Half Year 2026 Formycon AG Earnings Call

August 12, 2026

Speaker #2: Oh, how you do.

Operator 2: Oh, how you doing?

Operator 5: Ladies and gentlemen, welcome to the Formycon AG earnings call H1 2026. The conference will be recorded. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation within the conference call. Let me now turn the floor over to your host, Dr. Stefan Glombitza.

Operator: Ladies and gentlemen, welcome to the Formycon AG earnings call H1 2026. The conference will be recorded. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation within the conference call. Let me now turn the floor over to your host, Dr. Stefan Glombitza.

Speaker #3: Ladies and gentlemen, and welcome to the Formycon AG earnings call, H1 2026. The conference will be recorded. At this time, all participants have been placed on a listen-only mode.

Speaker #3: The floor will be open for questions following the presentation within the conference call. Let me know: turn the floor over to your host, Dr. Stefan Glombitzer.

Speaker #4: Thank you, and good afternoon, good morning, and welcome to everyone joining us today. With the publication of our Q2 and H1 2026 results earlier today, we have reached another important milestone in our financial year.

Stefan Glombitza: Thank you and good afternoon, good morning, and welcome to everyone joining us today. With the publication of our Q2 and H1 2026 results earlier today, we have reached another important milestone in our financial year. Before we turn to the details of the presentation, let me just highlight a few key takeaways that reflect the significant progress we have achieved in the first 6 months of this year. First, our H1 financial performance shows substantial year-on-year growth, which is underscoring the disciplined execution of our strategy and confirming the momentum we built across our business. Just as a reminder, our business is not linear and revenues are not equally distributed over the year. A particularly strong performance in Q4 last year underlined this seasonal pattern. Our H1 numbers 2026 are already much higher than last year's half-year results.

Speaker #4: Before we turn to the details of the presentation, let me just highlight a few key takeaways that reflect the significant progress we have achieved in the first six months of this year.

Speaker #4: First, our H1 financial performance shows substantial year-on-year growth. Which is underscoring the discipline execution of our strategy and confirming the momentum we built across our business.

Speaker #4: Just as a reminder, our business is not linear, and revenues are not equally distributed over the year. A particularly strong performance in Q4 last year underlined this seasonal pattern.

Speaker #4: Our H1 numbers 2026 are already much higher than last year's half-year results. And looking ahead to the second half of 2026, we expect further important milestones and a continued ramp-up.

Stefan Glombitza: Looking ahead to the H2 2026, we expect further important milestones and a continued ramp-up. This reinforces our confidence in confirming our full-year guidance and marks 2026 as important year on our path forward to the sustainable EBITDA profitability. Second, from an operational perspective, we are looking back to a very strong H1. Multiple key milestones have been successfully delivered across all 4 pillars of our Fit for Growth strategy. Especially, of course, highlighted by the positive results from the FYB206 case study and the successful completion of the trial. In the same period, we announced an operationally as well as strategically important manufacturing partnership, representing another significant step towards enhanced cost competitiveness for sustainable long-term value creation. Third, on 15 May, our commercial partners successfully launched our third pipeline product, FYB203, biosimilar to Eylea, across several countries in Europe.

Speaker #4: This reinforces our confidence in confirming our full-year guidance and marks 2026 as important year on our path forward to the sustainable EBITDA profitability. Second, from an operational perspective, we are looking back to a very strong H1.

Speaker #4: Multiple key milestones have been successfully delivered across all four pillars of our fit-for-growth strategy, especially highlighted by the positive results from the FYB2060 case study and the successful completion of the trial.

Speaker #4: In the same period, we announced an operationally as well as strategically important manufacturing partnership, representing another significant step towards enhanced cost competitiveness for sustainable, long-term value creation.

Speaker #4: And third, on 15 May, our commercial partners successfully launched our third pipeline product, FIP 203, by a similar to ILEA, across several countries in Europe.

Speaker #4: Adding another product to our commercial platform is a testament to our ability to deliver against our pipeline. Over the next 30 minutes, Enno Spillner and me will walk you through our presentation and give you a bit more flavor around the numbers.

Stefan Glombitza: Adding another product to our commercial platform is a testament of our ability to deliver against our pipeline. Over the next 30 minutes, Enno Spillner and me will walk you through our presentation and give you a bit more flavor around the numbers. Together with Andreas Seidl, our CSO, we are prepared to address any remaining question in the Q&A session. So let us begin with the presentation, and thank you again for listening in today. As usual, before we begin, please note that our presentation and the Q&A both contain forward-looking statements that are subject to the usual risks and uncertainties as outlined in our disclaimer. Biosimilars are a key growth driver for many relevant players in the off-patent industry. You heard that in many earning calls. The detailed strategies to win might, of course, differ a bit between the companies.

Speaker #4: Together with Andrea Seidel, our CSO, we are prepared to address any remaining question in the Q&A session. So let us begin, with the presentation, and thank you again for listening in today.

Speaker #4: As usual, before we begin, please note that our presentation and the Q&A both contain forward-looking statements that are subject to the usual risk and uncertainties, as outlined in our disclaimer.

Speaker #4: By a similar are a key growth driver for many relevant players in the off-pattern industry. You heard that in many earning calls. The detailed strategies to win might, of course, differ a bit between the companies.

Stefan Glombitza: Fit for Growth is our roadmap and strategic compass to capture the significant biosimilars opportunity ahead. 4 core elements are building our guardrails to drive sustainable and profitable growth. Global market diversification, a smart and selective portfolio, lean development, and uncompromising excellence and innovation. Across all 4 segments, several value-creating milestones have been achieved in the first 6 months of this year, and we envision more to come in the next quarters. Pillar 1, geographic diversification. In H1, we continued to expand our global footprint through further targeted partnerships with local commercial specialists, as reflected in FYB201 launch with Biomm in Brazil. We could establish a new FYB202 partnership with Everix for several countries in the LATAM region, and the FYB206 license deal with Lotus earlier this year shall pave the way for access across multiple APAC markets as soon as the IP situation allows.

Speaker #4: FIP for growth is our roadmap, and strategic compass to capture the significant biosimilars opportunity ahead. Four core elements are building our guardrails to drive sustainable and profitable growth.

Speaker #4: Global market diversification, a smart and selective portfolio, lean development, and uncompromising excellence and innovation. Across all four segments, several value-creating milestones have been achieved in the first six months of this year, and we envision more to come in the next quarters.

Speaker #4: Pillar one: geographic diversification. In H1, we continue to expand our global footprint through further targeted partnerships with local commercial specialists. As reflected in FIP 201 launch with Bayon, in Brazil.

Speaker #4: We could establish a new FIP 202 partnership with Everex for several countries in the LATAM region, and the FIP 206 license deal with Lotus earlier this year shall pave the way for access across multiple APAC markets, as soon as the IP situation allows.

