FORMOSA LABORATORIES, INC.(4746) 2025Q2 法說會簡報

Company Overview

• Company Name: FORMOSA LABORATORIES, INC.
• Stock Code: TWSE 4746
• Date of Presentation: June 30, 2025
• Slogan: Hope, Passion, Innovation, Sustainability

Financial Highlights

Recent Performance and Results

Operating Performance

• 2024 Revenue YoY 8%
  • Revenue (Million NTD):
    • 2021: 3,142
    • 2022: 3,766
    • 2023: 4,360
    • 2024: 4,731 (YoY 8%)
    • 2024 up to May: 1,911
    • 2025 up to May: 1,966 (YoY 3%)
• Revenue 2025 up to May YoY 3% (Breakdown)
  • Product/Service Category (Million NTD / YoY %):
    • 膽固醇磷酸鹽結合劑 (Cholesterol Phosphate Binder): 685 / 2%
    • 維他命D衍生物 (Vitamin D Derivatives): 322 / 28%
    • 類固醇 (Steroids): 229 / 205%
    • 呼吸系統用藥 (Respiratory System Drugs): 201 / -24%
    • 委託研發代工生產 (Contract R&D and Manufacturing): 174 / -3%
    • 抗癌活性成份 (Anti-cancer Active Ingredients): 150 / 51%
    • 其他 (Others): 205 / -44%
    • Total Revenue (營收總計): 1,966 / 3%
• Product Revenue Proportion
  • Revenue Share by Category (%):

    Category	2021	2022	2023	2024	2025 UP TO MAY
    膽固醇磷酸鹽結合劑	33%	34%	36%	35%	35%
    維他命D衍生物	19%	19%	19%	17%	16%
    類固醇	14%	16%	12%	10%	10%
    呼吸系統用藥	6%	9%	11%	12%	12%
    委託研發代工生產	13%	9%	8%	11%	9%
    抗癌活性成份	3%	6%	6%	8%	8%
    消炎止痛劑	5%	3%	5%	4%	3%
    紫外線吸收劑	0%	1%	1%	3%	2%
    其他	6%	3%	3%	4%	6%

Profitability

• 2025 Q1 Profitability
  • Key Metrics:
    • 每股稅後淨利 (EPS after tax): 1.00元
    • 每股淨值 (Book Value per Share): 64.94元
  • Profitability Ratios (%):

    Year/Period	毛利率 (Gross Profit Margin)	營業利益率 (Operating Profit Margin)	稅後淨利率 (Net Profit Margin after Tax)
    2021	30.5%	6%	3%
    2022	37.3%	14%	11%
    2023	44.0%	22%	3%
    2024	42.0%	20%	3%
    2025 Q1	42%	20%	11%

• 2024 Q1 ~ 2025 Q1 Profitability
  • Quarterly Performance (%):

    Quarter	營業毛利 (Gross Profit Margin)	營業利益 (Operating Profit)	稅後淨利 (Net Profit After Tax)	營業費用 (Operating Expenses)
    2024Q1	43%	17%	-9%	26%
    2024Q2	43%	22%	23%	21%
    2024Q3	41%	16%	2%	25%
    2024Q4	41%	22%	-4%	19%
    2025Q1	42%	20%	11%	22%

Business Segments

Strategic Initiatives and Plans

Operating Strategy

• Integrated R&D and Production Services

  • Generic API:
    • 高品質生產標準 (High-quality production standards)
    • 穩定原物料供應鏈 (Stable raw material supply chain)
    • 擴大效率與產能滿足客戶需求 (Expand efficiency and capacity to meet customer demand)
  • CDMO (Contract Development and Manufacturing Organization):
    • DS to DP一站式服務 (Drug Substance to Drug Product one-stop service)
    • ADC (Antibody-Drug Conjugates)
    • Peptide (胜肽)
  • Injectable:
    • 製劑開發 (Formulation development)
    • 臨床及商業化生產 (Clinical and commercial production)
    • 自有產品開發授權 (Proprietary product development and licensing)

• Diversified Alliance Operations to Maximize Business Opportunities

  • Core: FORMOSA LABORATORIES, INC. (原料藥 ADC 針劑 CDMO)
  • Alliances:
    • 生物藥 (Biologics): FirGenix (台康生技股份有限公司 - TaiGen Biotechnology Co., Ltd.)
    • ADC 奈米化藥物 (ADC Nanoparticle Drugs): FORMOSA PHARMACEUTICALS, INC. (台新藥股份有限公司 - TaiGen Pharmaceuticals, Inc.)
    • 原料藥 ADC 針劑 CDMO (API ADC Injectable CDMO): SynChem-Formosa (FORMOSA LABORATORIES, INC.)
    • Nebulizer: hcmed

