First Berlin Equity Research Maintains Buy on Formycon, EUR 50 Price Target

• First Berlin Equity Research reiterated Buy on Formycon on Nov. 3, 2026, maintaining a EUR 50 target implying 166% upside.
• FDA acceptance of Keytruda biosimilar candidate FYB206 for review, announced Oct. 13, triggers milestone payments from North American commercialization partner Zydus.
• Those payments underpin 2026 revenue guidance of EUR 60 million–EUR 70 million, according to the research firm.
• FYB206 represents roughly half the firm's enterprise valuation, making it the company's main value driver.
• The earliest expected FYB206 market entry follows Keytruda's exclusivity expiry in 2029 in the US and after 2030 in the EU.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Formycon AG published the original content used to generate this news brief via EQS News (Ref. ID: rc_27294) on November 03, 2026, and is solely responsible for the information contained therein.