Formycon’s shares plummeted nearly 5% to €24.10 after the biotech firm reported a dismal first half of 2024, with revenue crashing 66% year-over-year to just €9 million. The sharp decline stemmed from missing milestone payments and reduced reimbursements for development services, while operating losses deepened to €17.9 million. Despite the bleak figures, management reaffirmed its full-year revenue forecast of €55–65 million, pinning hopes on its recently launched biosimilar FYB202. The drug, commercially rolled out in February, generated €1.7 million in H1 and is expected to deliver a significant Q4 boost through profit-sharing agreements.
Strategic Moves Amid Financial Strain
A €70 million corporate bond issuance in July bolstered Formycon’s liquidity, enabling an upward revision of its working capital guidance. Pipeline progress offered further optimism: its Keytruda biosimilar candidate avoided costly Phase III trials after positive FDA feedback, potentially saving €75 million. However, investors remain wary, questioning whether the projected late-year rebound can offset H1’s steep declines. With FYB202’s performance now critical to reversing the stock’s slide, all eyes are on Q4 results.
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