Formycon AG reported revenues of €19.5 million for the first nine months of 2025, compared to €41.1 million in the same period of 2024, reflecting a temporary decline due to the transition from one-time license payments to a higher share of sales from commercialized products. The company posted an EBITDA of €-21.7 million, down from €2.9 million in the previous year's period, and a net result of €-21.4 million, compared to €-17.7 million in 2024. Working capital increased to €83.2 million from €65.8 million, supported by the successful placement of a €70 million corporate bond maturing in July 2029. Formycon confirmed its full-year EBITDA guidance of between €-20 million and €-10 million and expects a positive EBITDA ideally in 2026, but no later than 2027. Key business developments included continued market penetration of the Stelara biosimilar FYB202 in the US and Europe, the launch of the ranibizumab biosimilar FYB201 pre-filled syringe in Europe, a settlement and license agreement with Regeneron for the aflibercept biosimilar FYB203 in the US, and regulatory progress for the pembrolizumab biosimilar candidate FYB206, which advanced without requiring a Phase III study.