Formycon AG Gains Strong Buy Rating Amid Strategic Developments

Formycon AG has received a compelling update from First Berlin Equity Research, maintaining their BUY recommendation. The target price for Formycon has been adjusted upwards from €46 to €49. This shift reflects a reduced financial risk following a successful €70m bond issue. This bond, issued in early July with a EURIBOR +7% coupon, improves the company's financial position, removing the need for further equity capital.

Formycon expects 2025 revenue between €55m and €65m, despite a lower-than-expected Q1 performance due to the FYB202 launch. However, H2/25 is anticipated to see significant revenue growth. Additionally, the company plans to recognize upfront payments for the FYB206 commercialization in various regions. Management aims to achieve EBITDA profitability by 2026, with the bond proceeds providing a vital financial bridge.