Speaker #4: Further license agreements are in continued negotiations and will step by step pay into our geographic diversification. Smart portfolio management. I mean, looking at our commercial portfolio, similarly has been reintroduced to the US market in January, and is gradually rebuilding market share.

Stefan Glombitza: Further license agreements are in continued negotiations and will step by step pay into our geographic diversification. Smart portfolio management. I mean, looking at our commercial portfolio, CIMERLI has been reintroduced to the US market in January and is gradually rebuilding market share. Nufymco, our second FYB201 product with partner Zydus, is going to complement our commercial offer in the US. The product recently received a reimbursement code, which is a key element in the preparation of a successful market uptick. On 15 May, we brought the third product from our development pipeline to markets and patients in Europe, marking another addition to our commercial portfolio. Based on the achieved IP settlement, there is a clear path forward for the US in Q4.

Speaker #4: The FIMCO, our second FIP201 product with partner Seiders, is going to complement our commercial offer in the US. The product recently received the reimbursement code, which is a key element in the preparation for a successful market uptake.

Speaker #4: On May 15, we brought the third product from our development pipeline to markets and patients in Europe. Marking another addition to our commercial portfolio.

Speaker #4: Based on the achieved IP settlement, there is a clear path forward for the US in Q4. Building a strong and continuously growing pipeline is critical to our mission and to our business model.

Stefan Glombitza: Building a strong and continuously growing pipeline is critical to our mission and to our business model, and that is why we are planning to enrich our development pipeline in H2 2026 by further program additions. Strategy matters, but trust is earned through execution. That is why operational excellence is embedded in our DNA. Our proven development and regulatory track record is complemented by differentiated innovations, and that is why advanced state-of-the-art device technologies are important to us. We could complement Fresenius Kabi's FYB202 for Otulfi offering by an autoinjector, which has been introduced in European countries in H1 and is providing additional convenience to the benefit of patients and healthcare providers. The silicone oil-free ophthalmic prefilled syringe, which is used in FYB201, was of course, also introduced with FYB203 in May this year.

Speaker #4: And that's why we are planning to enrich our development pipeline in the second half of 2026 by further program additions. Strategy matters. But trust is earned through execution.

Speaker #4: That's why operational excellence is embedded in our DNA. Our proven development and regulatory track record is complemented by differentiated innovations. That's also why advanced, state-of-the-art device technologies are important to us.

Speaker #4: We could complement Fresenius Cardi's FIP 202 or TOFI offering by an auto-injector, which has been introduced in European countries in H1. And is providing additional convenience to the benefit of patients and healthcare providers.

Speaker #4: The silicon oil-free ophthalmic pre-filled syringe, which is used in FIP 201, was of course also introduced with FIP 203 in May this year. Building on the pioneering phase three waiver approach, we could confirm pharmacokinetic equivalence for FIP 201 our biosimilar versus the reference Keytruda in February and in June.

Stefan Glombitza: Building on the pioneering phase III wave approach, we could confirm pharmacokinetic equivalence for FYB206, our biosimilar, versus the reference Keytruda in February. In June, we successfully completed the clinical program. This data package is building a key element of the regulatory dossier, which our teams are preparing full steam. The strong progress in FYB206 creates first-mover opportunities and further strengthens our position as a trusted high-performance partner in biosimilars. In an increasingly competitive market, capital efficiency is essential. Lean development and cost-efficient manufacturing are at the heart of our Fit for Growth strategy. That brings us to pillar 4. By a comprehensive set of measures and initiatives, we could significantly reduce timelines and costs while maintaining the highest quality standards. Streamlined processes, smart concepts, and intensified AI deployment helped us to reduce development timelines and costs for new programs by around 30% already.

Speaker #4: We successfully completed the clinical program. This data package is building a key element of the regulatory dossier, which our teams are preparing full speed.

Speaker #4: The strong progress in FIP 206 creates first mover opportunities and further strengthens our position as a trusted high-performance partner biosimilar. In an increasingly competitive market, capital efficiency is essential.

Speaker #4: Lean development and cost-efficient manufacturing are at the heart of our FIP 204 growth strategy. And that brings us to pillar four. By a comprehensive set of measures and initiatives, we could significantly reduce timelines and costs while maintaining the highest quality standards.

Speaker #4: Streamlined processes, smart concepts, and intensified AI deployment helped us to reduce development timelines and costs for new programs by around 30% already. And we continue to work on that.

Stefan Glombitza: We continue to work on that. Our recently announced partnership with OneSource, a leading CDMO, marks another important step towards greater cost competitiveness and sustainable value creation. Going forward, we intend to further enhance this model through additional strategic partnerships, providing benefits to both our existing and our future pipeline. In a nutshell, Fit for Growth remains our strategic compass and starts firmly delivering results. Over the years, Formycon has established a highly credible development platform, enabling us to build a broad network of leading local and regional commercial partners across the globe. While Europe and US remain core markets, we are expanding to high-growth regions with high unmet need for affordable biologic medicines. Through strong local and regional partnerships across MENA, LATAM, APAC, and sub-Saharan Africa, we broaden patient access worldwide.

Speaker #4: Our recently announced partnership with ONESOURCE, a leading CDMO, marks another important step towards greater cost competitiveness and sustainable value creation. Going forward, we intend to further enhance this model through additional strategic partnerships, providing benefits to both our existing and our future pipeline.

Speaker #4: So in a nutshell, FIP for growth remains our strategic compass and starts firmly delivering results. Over the years, Formicon has established a highly credible development platform, enabling us to build a broad network of leading local and regional commercial partners across the globe.

Speaker #4: While Europe and US remain core markets, we are expanding to high-growth regions, with high unmet need for affordable biologic medicines. Through strong local and regional partnerships across MENA, LATAM, APAC, and Sub-Saharan Africa, we broaden patient access worldwide, we reduce the dependency on individual markets, and we strengthen our resilience against geopolitical and pricing volatility.

Stefan Glombitza: We reduce the dependency on individual markets, and we strengthen our resilience against geopolitical and pricing volatility. During H1 2026, we further strengthened our international market reach. As you can see depicted from our global roadmap, we expanded our network meanwhile to commercial partner number 14. This diversified partnership-driven commercialization model enables us to scale rapidly and capture growth opportunities worldwide while we maintain a disciplined capital allocation. With that, I want to conclude my part of the presentation and hand over to our CFO, Enno Spillner, who has prepared a deep dive into the financial numbers of H1 2026. Thank you for your continued attention.

Speaker #4: During the first half of 2026, we further strengthened our international market reach. As you can see, depicted from our global roadmap, we expanded our network meanwhile to commercial partner number 14.

