First Berlin – Formycon AG Research Update (08/05/2018)

First Berlin Equity Research has published a research update on Formycon AG (ISIN: DE000A1EWVY8). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 52.00 price target.

The 2017 annual report released yesterday showed a 48.6% increase in revenue to €29.0m (FBe: €28.2m; 2016: €19.5m) while the operating loss narrowed to €-1.5m (FBe: €0.1m; 2016: €-4.1m). Meanwhile, last week's news that FYB201 has achieved the primary endpoint of its phase III trial keeps Formycon on track to reach its target that its biosimilar products will be the first to market following the expiry of the patents on their reference products from 2020 onwards. We maintain our price target of €52.00 and our Buy recommendation.