Formycon

Formycon develops biosimilar drugs in Germany and Switzerland — generic-equivalent versions of expensive biologic medicines. Its two flagship products are ranibizumab (biosimilar of Roche Lucentis, used for age-related macular degeneration) and aflibercept (biosimilar of Regeneron Eylea). Each branded original generates billions in revenue and is going off-patent in 2025 to 2027. Formycon is one of the first companies with EU and US approvals for the biosimilar versions.

The market is pricing FYB at 333 million euros market cap on 44 million euros trailing revenue — EV/Revenue 6.2. That looks expensive, but biosimilar revenue compounds dramatically as the off-patent window opens. Ranivisio and Cimerli (Formycon's brands) only launched in late 2023, so the trailing-twelve-month revenue is a fraction of the run-rate.

Wilhelm Beier (former chairman, deep biotech expertise) holds a meaningful stake. Active SaaS-style PIPE investors took strategic positions in 2023. No mega-fund 13F whale. Free float is roughly 50 percent.

At 18.88 EUR the trailing P/E is undefined (negative), but forward P/E of 17.1 implies the market expects revenue to scale rapidly. EV/Revenue 6.2 is high for a small biotech, but justifiable if Lucentis-biosimilar revenue can scale to 200 to 300 million EUR annually by 2027.

1. :
2. :
3. :

Biosimilar is a quietly compounding theme that the market understands but typically prices through a few large names (Sandoz, Coherus). FYB is the European pure-play. The risk is that price competition in biosimilars compresses peak margins faster than expected; the reward is the off-patent wave for Lucentis, Eylea and eventually Stelara. I would size 0.5 to 1 percent as a specialty-biotech exposure, not a core holding.