Speaker #4: This diversified, partnership-driven commercialization model enables us to scale rapidly and capture growth opportunities worldwide, while we maintain disciplined capital allocation. With that, I want to conclude my part of the presentation and hand over to our CFO, Enoch Bildner, who has prepared a deep dive into the financial numbers for the first half of 2026.

Speaker #4: Thank you for your continued attention.

Speaker #1: Thank you, Stefan. And a warm welcome also from my side to everyone. Great pleasure having you here on the call today. And I do have also the pleasure of introducing our quite positive H1 2026 numbers to you.

Enno Spillner: Thank you, Stefan, and a warm welcome also from my side to everyone. Great pleasure having you here on the call today. I do have also the pleasure of introducing our quite positive H1 2026 numbers to you. Let's have a look at our P&L overview first. Revenues are gaining momentum and do show a very significant step up versus H1 2025, increasing almost three times revenue compared to last year's reporting period, clearly confirming our growth path. Transformation of our revenue structure continues, now with significantly more revenues coming in from efforts in the commercialization and commercializing of our products. Main revenue drivers continue to be FYB202 and FYB206, like in Q1 2026 also reported. This mainly includes milestones and royalties as major revenue drivers, and I'll introduce the details to you on the coming slides.

Speaker #1: Let's have a look at our P&L overview first. And revenues are gaining momentum, and do show a very significant step up versus H1 2025, increasing almost three times revenue compared to last year's reporting period, clearly confirming our growth path.

Speaker #1: Transformation of our revenue structure continues, now with significantly more revenues coming in from efforts in the commercialization and commercializing of our products. Main revenue drivers continue to be FIP 202 and FIP 206, like in Q1 2026 also reported.

Speaker #1: This mainly includes milestones and royalties, as major revenue drivers, and I'll introduce the details to you on the coming slides. In context of this, the significant revenue growth also increased our COGS, which is in the range of roughly one-third compared to H1 2025.

Enno Spillner: In context of this, the significant revenue growth, also increased our COGS, which is in the range of roughly one-third compared to H1 2025, and this was expected. Also here, we continue to recognize our transformation towards a more commercial-related setting with significant parts of the COGS related to commercial efforts like, for example, prepayments for supply, but also correlated with development work like, for instance, for FYB206. Details also here to follow on the next slides. R&D expenses significantly reduced, especially with FYB208 having achieved the TPOS, technical proof of similarity, and therefore respective costs being capitalized since the last fall 2025. Also, continued development costs for FYB206 are either recognized under COGS, as just mentioned, or being capitalized. I'll come back to that later. Thus, currently the most relevant asset from an R&D cost perspective is our asset FYB210.

Speaker #1: And this was expected. Also here, we continue to recognize our transformation towards a more commercial-related setting with a significant part of the COGS related to commercial efforts like for example, prepayments for supply, but also correlated with development work, like for instance for FIP 206.

Speaker #1: Details also here to follow on the next slides. R&D expenses significantly reduced, especially with FIP 208 having achieved the TPOS—technical proof of similarity—and therefore respective costs being capitalized since last fall 2025.

Speaker #1: Also continued development costs for FIP 206 are either recognized under COGS, as just mentioned, or being capitalized. I'll come back to that later. Thus currently the most relevant asset from an R&D cost perspective is our asset FIP 210.

Speaker #1: However, the remaining assets, FIP 209 and FIP 210, are still less cost-intense due to their earlier development stage. This triggers the overall R&D spend to be reduced accordingly, but please bear in mind that major parts of our R&D alike activities are recognized under COGS or capitalized development expenditure.

Enno Spillner: However, the remaining assets, FYB209 and FYB210, are still less cost intense due to their earlier development stage. This triggers the overall R&D spend to be reduced accordingly, but please bear in mind that major parts of our R&D-alike activities are recognized under COGS or capitalized development expenditure. In total, we continue to invest significantly into our pipeline and into our assets. EBITDA made a big positive step forward and improved significantly by more than EUR 14 million. We are not yet positive, but we are heading towards the right direction. This is consisting of different effects, of course. Revenues increased significantly, while COGS only show a moderate under proportional increase. R&D and other expenses have been noticeably reduced or kept stable, respectively.

Speaker #1: So in total, we continue to invest significantly into our pipeline and into our assets. EBITDA made a big positive step forward and improved significantly, by more than 14 million euros, and we are not yet positive, but we are heading towards the right direction.

Speaker #1: This consists of different effects. Of course, revenues increased significantly, while COGS only showed a moderate, under-proportional increase. R&D and other expenses have been noticeably reduced or kept stable, respectively.

Speaker #1: And continued cost control active management of our structural cost and some beneficial effects like for instance sale of drug substance helped to reduce our other expenses.

Enno Spillner: Continued cost control, active management of our structural cost and some beneficial effects, like for instance, sale of drug substance, helped to reduce our other expenses. The group adjusted EBITDA amounted to -6.9 million EUR versus -19.2 million EUR in H1 2025, and this again is a significant 12.3 million EUR uplift against the comparable H1 2025 numbers. Since the adjusted EBITDA, in addition, only mirrors the performance of our joint venture, Bioeq AG, this slightly weaker performance of Bioeq AG mainly reflects the started relaunch of FYB201 sales and marketing activities in the US, triggering a negative contribution by our joint venture for the reporting period. This effect, by the way, we aim to turn around during H2 2026. The capitalized development cost, of course, is not a P&L position, but belongs to the balance sheet.

Speaker #1: The group adjusted EBITDA amounted to minus €6.9 million versus minus €19.2 million in H1 2025, and this again is a significant €12.3 million uplift against the comparable H1 2025 numbers.

Speaker #1: Since the adjusted EBITDA in addition only mirrors the performance of our joint venture BioAg AG, this slightly weaker performance of BioAg AG mainly reflects the started relaunch of FIP 201 sales and marketing activities in the US, triggering a negative contribution by our joint venture for the reporting period.

Speaker #1: This effect, by the way, we aim to turn around during H2 2026. The capitalized development cost, of course, is not a P&L position, but belongs to the balance sheet.

Speaker #1: However, it partially reflects our continued investment in our advancing products, and this is why we wanted to show it here. In H1 2026, investments were mainly contributed to the further development activities of FIP 208 and FIP 206.

Enno Spillner: However, it partially reflects our continued investment into our advancing products, and this is why we wanted to show it here. In H1 2026, investments were mainly contributed to the further development activities of FYB208 and FYB206. Please note, development costs for FYB206 continue to be capitalized partly, namely for the European part, where we do not have a partner yet. While the North American and rest of the world part is being covered under COGS in context of our latest partnerships with Sidus, MS Pharma, and Lotus Pharmaceutical. The significant decrease of our investment total is mainly due to two facts. Number one, FYB206 clinical trials were in full swing during H1 2025. While in H1 2026, this investment has mainly concluded.

