First Berlin Equity Research has published a research update on Formycon AG (ISIN: DE000A1EWVY8). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 80.00 to EUR 82.00.

Abstract
Formycon and its commercialisation partner, Fresenius Kabi, announced the approval of the Stelara biosimilar FYB202 in both the EU and the US on 27 September. In its most recent corporate presentation, Formycon flagged decisions by the EU and US regulatory authorities on whether to approve FYB202 for early Q4/24 and September 2024 respectively. The timing of the announcements was thus widely anticipated in the market. The unexpected element in the news on FYB202 was the announcement that Formycon/Fresenius Kabi now have the right to market FYB202 in the US no later than 22 February 2025 (previously no later than 15 April). As far as we can ascertain, there have been no changes in competitors’ launch dates and so Formycon/Fresenius Kabi will be joint third (previously fifth) in a queue of seven companies seeking to launch a Stelara biosimilar in the US market between 1 January and 15 May next year. We think this earlier launch date perceptibly improves FYB202’s market share prospects and so have raised our forecasts, and the price target for the Formycon share from €80 to €82. We maintain our Buy recommendation.