Formycon AG (FYB) Fair Value & Analysis
Healthcare · DE · Market cap €321M
Fair value as of: Jul 16, 2026
From 2 valuation models · updated 25 days ago
Share price −0.6% over the past month.
Below-average quality, screening 160% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (31/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (€37.29). The market is more pessimistic than our downside scenario.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range €16.82 – €92.50 · fair‑value band €37.29 – €59.91 · the €18.68 price screens below the €48.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.
Analysis
Formycon AG (FYB) currently trades at €18.68, while our model-based Fair Value estimate is €48.60, implying the stock looks roughly 160.2% undervalued today. The Quality Score stands at 31/100 (below-average quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.
Trailing-twelve-month revenue stands at €44.5M. Revenue declined 12.6% year over year. It earns a return on equity of -15.0%. The balance sheet holds a net cash position of €59.3M. Fundamentals as of Jul 16, 2026
Our scenario range runs from €37.29 (bear case) to €59.91 (bull case); at €18.68, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 40% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at 160%, FYB screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 2 models by family
Widest divergence: Multiples (€49.14) versus Asset-Based (€15.13). Highest evidence: EV/EBITDA (54).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 33 · Market factors (momentum, volatility) 28
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Formycon AG, a biotechnology company, develops biosimilar drugs in Germany and Switzerland. It provides ranibizumab and aflibercept used in the treatment of neovascular age-related macular degeneration, diabetic macular edema, choroidal neovascularization, proliferative diabetic retinopathy, and macular edema under the Ranivisio, Ongavia, Cimerli, Ranopto, …
Full company description
Formycon AG, a biotechnology company, develops biosimilar drugs in Germany and Switzerland. It provides ranibizumab and aflibercept used in the treatment of neovascular age-related macular degeneration, diabetic macular edema, choroidal neovascularization, proliferative diabetic retinopathy, and macular edema under the Ranivisio, Ongavia, Cimerli, Ranopto, Uptera, and Ravegza brand names, as well as AHZANTIVE, Baiama, and Fovlya brand names. The company's pipeline includes ustekinumab used in the treatment of Crohn's disease, ulcerative colitis, Plaque Psoriasis, and Psoriatic Arthritis under the Otulf, Fymskina, and Sitovab brand names. It is also developing pembrolizumab for the treatment of immuno-oncology diseases, such as advanced melanoma, non-small cell bronchial carcinoma, hodgkin's lymphoma, urothelial carcinomas, tumors in the head and neck area, other tumor diseases; and FYB208 and FYB209 that is indicated for immunology areas. The company was formerly known as Nanohale AG and changed its name to Formycon AG in 2012. Formycon AG was founded in 1999 and is headquartered in Planegg, Germany.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Formycon AG reported revenue of €44.5M in FY2025 versus €36.6M in FY2021, a compound +5.0%/yr. Reported net income was −€64.7M in FY2025.
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Peer Group
Biotechnology · 601 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Biotechnology median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $486.03 | $278.78 | -43% |
| Regeneron Pharmaceuticals, Inc REGN | $664.45 | $594.40 | -11% |
| Samsung Biologics Co 207940 | 1,368,000 KRW | 1,091,384 KRW | -20% |
| Celltrion, Inc 068270 | 175,800 KRW | 76,325 KRW | -57% |
| WuXi Biologics (Cayman) Inc 2269 | HK$39.54 | HK$30.42 | -23% |
| Innovent Biologics, Inc 1801 | HK$86.70 | HK$19.66 | -77% |
| Sino Biopharmaceutical Limited 1177 | HK$5.26 | HK$3.36 | -36% |
| ALTEOGEN Inc 196170 | 276,500 KRW | 44,444 KRW | -84% |
| RemeGen Co 688331 | ¥134.02 | ¥26.99 | -80% |
| Biocon Limited BIOCON | ₹440.70 | ₹57.36 | -87% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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