Speaker #1: Please note, development costs for FIP 206 continue to be partially capitalized, namely for the European part, where we don't have a partner yet, while the North American and Rest of World parts are being covered under COGS in the context of our latest partnerships with Citus MS Pharma and Lotus.

Speaker #1: The significant decrease of our investment total is mainly due to two facts. Number one, FIP 206 clinical trials were in full swing during H1 2025, while in H1 2026 this investment has mainly concluded.

Speaker #1: Number two, the other significant part of this development cost is now shifted to COGS since it is associated to milestone payments from our partners for North America and the rest rest of the world.

Enno Spillner: Number two, the other significant part of this development cost is now shifted to COGS since it is associated to milestone payments from our partners for North America and the rest of the world. Furthermore, FYB208 is not yet in the clinic and consequently only shows moderate development expenditures. Let us take a closer look at the breakdown of our sales. We have added a new slide here for you, which shows the different revenue types, and we may also introduce that in our future reportings going forward. Recharges for development work on FYB201 and FYB203 stayed fairly stable, with remaining development work being conducted, especially for FYB203. Royalties more than doubled compared against H1 2025. However, market environment remains challenging, and we are not fully where we wanted to be with this kind of revenue type.

Speaker #1: Furthermore, FIP 208 is not yet in the clinic and consequently only shows moderate development expenditures. Let's take a closer look at the breakdown of our sales.

Speaker #1: We have added a new slide here for you which shows the different revenue types, and you may also introduce that in our future reporting going forward.

Speaker #1: Recharges for development work on FIP 201 and FIP 203 stayed fairly stable with remaining development work being conducted, especially for FIP 203. Royalties more than doubled compared against H1 2025.

Speaker #1: However, market environment remains challenging, and we are not fully where we wanted to be with this kind of revenue type. While growth of FIP 202 royalties continues, we are expected a stronger momentum and thus better performance in H1.

Enno Spillner: While growth of FYB202 royalties continues, we had expected a stronger momentum and thus better performance in H1. Milestone recognition took a huge step to 14.3 million EUR. This effect mainly is attributable to deferred milestones, which we are recognizing for FYB206 in context of our partnering agreements for North America and for rest of world. This FYB206 performance simply did not exist in H1 2025, since the new partnerships were only signed in late 2025 and early 2026 respectively. In addition, not to forget the FYB202 milestone, which we received as a one-off for our auto-injector approval in the European Union earlier this year. We mentioned that in our Q1 report already. A new class is revenue from supply management. This newly added category stands mainly in context when handling supply for our various partners under FYB202 and FYB203 agreements. Now reviewing our sales per product.

Speaker #1: Milestone recognition took a huge step to €14.3 million. This effect mainly is attributable to deferred milestones, which we are recognizing for FYB206 in the context of our partnering agreements for North America and for the rest of the world.

Speaker #1: This FIP 206 performance simply didn't exist in H1 2025 since the new partnerships were only signed in late 2025 and early 2026, respectively. In addition, not to forget, the FIP 202 milestone which we received as a one-off for our auto-injector approval in the European Union earlier this year we mentioned that in our Q1 report already.

Speaker #1: A new class is revenue from supply management. This newly added category stands mainly in context with handling supply for our various partners under FIP 202 and FIP 203 agreements.

Speaker #1: Now reviewing our sales per product. Current development is clearly reflecting our change in revenue structure, among the different products. Royalties for FIP 201 now need to re-accelerate after pausing marketing in the US until end of 2025, which our US partner sunders now is pushing again.

Enno Spillner: Current development is clearly reflecting our change in revenue structure among the different products. Royalties for FYB201 now need to re-accelerate after pausing marketing in the US until end of 2025, which our US partner, Zydus, now is pushing again to rebuild US market share, which of course may take some time to re-accelerate. We are optimistic seeing further acceleration during H2 2026. Revenues for FYB202 more than tripled. This is a revenue mix consisting of royalties of the just mentioned one-off milestone and supply management. While the royalty part currently still is developing modestly, we see positive commercial trends from our partners' activities, in particular in the US, in France, and in Germany, leaving us optimistic for the further course of 2026. We acknowledge that H1 could have shown some momentum, but the commercial indicators we are seeing support our expectations of stronger performance in H2.

Speaker #1: To rebuild US market share, which of course may take some time, to re-accelerate. We are optimistic seeing further acceleration during H2 2026. Revenues for FIP 202 more than tripled.

Speaker #1: This is a revenue mix consisting of royalties, of the just mentioned one-off milestone, and supply management. And while the royalty part currently still is developing modestly, we see positive commercial trends from our partners' activities in particular in the US, in France, and in Germany.

Speaker #1: Leaving us optimistic for the further course of the year 2026. We acknowledge that H1 could have shown some more momentum, but the commercial indicators we are seeing support our expectations of stronger performance in H2.

Speaker #1: This is in line with the non-linear nature and appearance of our business. FIP 203 remains stable with revenues mainly originating from recharges plus some supply management activities.

Enno Spillner: This is in line with the non-linear nature and appearance of our business. FYB203 remains stable, with revenues mainly originating from recharges plus some supply management activities. The new kid on the block is our revenue recognized in context of FYB206, derived from an upfront payment and deferred milestone from our FYB206 partnerships with Lotus, Zydus, and MS Pharma. FYB206 currently stands for more than 40% of our total H1 revenues. In total, this effectively means a very substantial revenue increase alongside a continued structural change of revenues for H1 2026, with a broad revenue mix from different products and different revenue types. Also, with regard to our COGS, we continue recognizing similar structural changes as just described in context of our revenues. COGS increased overall by EUR 6.4 million to EUR 28.8 million, and thus clearly under proportional in relation to our revenue increase.

Speaker #1: And the new kid on the block is our revenue recognized in context of FIP 206, derived from an upfront payment and deferred milestones from our FIP 206 partnerships with Lotus, Citus, and MS Pharma.

Speaker #1: FIP 206 currently stands for more than 40% of our total H1 revenues. In total, this effectively means a very substantial review increase revenue increase alongside a continued structural change of revenues for H1 2026, with a broad revenue mix from different products and different revenue types.

Speaker #1: Also with regard to our COGS, we continue recognizing similar structural changes as just described, in context of all revenues. COGS increased overall by 6.4 million to 28.8 million, and thus clearly underproportional in relation to our revenue increase.

Enno Spillner: Also here, FYB206 is the current game changer. This new item of EUR 11.5 million in COGS for FYB206 stands in direct context of our revenue recognition of our beforementioned milestones. The cost resulting from continued development and regulatory work to fulfill these milestone-based performance obligations for North America and rest of the world are recognized under COGS. Operational COGS reduced a bit for FYB202. Furthermore, we continue recording a regular amortization of FYB202, which makes about EUR 10.5 million in H1 2026 versus EUR 12.5 million in H1 2025. Would we adjust for this accounting measure, we would be looking at operational COGS of approximately EUR 18.3 million for H1 2026 versus EUR 9.9 million in H1 2025. Please also bear in mind that the regular amortization of FYB202 considered under these COGS is neither EBITDA nor cash flow relevant.

