Yi Chen, an analyst from H.C. Wainwright, reiterated the Buy rating on Formycon AG. The associated price target was lowered to €36.00.
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Yi Chen has given his Buy rating due to a combination of factors, despite Formycon’s 2025 revenue coming in below guidance and a wider net loss than expected. He points to the stronger-than-guided EBITDA performance, the broadening market footprint of FYB201 and FYB202, and the resolution of key IP obstacles for FYB203 that clear the way for launches in Europe and the U.S. in 2026.
Chen also highlights management’s 2026 outlook, which calls for a return to growth, breakeven to positive EBITDA, and a rising contribution from FYB206 through milestones as the program advances. He views Formycon’s proven biosimilar capabilities, the successful PK results for FYB206 versus Keytruda, and the potential for the asset to be among the first pembrolizumab biosimilars on the U.S. market as key value drivers, and thus maintains a Buy rating while trimming the price target to €36 per share.
In another report released on April 22, Kepler Capital also maintained a Buy rating on the stock with a €33.00 price target.