EL7.AI
StocksMedium•12 November 2026•
4 min read

Formycon Doubles Revenue to €40 Million in First Nine Months of 2026

Key Facts

1Formycon doubled revenue to €40.0 million in the first nine months of 2026, compared with €19.5 million a year earlier.
2FYB206 revenue was about €17.7 million, compared with zero in the corresponding period of 2025.
3EBITDA improved to a loss of €8.9 million from €21.4 million, while adjusted EBITDA improved to a loss of €14.9 million from €21.7 million.
4The company expected a negative impact of about €121 million on 2026 group earnings, split between €82 million for FYB202 and €39 million for FYB201.
5Formycon expects 2026 revenue of between €60 million and €70 million and EBITDA of between zero and €10 million, with adjusted EBITDA between a loss of €15 million and €5 million.

Formycon said on November 12 that group revenue doubled to €40.0 million in the first nine months of 2026, from €19.5 million in the same period of 2025. The company attributed the increase mainly to the recognition of deferred milestone payment revenue tied to FYB206, alongside higher royalty and marketing returns from its existing product portfolio. FYB206 revenue was about €17.7 million, compared with zero in the year-earlier period, as a result of those payments. The approved programs FYB201, FYB202 and FYB203 contributed about €22.4 million, or nearly 56% of total revenue. The results reflect two parallel trends: expanding revenue and improved EBITDA, set against a substantial accounting loss from the impairment of intangible assets.

Revenue for the period comprised €20.7 million from milestone payments, €9.7 million from royalties, €7.6 million from recharges for development services and €2 million from supply-management services. Milestone payments rose with the recognition of deferred revenue tied to FYB206, while royalties and commercial returns formed part of the contribution from existing products. Revenue for the first nine months was €19.5 million in 2025, putting the current-period figure at more than twice that level. In the first half of 2026, the company recorded revenue of €25.8 million, compared with €9.0 million in the first half of 2025. FYB202 revenue also rose in the first half to €8.3 million from €2.6 million, while FYB206 recorded revenue of €11.3 million compared with zero, showing that FYB206 began contributing before the nine-month period was complete.

Group EBITDA improved to a loss of €8.9 million in the first nine months of 2026, compared with a loss of €21.4 million a year earlier. Adjusted EBITDA loss narrowed to €14.9 million from €21.7 million. Formycon attributed the improvement mainly to higher revenue and lower research and development expenses recognized in the income statement. But the company lowered its full-year adjusted EBITDA outlook to a loss of between €15 million and €5 million, from a previous forecast of adjusted profit between €5 million and €15 million. It maintained its 2026 revenue forecast of €60 million to €70 million and EBITDA forecast of zero to €10 million, while saying it expected to come in near the lower end of both ranges.

The income statement included an impairment loss of €130.6 million on intangible assets, and the comprehensive loss for the period was €156.2 million, compared with €60.4 million in the corresponding period of 2025. The company said the net effect of non-cash valuation adjustments on 2026 group earnings would be negative by about €121 million, split between €82 million for FYB202 and €39 million for FYB201. It said these adjustments do not affect liquidity or reported EBITDA. It linked the lower valuations of the two programs to lower revenue expectations from marketing partners, following the entry of additional competitors into the ranibizumab and ustekinumab markets and intensifying price pressures. It also said alternative therapies were gaining share and that access to pharmacy benefit manager formularies remained difficult for ustekinumab in the United States.

Cash and cash equivalents stood at €42.5 million on September 30, 2026, compared with €68.8 million on December 31, 2025. Net working capital fell to about €40.6 million from €70.1 million at the end of 2025. The figures come as the company expects additional contributions in the fourth quarter from existing partnerships, particularly those tied to FYB206, alongside ongoing marketing and development of its product portfolio. FYB206 reached a regulatory milestone on October 13, when the U.S. Food and Drug Administration accepted its application for review as a proposed biosimilar to pembrolizumab. Formycon expects a decision on approval in the third quarter of 2027.

Formycon said the FDA review allowed it to omit a comparative Phase III efficacy study, accelerating development and delivering cost savings in the high tens of millions of euros. Acceptance of the application for review is tied to the licensing agreement with Zydus, which grants Formycon a milestone payment, while Zydus holds exclusive marketing rights in the United States and Canada. The chief executive said on the results call that FYB201 and FYB202 products “will continue to generate revenue and cash flows for Formycon in the coming years.” He added that the company is using its commercial expertise to steer its next-generation portfolio toward market entry, competitive differentiation, geographic diversification, and development and manufacturing efficiency. The company's calendar lists the Jefferies Healthcare Conference in London from November 16 to 19, 2026.