Speaker #1: Also here, FIP 206 is the current game changer. This new item of 11.5 million in COGS for FIP 206 stands in direct context of our revenue recognition of our before-mentioned milestones.

Speaker #1: The cost resulting from continued development and regulatory work to fulfill these milestone-based performance obligations for North America and the rest of the world are recognized under COGS.

Speaker #1: Operational COGS reduced a bit for 202. Furthermore, we continue recording a regular amortization of FIP 202, which amounts to about €10.5 million in H1 2026 versus €12.5 million in H1 2025.

Speaker #1: If we adjust for this accounting measure, we would be looking at operational COGS of approximately €18.3 million for H1 2026 versus €9.9 million in H1 2025.

Speaker #1: Please also bear in mind that the regular amortization of FIP 202 considered under these COGS is neither EBITDA nor cash flow relevant. COGS for our recharge development efforts on FIP 201 and FIP 203 reduced once again for both products.

Enno Spillner: COGS for our recharge development efforts on FYB201 and FYB203 reduced once again for both products. Let's review some group asset KPIs. Our balance sheet totals at a strong EUR 714 million. The EUR 26 million reduction mainly results from the net cash outflow and some prepayments. Equity is reduced by roughly EUR 13 million or 3% accordingly, mainly due to the net result. At the same time, our liabilities decreased slightly by net EUR 12 million, which is driven by two main effects. On the one-hand side, trade payables have been reduced while contract liabilities increased. In consequence of the above, our equity ratio effectively remains stable at a strong 54%.

Speaker #1: Let's review some group asset KPIs. Our balance sheet totals had a strong 714 million euros. The 26 million reduction mainly results from the net cash outflow and some prepayments.

Speaker #1: Equity is reduced by roughly 13 million euros, or 3% accordingly, mainly due to the net result. And at the same time, our liabilities decreased slightly by net 12 million euros, which is driven by two main effects.

Speaker #1: On the one hand side, trade payables have been reduced while contract liabilities increased. In consequence, the above or in the consequence of the above our equity ratio effectively remains stable at a strong 54%.

Enno Spillner: Cash and cash equivalents reduced to EUR 51.8 million at the end of H1 2026, which mainly results from prepayments, the operational result, and other investment activities into our products, while major receivables from the earlier mentioned revenues were open for payment at the end of H1 2026. This is a good segue for looking at our cash flows and working capital indicators, which were determined by multiple factors. Aside from the operational result and some prepayments, increase in our inventories and orders, as well as reduced trade payable influenced our net cash flow from operating activities. In addition, continued but reduced capitalized investment activities into FYB202, 206, and 208, further some incoming loan payments from Bioeq AG overall reduced net investing activities. In total, we recorded a reduction of our cash and cash equivalents from EUR 68.8 million to EUR 51.8 million, which is in range of what we anticipated.

Speaker #1: Cash and cash equivalents reduced to €51.8 million at the end of H1 2026, which mainly results from prepayments, the operational result, and other investment activities into our products, while major receivables from the earlier-mentioned revenues were open for payment at the end of H1 2026.

Speaker #1: And this is a good segue for looking at our cash flows and working capital indicators which were determined by multiple factors. Aside from the operational result and some prepayments, increase in our inventories and orders as well as reduced trade payable influenced our net cash flow from operating activities.

Speaker #1: In addition, continued but reduced capitalized investment activities into FIP206 and FIP208, versus some incoming loan payments from BioEg, overall reduced net investing activities.

Speaker #1: In total, we recorded a reduction of our cash and cash equivalents from 68.8 million to 51.8, which is in range of what we anticipated.

Speaker #1: On the working capital side, you will also notice that our receivables remain relatively high, resulting from various items such as royalties, upfront payments, milestones, reimbursements, and prepayments.

Enno Spillner: On the working capital side, you will also notice that our receivables remain also relatively high, resulting from various items such as royalties, upfront payments, milestones, reimbursements, and prepayments. This KPI is balanced with a comparable amount of trades payable in range of approximately EUR 21 million, leading to an H1 2026 working capital of EUR 51.2 million. Let's take a look at our guidance for the remainder of 2026. Revenue-wise, we had a good and strong acceleration into the new year with positive factors from different products. Going forward, revenue growth shall be driven by an increase of FYB202 royalties, which are expected to grow compared to H1. This may happen non-linear, but more on waves depending on new contracts and orders coming in. Commercial biosimilar revenues can be influenced by tender timing, by customer contracting, inventory movements, and the timing of royalty recognition.

Speaker #1: This KPI is balanced with a comfortable comparable amount of trades. Payable in range of approximately 21 million leading to an H1 2026 working capital of 51.2 million euros.

Speaker #1: Let's take a look at our guidance for the remainder of 2026. Revenue-wise, we saw strong acceleration into the new year with positive contributions from different products.

Speaker #1: Going forward, revenue growth shall be driven by an increase of FIP 202 royalties, which I expect to grow compared to H1. This may happen non-linear, but more in waves depending on new contracts and orders coming in.

Speaker #1: Commercial biosimilar revenues can be influenced by tender timing, by customer contracting, inventory movements, and the timing of royalty recognition. And while we continue to work in a challenging environment, our focus for the second half is on further market penetration for FYB202, coordinated by our licensing partners and continued commercial execution across our portfolio.

Enno Spillner: While we continue to work in a challenging environment, our focus for the second half is on further market penetration for FYB202, coordinated by our licensing partners and continued commercial execution across our portfolio. Furthermore, FYB206 is anticipated to contribute in a similar ballpark like in H1 2026 when considering recognition of milestones over time for North America and rest of world. Additional partnerships for LATAM and APAC may contribute on top once signed, depending on final upfront and milestone arrangement. FYB201 is anticipated to re-accelerate further based on regaining market share in the US, which ideally leads to increasing royalties. FYB203 is launching in Europe and in the US, with the US starting in Q4 2026, thus no significant impact to be expected in 2026, but some revenues resulting from remaining development recharges as well as handling the supply for FYB203 product.

Speaker #1: Furthermore, FIP 206 is anticipated to contribute in a similar ballpark like in H1 2026 when considering recognition of milestones. Over time, for North America and rest of the world.

Speaker #1: Additional partnerships for LatAm and APAC may contribute on top once signed, depending on final upfront and milestone arrangement. FIP 201 is anticipated to re-accelerate further based on regaining market share in the US, which ideally leads to increasing royalties.

