Formycon doubles nine-month revenue but cuts 2026 adjusted EBITDA outlook

what happened

German biosimilar developer Formycon reported that revenue for the first nine months nearly doubled compared with a year earlier. The main contributor was deferred milestone payments tied to FYB206, along with higher royalty and commercialization income from its existing biosimilar portfolio. The EBITDA loss narrowed to EUR -8.9 million from EUR -21.4 million a year earlier.

However, the company booked EUR 121 million in non-cash impairment charges for FYB201 and FYB202, which weighed on the net result. Formycon expects 2026 revenue of EUR 60 million to EUR 70 million, at the lower end of its range. It revised its 2026 adjusted EBITDA outlook to EUR -15 million to EUR -5 million from the earlier EUR 5 million to EUR 15 million.

why it matters

The change in guidance matters for the market because a negative adjusted EBITDA outlook signals lower expectations for the company's profitability. According to Reuters, the shares trade at about 64 times expected earnings over the next 12 months, so the revision could weigh on valuation. The news is most relevant to Formycon investors and the biotech sector.

market impact

Formycon shares: the cut to the EBITDA outlook pressures the stock

• ▼Formycon shares pressure down — the lowered 2026 adjusted EBITDA outlook reduces profitability expectations

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