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Formycon AG
(XETRA:FYB)
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Rating:57Neutral
Price Target:
€22.50
▲(22.02% Upside)
Action:Reiterated
Date:10/14/26
The score is held back primarily by weak financial performance (recent revenue declines, large losses, and deeply negative free cash flow despite improved operating cash flow). This is partly offset by a strong balance sheet with low leverage and a supportive technical trend (price above key moving averages with positive momentum). Valuation remains a concern given negative earnings and no dividend yield data.
Positive Factors
Strong Balance Sheet
Low leverage and substantial equity provide Formycon with financial flexibility while it advances biosimilar programs. This reduces balance-sheet pressure over the next several quarters and offers greater capacity to fund development or absorb continued earnings volatility.
Negative Factors
Recent Revenue Contraction
Two consecutive years of revenue contraction indicate that recent commercial or partnering income has not translated into sustained top-line growth. Persistent declines could reduce resources available for pipeline investment and make future revenue timing more dependent on successful program progression.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Balance Sheet
Low leverage and substantial equity provide Formycon with financial flexibility while it advances biosimilar programs. This reduces balance-sheet pressure over the next several quarters and offers greater capacity to fund development or absorb continued earnings volatility.
Read all positive factors
Formycon AG (FYB) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€336.14M
Dividend YieldN/A
Average Volume (3M)3.83K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth18.28%
EPS Growth85.20%
CountryDE
Employees196
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.42
Shares Outstanding17,672,928
10 Day Avg. Volume5,577
30 Day Avg. Volume3,833
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)1.13
Price to Sales (P/S)10.17
P/FCF Ratio-10.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€36.00Price Target Upside95.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.37
Revenue Forecast (FY)€80.77M
Formycon AG Business Overview & Revenue Model
Company Description
Headquartered in Planegg, Germany, Formycon AG, founded in 1999 and formerly known as Nanohale AG until 2012, specializes in the development and commercialization of biosimilar medications. Its robust product pipeline includes FYB201, a biosimilar...
How the Company Makes Money
Formycon makes money primarily through (1) product-related income from biosimilars it develops that are commercialized (typically via marketing partners) and (2) partnering income tied to its development programs. For marketed biosimilars, Formyco...
Formycon AG Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 61.24M | 44.48M | 69.67M | 77.70M | 42.50M | 36.61M |
| Gross Profit | 13.97M | 3.58M | 14.83M | 23.30M | 12.07M | 10.11M |
| EBITDA | 10.20M | -2.44M | -4.10M | 81.05M | 51.53M | -12.42M |
| Net Income | -25.13M | -64.70M | -125.67M | 75.80M | 35.99M | -13.29M |
Balance Sheet | ||||||
| Total Assets | 713.60M | 739.53M | 771.72M | 890.36M | 853.70M | 70.72M |
| Cash, Cash Equivalents and Short-Term Investments | 51.78M | 68.85M | 41.84M | 27.04M | 9.82M | 25.18M |
| Total Debt | 8.52M | 9.56M | 10.59M | 29.49M | 49.31M | 5.28M |
| Total Liabilities | 328.04M | 340.39M | 309.87M | 387.61M | 497.12M | 14.82M |
| Stockholders Equity | 385.56M | 399.14M | 461.84M | 502.75M | 356.58M | 55.89M |
Cash Flow | ||||||
| Free Cash Flow | -5.62M | -44.11M | -53.16M | -10.88M | -45.75M | -14.48M |
| Operating Cash Flow | -4.88M | 10.78M | -23.22M | -9.85M | -18.99M | -13.54M |
| Investing Cash Flow | -27.42M | -37.45M | -1.46M | -17.38M | -37.07M | -3.93M |
| Financing Cash Flow | 56.81M | 53.68M | 39.48M | 44.44M | 40.85M | 491.00K |
Formycon AG Technical Analysis
Negative
18.44
Price Trends
19.54
Negative
19.34
Negative
19.94
Negative
Market Momentum
-0.01
Positive
46.35
Neutral
9.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:FYB, the sentiment is Negative. The current price of 18.44 is below the 20-day moving average (MA) of 19.41, below the 50-day MA of 19.54, and below the 200-day MA of 19.94, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 46.35 is Neutral, neither overbought nor oversold. The STOCH value of 9.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:FYB.
Formycon AG Peers Comparison
UnderperformOutperform
Sector (51)
DE:FYB
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18.98
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-17.84%
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2.86
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28.83%
DE:CNW
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0.01
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-25.00%
DE:MDG1
Medigene
0.01
-0.05
-83.33%
DE:HPHA
Heidelberg Pharma AG
2.03
-1.03
-33.66%
DE:MF6
MagForce AG
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.