Speaker #1: FIP 203 is launching in Europe and in the US with US starting in Q4 2026, thus no significant impact to be expected in 2026, but some revenues resulting from remaining development recharges as well as handling the supply for FIP 203 product.

Speaker #1: In essence, FIP 202 and FIP 206 will be the main pillars of our revenue guidance, with FIP 201 and FIP 203 adding to the overall financial performance.

Enno Spillner: In essence, FYB202 and FYB206 will be the main pillars of our revenue guidance with FYB201 and FYB203 adding to the overall financial performance. Based on this planning, going concern is secured at this point in time, and we can confirm guidance. Let's take a brief look at our shareholder structure and recommendations by our research coverage. Our anchor shareholders remain a very committed and stable part of our overall shareholding within Formycon. We maintain to have a free float around 40%, and all our, or most of our research coverage analysts remain with a buy recommendation at this point in time. Well, having said that, I conclude my part of the presentation and would like to hand back to the operator, opening the Q&A session, which we are looking forward. Thank you very much.

Speaker #1: Based on this planning, going concerned is secured at this point in time, and we can confirm guidance. Let's take a brief look at our shareholder structure and recommendations by our research cover coverage.

Speaker #1: Our anchor shareholders remain very committed and stable part of our overall shareholdership within Formicon. We maintain to have a free float around 40%, and all our or most of our research cover coverage analysts remain with a buy recommendation at this point in time.

Speaker #1: With that having been said, I conclude my part of the presentation and would like to hand back to the operator to open the Q&A session, which we are looking forward to.

Speaker #1: Thank you very much.

Speaker #2: Thank you. So, ladies and gentlemen, if you would like to ask a question, please press star and then nine, followed by the pound key on your telephone keypad.

Operator 5: Thank you. Ladies and gentlemen, if you would like to ask a question, please press star nine and the pound key on your telephone keypad. If you would like to revoke your question, press star three and the pound key. You can also use the dial-in function in the webcast and raise your hand if you would like to ask a question by phone. Please press star nine and the pound key on your telephone keypad if you would like to ask a question. You can also use the dial-in function in the webcast tool and raise your hand if you would like to ask a question by phone. We have the first question from Simon Scholes from First Berlin. The floor is yours.

Operator: Thank you. Ladies and gentlemen, if you would like to ask a question, please press star nine and the pound key on your telephone keypad. If you would like to revoke your question, press star three and the pound key. You can also use the dial-in function in the webcast and raise your hand if you would like to ask a question by phone. Please press star nine and the pound key on your telephone keypad if you would like to ask a question. You can also use the dial-in function in the webcast tool and raise your hand if you would like to ask a question by phone. We have the first question from Simon Scholes from First Berlin. The floor is yours.

Speaker #2: If you would like to revoke your question, press star three and the pound key. You can also use the data in function in the webcast and raise your hand if you would like to ask a question by phone.

Speaker #2: So please press star nine and the pound key on your telephone keypad if you would like to ask a question. And you can also use the data in function in the webcast tool and raise your hand if you would like to ask a question by phone.

Speaker #2: And we have the first question from Montrose, from First Berlin. The floor is yours.

Speaker #1: Yes, good afternoon. Thanks for taking my question. I've just got one. It's on the F2 sorry, on the Q2 income for 206. In Q1, I think it was basically the completion of the phase one trial plus a lotus upfront.

Simon Scholes: Yes, good afternoon. Thanks for taking my question. I have just got one. It is on the Q2 income for FYB206. In Q1, I think it was basically the completion of the phase I trial plus a Lotus upfront. Can we just clarify what the income was in Q2 for FYB206?

Speaker #1: Can we just clarify what the income was in Q2, for 206?

Stefan Glombitza: Simon, I hand over to Enno directly.

Speaker #3: Simon, I'll hand over directly to Eno.

Speaker #4: Yes, happy to do so. And the income in Q1 was, as you rightly say, the recognition of a one-off milestone, namely the upfront payment upon the signing of the Lotus deal.

Enno Spillner: Yes, happy to do so. The income in Q1 was, as you rightly say, was the recognition of a one-off milestone, namely the upfront payment by the signature of the Lotus deal, while the other part or the major part of the revenues were deferred revenues. We have a bundle of revenues, which we partially already realized, like for instance, the successful conclusion of the PK phase I study for our Keytruda trial and some other milestones, which will hopefully happen in the future so that we have these milestones deferred. Part of that was already recognized in Q1, of course. That means for our Q2, in total, we have about EUR 10 million or EUR 11 million from our partners coming in through the revenues.

Speaker #4: While the other part or the major part of the revenues were deferred revenues, so we have a bundle of revenues which we partially already realized, like for instance, the successful conclusion of the PK phase one study for our Katrina trial.

Speaker #4: And some other milestones which will hopefully happen in the future. So that we have these milestones deferred and part of that was already recognized in Q1, of course.

Speaker #4: And so that means for our Q2, in total, we have about $10 million or $11 million from our partners coming in through that revenue.

Stefan Glombitza: Maybe to add on that, because that question might come on top. For H2, that means that the remainder of the milestone expectations or revenue expectations is coming from the remaining deferred milestones, which will come from starting and successfully completing the regulatory procedures for our partners. We feel pretty confident based upon our regulatory capabilities that we can manage that and that there is a high likelihood and a lot of de-risked situation for 206 milestone payments.

Speaker #3: Maybe to add on to that, because that question might come up for H2, that means that the remainder of the milestone expectations, or revenue expectations, is coming from the remaining deferred milestones.

Speaker #3: Which will come from starting and successfully completing the regulatory procedures for our partners and we feel pretty confident based on our regulatory capabilities that we can manage that and that there's a high likelihood and a lot of deal risks situation for 206 milestone payments.

Speaker #1: So in Q2 was 6.2 and sorry, Q1 was 6.2 and Q2 was 5.9. So this is?

Simon Scholes: Q1 was EUR 6.2 and Q2 was EUR 5.9. This is-

Speaker #4: Yeah, roughly—roughly, you're in the right ballpark.

Enno Spillner: Yeah, roughly you are in the right ballpark.

Speaker #1: Yes. And what was the 5.9 again? So it's just deferred.

Simon Scholes: Yes. What was the EUR 5.9 again? It is just deferred.

Enno Spillner: It is deferred milestones that we recognize over time, obviously mainly from the largest partnership.

Speaker #4: It's deferred milestones that we recognize over time, obviously mainly from the largest partnership. That's why I differentiated in my speech just now between North America and rest of the world.

Simon Scholes: Okay.

Enno Spillner: That is why I differentiated in my speech just now between North America and rest of the world. This is where the deferred milestones are coming from. For Europe, we do not have a partner yet and therefore no revenue recognition.

