Yi Chen, an analyst from H.C. Wainwright, reiterated the Buy rating on Formycon AG (FYB – Research Report). The associated price target was lowered to €55.00.
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Yi Chen has given his Buy rating due to a combination of factors influencing Formycon AG’s financial outlook. Despite a year-over-year revenue decline in 2024, the company’s financial performance surpassed projections, with royalty and other revenues exceeding expectations. The launch of FYB201 in new markets and the anticipated introduction of a pre-filled syringe in Europe in 2025 are expected to enhance market penetration.
Additionally, the commercial launch of FYB202 in the U.S. and Europe by Fresenius Kabi, with a higher-than-expected price discount, is seen as a significant growth driver. The FDA’s provisional determination of interchangeability with Stelara in the U.S. further strengthens FYB202’s market position. Management’s expectation of achieving positive EBITDA by 2026, along with a stable revenue forecast for 2025, supports the Buy rating, with a modulated price target of €55 per share.
In another report released yesterday, Hauck & Aufhaeuser also maintained a Buy rating on the stock with a €46.00 price target.