUR 32.4
million). The earnings before interest, tax and depreciations and
amortizations (EBITDA) was well-balanced (previous year, including special
effect: EUR 9.3 million). The operating result (EBIT) as well as the net
result totaled around EUR -0.7 million (previous year, including special
effect: EUR 8.1 million) and therefore were in line with expectations.

The Formycon Group's stocks of liquid assets, which comprise cash, checks,
bank deposits and securities, totaled EUR 9.6 million as of September 30,
2019. Including short-term receivables from deliveries and services as well
as other assets worth approximately EUR 19.6 million, Formycon held liquid
assets totaling EUR 29.2 million on the day of reporting.

The reported sales revenues result from reimbursements for development work
in the licensed-out projects or projects developed in partnership. For the
2019 fiscal year, revenues in the amount of approximately EUR 35.0 million
are expected at group level.

In the first nine months of the year, Formycon AG - as the company's actual
operational unit - achieved a turnover of EUR 16.2 million (same period last
year, including special effect: EUR 23.7 million). The nine-month result of
the joint stock company amounted to EUR -0.8 million compared to EUR 7.8
million in the same period last year (taking the special effect into
consideration).

CFO Dr. Nicolas Combé commented on the results as follows: "We are happy
with the financial figures from the first nine months. As a result of sales
revenue generated from development services and solid liquidity, we are
operating from a stable financial position. For Formycon, advances in the
development of our biosimilar candidates are our key value drivers. We are
therefore delighted by the positive progress of 2019 so far, and by the fact
that we have already achieved important milestones in our development
projects."

*About Formycon:*
Formycon is a leading, independent developer of high-quality follow-on
products for biopharmaceutical medicines known as biosimilars. The company
focuses on treatments in ophthalmology, immunology and on other key chronic
diseases, covering the entire value chain from technical development to the
clinical phase III as well as the preparation of dossiers for marketing
approval. With its biosimilars, Formycon is making a major contribution
towards providing as many patients as possible with access to vital and
affordable medicines. Formycon currently has four biosimilars in
development.

*About Biosimilars:*
Since their introduction in the 1980s, biopharmaceuticals have
revolutionized the treatment of serious diseases such as cancer, diabetes,
rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming
years, many of these biotech drugs will lose their patent protection - and
by 2020, medications with revenues of approximately USD 100 billion will be
off patent. Biosimilars are follow-on versions of biopharmaceuticals, for
which exclusivity has expired. They are approved via stringent regulatory
pathways in highly regulated markets (such as EU, US, Japan, Canada,
Australia) based on proven similarity of the biosimilar with the originator
biopharmaceutical reference product. While the global market for biosimilars
is currently more than USD 5.0 billion, industry experts expect this figure
to grow up to USD 30 billion by the year 2025.

*Contact:*
Sabrina Müller
Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
Phone.: +49 (0) 89 - 86 46 67 149
Fax + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com // www.formycon.com [1]

*Disclaimer:*
This press release may contain forward-looking statements and information
which are based on our current expectations and certain assumptions. Various
known and unknown risks, uncertainties and other factors could lead to
material differences between the actual future results, financial situation,
performance of the company, development of the products and the estimates
given here. Such known and unknown risks and uncertainties comprise, among
others, the research and development, the regulatory approval process, the
timing of the actions of regulatory bodies and other governmental
authorities, clinical results, changes in laws and regulations, product
quality, patient safety, patent litigation, contractual risks and
dependencies from third parties. With respect to pipeline products, Formycon
AG does not provide any representation, warranties or any other guarantees
that the products will receive the necessary regulatory approvals or that
they will prove to be commercially exploitable and/or successful. Formycon
AG assumes no obligation to update these forward-looking statements or to
correct them in case of developments which differ from those anticipated.
This document neither constitutes an offer to sell nor a solicitation of an
offer to buy or subscribe for securities of Formycon AG. No public offering
of securities of Formycon AG will be made nor is a public offering intended.

This document and the information contained therein may not be distributed
in or into the United States of America, Canada, Australia, Japan or any
other jurisdictions, in which such offer or such solicitation would be
prohibited. This document does not constitute an offer for the sale of
securities in the United States.

2019-11-14 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Formycon AG
Fraunhoferstraße 15
82152 Planegg-Martinsried
Germany
Phone: 089 864667 100
Fax: 089 864667 110
Internet: www.formycon.com
ISIN: DE000A1EWVY8
WKN: A1EWVY
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Frankfurt (Scale),
Tradegate Exchange
EQS News ID: 912003

End of News DGAP News Service

912003 2019-11-14


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0216201e94844788516726bab0fb34a3&application_id=912003&site_id=vwd&application_name=news


(END) Dow Jones Newswires

November 14, 2019 01:20 ET ( 06:20 GMT)
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