Formycon AG: Buy Rating Reaffirmed Amid Promising Developments

First Berlin Equity Research has updated its analysis on Formycon AG, maintaining a "Buy" recommendation while adjusting the target price from €53 to €50. Despite a more conservative forecast for the FYB202 biosimilar, recent Q1 results and positive news bolster confidence in reaching 2026 financial targets. These targets forecast sales between €60 and €70 million and EBITDA from €0 to €10 million.

The Stelara biosimilar FYB202 and the Keytruda biosimilar candidate FYB206 each account for a third of the projected 2026 revenue. Recent contracts by Formycon's partner, Fresenius Kabi, in the U.S. and France indicate a potential €20 million in FYB202 sales. Moreover, successful completion of the pivotal phase 1 trial of FYB206, a biosimilar for Keytruda, positions Formycon strategically. Keytruda's patent exclusivity lasts until 2029 in the USA and 2030 in the EU, though discussions with Merck for a timely launch may advance FYB206's entry.