Speaker #4: This is where the deferred milestones are coming from for Europe. We don't have a partner yet and therefore no revenue recognition.

Speaker #1: Okay, got it. Thanks very much.

Simon Scholes: Okay, got it. Thanks very much.

Speaker #2: Thank you. If you would like to ask a question, please press star nine and the pound key on your telephone keypad or you can also use the data in function in the webcast tool to raise your hand if you would like to ask a question by phone.

Operator 5: Thank you. If you would like to ask a question, please press star nine and the pound key on your telephone keypad, or you can also use the dial-in function in the webcast tool to raise your hand if you would like to ask a question by phone. We have the next question from Nicolas Pauillac from Kepler Cheuvreux. The floor is yours.

Operator: Thank you. If you would like to ask a question, please press star nine and the pound key on your telephone keypad, or you can also use the dial-in function in the webcast tool to raise your hand if you would like to ask a question by phone. We have the next question from Nicolas Pauillac from Kepler Cheuvreux. The floor is yours.

Speaker #2: And we have the next question from Nicholas Poylek from Kepler Savoye, the floor is yours.

Nicolas Pauillac: Hi, guys. Hopefully you can hear me. I just had two questions for me. The first one was just on the FYB202 on PEP. I think you made some comment that it's maybe not as high as you would have liked to be, let's say, for the H1. I was looking at the split. It looks like Q2, you were able to get almost EUR 4 million of royalties. When we start to think about what will be the momentum or the cadence moving into H2, do you have any color on what will be, let's say, the expected run rate in term of quarterly revenues by the end of the year? Are we speaking double-digit million royalties by then or it's too aggressive, let's say, to expect that? That would be my first question.

Speaker #5: Hi guys. Hopefully you can hear me. So I just had like two question for me. The first one was just on the 202 on purpose.

Speaker #5: So I think you made some comment that it's maybe not as high as you would have liked it to be, let's say, for the H1.

Speaker #5: And I was looking at the split. It looks like Q2, you were able to get like almost 4 million of royalties. When we start to think about what will be the momentum or the cadence moving into H2, do you have any color on what will be, let's say, the expected run rate in terms of quarterly revenues by the end of the year?

Speaker #5: Like are we speaking double digit million royalties by then or it's too aggressive, let's say, to expect that? So that would be my first question.

Speaker #5: And also on 202, in terms of, let's say, revenue split, would you say it's evenly split between the US and Europe, or are you seeing maybe a more favorable situation in Europe?

Nicolas Pauillac: Also on FYB202, in term of, let's say, revenues split, would you say it's like a yearly split between the US and Europe, or you are seeing maybe a more favorable situation in Europe? That would be the first question on FYB202. Then a second question is on the rest of the pipeline. Is there any updates on FYB208? Also, do you have any timeline on when we might get more info on the other products that are being developed in the pipeline right now? Thanks a lot.

Speaker #5: So that would be the first question on 202. And then a second question done on the second question, sorry, is on the rest of the pipeline.

Speaker #5: Is there any updates on 208? And also do you have any timeline on when we get we might get more info on the other pipeline other products or that are being developed in the pipeline right now?

Speaker #5: Thanks a lot.

Stefan Glombitza: Nicolas, I'll start with the question on FYB202. H2 expectations, we are not receiving and reporting quarterly sales expectations. But the ramp-up we expect, as Enno briefly outlined for the second half, is momentum in US, France, and Germany. Those are the key markets with US still dominating. The US perspective comes from the two deals, the major deals that have been announced already previously. The one was the exclusive distribution deal with CivicaScript last year. There is always a moment where there needs to be resupply, which was the main driver for the strong performance in Q4 last year. There was a federal deal that has been announced, also an exclusive deal for Fresenius in US, which will also drive momentum and starting now and continuing in the Q2 and Q3 and Q4 of this year. As said, this is not a linear business.

Speaker #3: Nicholas, I'll start with a question on H2. So, H2 expectations—we are not receiving and reporting quarterly sales expectations. But the ramp-up we expect, as Enno briefly outlined for the second half, is momentum in the US, France, and Germany.

Speaker #3: Those are the key markets. With US still dominating. And the US perspective comes from the two deals, the major deals that have been announced already previously.

Speaker #3: One was the exclusive distribution deal with Civica Script last year. And there is always a moment where there needs to be resupply, which was the main driver for the strong performance in Q4 last year.

Speaker #3: And there was a federal deal that has been announced also an exclusive deal for Fresenius in US, which will also drive momentum and starting now and continuing in the Q2 and Q3 and Q4 of this year.

Speaker #3: As said, this is not a linear business. It comes with order. It comes with contracts and that's why we cannot predict the month when which number will kick in.

Stefan Glombitza: It comes with order, it comes with contracts, and that's why we cannot predict the months which number will kick in. But these are the two drivers for US. In Europe, we're generally facing fierce competition and tenders across many countries. In France, we expect strong performance of Otulfi driven by two things. One is the introduction of the auto substitution, which was a bit delayed from January to April, and which is supposed definitely to support biosimilar adoption, which we also see in Germany. There are contract wins from the French Fresenius team, including the largest retail pharmacy there, where Otulfi is positioned as the number 1 product. So this will generate volume in France in the second half of the year. Germany is continuously also in Q2 already gaining traction, and this is supported by our dual branding strategy, which is starting to pay off.

Speaker #3: But these are the two drivers for the US. In Europe, I mean, we are generally facing fierce competition and tenders across many countries. In France, we expect strong performance of FYB201, driven by two things.

Speaker #3: The one is the introduction of the auto substitution, which was a bit delayed from January to April and which is supposed definitely to be supported by a similar adoption, which we also see in Germany.

Speaker #3: And there are contract wins from the French Fresenius team including the largest retail pharmacy there where a 12 feet is positioned in the number one product.

Speaker #3: So this will generate volume in France in the second half of the year. And Germany is continuously, also in Q2 already, gaining traction. And this is supported by our dual branding strategy, which is starting to pay off.

Speaker #3: So, these are to give you a flavor of where our prognosis of a ramp-up in H2 comes from for 2026. And again, the revenue split—second part—more towards the US, but of course, also significant sales in Germany and France.

Stefan Glombitza: These are to give you a flavor where our prognosis of a ramp-up in H2 comes from for 202. Again, revenue split second part, more towards US, but of course also significant sales in Germany and France. Then FYB208, we are in the scale-up phase. Of course, FYB208 will be competitive and needs cost-competitive manufacturing. That is our focus and where we have good plans to ramp up and scale up and to establish a commercial manufacturing process, which is underway. This will also lead to a clinical study in the upcoming years. For the new pipeline, we try to keep that under the radar as long as possible. We typically announce that around the TPOS, depending on the competitive situation.