• Expand Overseas Presence, Actively Develop Various Pharmaceutical Markets

  • Locations:
    • Taoyuan, Taiwan: Formosa Laboratories, Inc.
    • Tokyo, Japan: Formosa Laboratories Japan
    • Chicago, US: SynChem-Formosa

Products & Technologies

Important Business Descriptions

• API Maintains Core Market Position

  • Focus:
    • 優化產率 (Optimize yield)
    • 擴大產能 (Expand capacity)
    • 穩定供應鏈 (Stable supply chain)
  • 2024 Sales Highlights:
    • 膽固醇磷酸鹽產品市占仍維持領導地位 (Cholesterol phosphate binder products maintain leading market share).
    • Vitamin D 有新產品開始商業化出貨 (New Vitamin D products begin commercial shipments).
    • 抗癌藥物與類固醇產品持續平穩出貨 (Anti-cancer drugs and steroid products continue stable shipments).

• All-round CDMO - Providing One-stop Service

  • Service Flow: Research → CMC Development → API/DS Manufacturing → Injectable Manufacturing → Labelling/Packaging/Logistics.
  • Key Points:
    • One-stop service demand increased by approximately 30%, covering Asia-Pacific, Europe, and America.
    • European and American CMO cases continue to supply stably; new cases have completed detailed discussions. Two new cases have started early R&D services.
    • Synchem-Formosa acquisition stably and continuously expands North American CDMO business. Currently has four clinical-stage projects and several small early-stage R&D projects in progress. Multiple projects are under discussion.
    • Original clinical-stage projects are gradually entering production validation or commercial scale-up preparation.
    • Provides peptide drug synthesis services.
    • Formulation contract manufacturing products cover commercialization preparation and clinical stage projects.

• One-stop ADC CDMO Services Continue to Expand

  • Service Scope:
    • Linker-payload, Bioconjugation, and formulation process development and production services.
    • ADC candidate screening platform.
    • Scale-up production, ADC-DS new production line equipment validated, available for commercial scale production.
    • Comprehensive analytical services.
  • ADC CDMO Highlights:
    • Customers distributed in the US, Europe, Japan, and Taiwan.
    • European customers have entered Phase I clinical trials and scaled-up production. New ADC candidate drug development plan is in progress.
    • Several new customer projects from Japan, Australia, and Taiwan have started.
    • Synchem-Formosa expansion is in progress and will meet North American ADC CDMO customer demand in the future.

• Injectable Production Line

  • Domestic and International Official Inspections:
    • Cancer Drug Production Line:
      • TFDA: 2022Q2 inspection completed.
      • FDA: July 2024 high-potency injectable plant passed US FDA GMP on-site inspection.
      • EMA: 2025Q2 official on-site inspection completed.
    • General Production Line:
      • TFDA: August 2024 inspection completed, 2025Q2 obtained GMP certificate.
  • Services:
    • Provides commercial production services for small molecule and large molecule liquid injection and lyophilized products, expanding customers globally.
    • Offers several clinical injectable drug formulation development and manufacturing services, and also cooperates with medical device manufacturers for product development.

Proprietary Injectable Product Development and Licensing

• Eribulin Injectable

  • Market Size: Global USD 370 million, US market USD 130 million, Taiwan market NTD 450 million.
  • Market Status:
    • Taiwan: Listing actively in progress, shipments started. Won bid for Taipei City Hospital. Entered second phase of Ministry of Health and Welfare hospital joint tender.
    • Turkey: Licensing agreement signed, registration in progress. Official on-site inspection expected H2 2025.
    • Europe: Licensing agreement signed, official inspection completed.
    • US: Licensing agreement signed.
    • Other Markets (Emerging market): Hong Kong, Pakistan, Singapore completed agreement signing and registration. Other markets under discussion.
    • Canada: Under discussion.
    • Latin America: Under discussion.

• Other Injectable Products Under Development

  • 貧血藥物 (Anemia drugs)
  • GLP-1藥物 (GLP-1 drugs)
  • 慢性腎臟病相關 (Chronic kidney disease related)

Clients & Markets

• Customers distributed in the US, Europe, Japan, and Taiwan.

ESG / Sustainability

• No specific information provided in the given content.

Outlook & Strategy

• Expand efficiency and capacity to meet customer demand.
• Expand overseas presence, actively develop various pharmaceutical markets.

Additional Data

• No additional data provided beyond the sections above.