Speaker #3: And then 208, yeah, I mean, we are in the scale-up phase. Of course, 208 will also be competitive and needs cost-competitive manufacturing.

Speaker #3: That's our focus and where we have good plans to ramp up and scale up and do establish a commercial manufacturing process, which we underway the clinical study will start this will also lead to a clinical study in the upcoming years.

Speaker #3: For the new pipeline, we try to keep that under the radar as long as possible. We typically announce that around the TPoS, depending on the competitive situation.

Stefan Glombitza: As those products, FYB209, FYB210, have more far out loss of exclusivity, there is still some time until we get into this ramp-up and commercial manufacturing and study phase, which would then give us the green light for announcing the molecules. As said, also briefly in my presentation, we are going to start probably two to three more molecules in the second half because enriching our pipeline constantly is part of our mission and our business model. We not announce that, but we will announce when we start new programs.

Speaker #3: And as those products 209 to 10 have more far out loss of exclusivities, there's still some time until we get into these ramp up and commercial manufacturing and study phase, which would then give us the green light for announcing the molecules.

Speaker #3: And as said, also briefly, my presentation we're going to start probably two to three more molecules in the second half because enriching our pipeline constantly is part of our mission in our business model.

Speaker #3: We're not announced that, but we will announce when we start new programs.

Speaker #5: Okay, super clair. Thanks a lot.

Nicolas Pauillac: Okay. Super clear. Thanks a lot.

Speaker #2: Thank you. So if you would like to ask a question, please press star, nine, and the pound key on your telephone keypad. And you can also use the dial-in function in the presentation.

Operator 5: If you would like to ask a question, please press star nine and the pound key on your telephone keypad. You can also use the dial-in function in the presentation. At the moment, we have no further questions. We have one follow-up question from Nicolas Pauillac. The floor is yours.

Operator: If you would like to ask a question, please press star nine and the pound key on your telephone keypad. You can also use the dial-in function in the presentation. At the moment, we have no further questions. We have one follow-up question from Nicolas Pauillac. The floor is yours.

Speaker #2: At the moment, we have no further questions. So we have one follow-up question from Nicholas Parlik. The floor is yours.

Nicolas Pauillac: Hi. Sorry for coming this early again to questions. Just another question I had was regarding to FYB206, and let's say, the path forward. Now that you are, let's say, starting to look more closely at the regulatory filing and stuff like that, how confident will you be in your ability to, let's say, have a fair battle against Merck in case it should arise? Because I assume they are getting more and more aggressive in their ability to, let's say, fight till the end to extend the patent duration. Do you have any comment, or is it still too early for you to tell? Also, in their strategy, I think it's very nice because you're probably going to be the first to file.

Speaker #5: Yeah, sorry for coming this early again to the questions. Just another question I had was to regarding to 206, and let's say the past forward, know that you are, let's say, starting to look more closely at the regulatory filing and stuff like that.

Speaker #5: How confident will be in your ability to, let's say, have a fair battle against Mercant K3? Because I assume they are getting more and more aggressive in their ability to, let's say, fight till the end to extend the patent direction.

Speaker #5: So do you have any comments or is it still too early for you to tell? And also, in terms of strategy, I think it's very nice because you are the first you're probably going to be the first to file.

Speaker #5: But will you wait to start the litigation for other competitors to find like a better, let's say, angle to the litigation? Or you will try to start right away?

Nicolas Pauillac: Will you wait to start the litigation for other competitors to find a better, let's say, angle to the litigation, or you will try to start right away?

Stefan Glombitza: I understand the questions because they are good questions, but only part of that I can answer, of course. In general, we can expect this is a complex IP landscape. It's comparable in complexity to other molecules. We are used to that, and we are, of course, working with local specialists, US patent attorneys, and so on, to be prepared. The reputed IP data sources are forecasting biosimilar competition in 2029 for US. Of course, every product has a specific IP situation on indications of formulation and so on, but we are confident that we are well prepared to grasp those opportunities. There are also other markets with even earlier opportunities, which we, of course, also want to go after.

Speaker #3: Understand the question, Nicholas. They are good questions, but only part of that I can answer. Of course, I mean, in general, you can expect this is a complex IP landscape.

Speaker #3: It's comparable in complexity to other molecules. So that's we are used to that. And we are, of course, working with local specialists, US patent attorneys, and so on to be prepared.

Speaker #3: The reputed IP data sources are focusing on a similar competition in 2009 for the US. Of course, every product has a specific IP situation, on indications of formulation and so on, but we are confident that we are well prepared.

Speaker #3: To grasp those opportunities, there are also other markets with even earlier opportunities, which we of course also want to go after. For competitive reasons, of course, I cannot share our litigation strategy, but for sure being among the first filers will be also among the first litigators or when the patent then starts.

Stefan Glombitza: For competitive reasons, of course, I cannot share our litigation strategy, but for sure, being among the first filers will be also among the first litigators or when the patent then starts. That's also one of the big advantages to be of the first-mover situation.

Speaker #3: So that's also one of the big advantages of being the first mover in this situation, and that Merck will be as aggressive as others in defending this huge market.

Nicolas Pauillac: Okay.

Stefan Glombitza: And that Merck will be as aggressive as others that defend this huge market. That is clear, but that is the fun part of biosimilars as well. Does that answer your question, Nicolas?

Speaker #3: That's clear, but that's the fun part of biosimilars as well. Does that answer your question, Nicholas?

Speaker #5: Yeah, yeah, super clear. Thanks a lot for the quota.

Nicolas Pauillac: Yeah. Super clear. Thanks a lot for the clear-out.

Speaker #3: Yeah. Okay.

Stefan Glombitza: Yeah. Okay.

Speaker #2: Okay, thank you. There are no further questions, so back to you.

Operator 5: Thank you. There are no further questions, so back to you.

Operator: Thank you. There are no further questions, so back to you.

Speaker #3: Just with that, it's surprising that there are no questions. So, our presentations obviously covered all the questions and did not leave anything open. So, thank you very much to the operators, also to our Investor Relations team and my board colleagues, and especially everyone who joined today.

Stefan Glombitza: With that, surprising, no questions. Our presentations obviously covered all the questions and did not leave anything open. Thank you very much for the operators, also for our investor relations team and my board colleagues, and especially everyone who joined today in the earnings call. Thank you for your ongoing trust and confidence in Formycon. I think with a clear strategy, with a strong execution and a highly motivated team, we are well positioned to create lasting value for our shareholders while making a meaningful difference for the patients worldwide. Thank you for participating and look forward to the next interactions.

Speaker #3: In the earnings call, thank you for your ongoing trust and confidence in Formicon and I think with a clear strategy, with a strong execution and a highly motivated team, we are well positioned to create lasting value for our shareholders while making a meaningful difference for the patient's worldwide.

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Half Year 2026 Formycon AG Earnings Call

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