FORMOSA LABORATORIES, INC. (TWSE 4746) [time:2026Q1] 法說會簡報
Company Overview
- Company Name: FORMOSA LABORATORIES, INC.
- Stock Code: TWSE 4746
- Date: May 22, 2026
- Slogan: Hope, Passion, Innovation, Sustainability
Disclaimer: 本簡報及同時發佈之相關訊息所提及之預測性資訊包括營運展望、財務狀況以及業務預測等內容，乃是建立在本公司從內部與外部來源所取得的資訊基礎。本公司未來實際所可能發生的營運結果、財務狀況以及業務成果，可能與這些明示或暗示的預測性資訊有所差異。其原因可能來自於各種因素，包括但不限於價格波動、競爭情勢、國際經濟狀況、匯率波動、市場需求以及其他本公司無法掌控之風險等因素。本簡報中對未來的展望，反應本公司截至目前為止對於未來的看法。對於這些看法，未來若有任何變更或調整時，本公司並不負責隨時再度提醒或更新。
Financial Highlights
合併營收 2026 up to Apr 年減 12%
- 2026 up to Apr Consolidated Revenue: 1,395 Million NTD (Year-on-year change: -12%)
- Historical Consolidated Revenue (Million NTD):
- 2022: 3,766
- 2023: 4,360
- 2024: 4,731
- 2025: 4,851
- 2025 up to Apr: 1,589
- 2026 up to Apr: 1,395
營收 2026 up to Apr 年減 12% (Revenue Breakdown)
| 產品類別 (Product Category) | Million NTD | YoY |
|---|---|---|
| 膽固醇磷酸鹽結合劑 (Cholesterol Phosphate Binding Agents) | 479 | -15% |
| 維他命D衍生物 (Vitamin D Derivatives) | 268 | -4% |
| 委託研發代工生產 (Contract R&D and Manufacturing) | 182 | 23% |
| 類固醇 (Steroids) | 142 | -7% |
| 消炎止痛劑 (Anti-inflammatory Analgesics) | 103 | 124% |
| 抗癌活性成份 (Anti-cancer Active Ingredients) | 75 | -44% |
| 其他 (Others) | 146 | -45% |
| 營收總計 (Total Revenue) | 1,395 | -12% |
產品營收比重 (Product Revenue Mix)
| 產品類別 (Product Category) | 2022 | 2023 | 2024 | 2025 | 2026 UP TO APR |
|---|---|---|---|---|---|
| 膽固醇磷酸鹽結合劑 (Cholesterol Phosphate Binding Agents) | 34% | 36% | 35% | 34% | 34% |
| 維他命D衍生物 (Vitamin D Derivatives) | 19% | 19% | 17% | 16% | 19% |
| 委託研發代工生產 (Contract R&D and Manufacturing) | 16% | 12% | 10% | 11% | 11% |
| 類固醇 (Steroids) | 1% | 1% | 3% | 4% | 3% |
| 消炎止痛劑 (Anti-inflammatory Analgesics) | 6% | 5% | 4% | 4% | 7% |
| 抗癌活性成份 (Anti-cancer Active Ingredients) | 3% | 6% | 12% | 7% | 5% |
| 呼吸系統用藥 (Respiratory System Drugs) | 9% | 11% | 12% | 10% | 4% |
| 免疫調節劑 (Immunomodulators) | 3% | 2% | 2% | 2% | 2% |
| 其他 (Others) | 9% | 9% | 6% | 6% | 7% |
2026 Q1 獲利狀況 (個體) (Profitability - Standalone)
- 每股稅後淨利 (EPS after tax): 0.16元
- 每股淨值 (Book Value per Share): 64.66元
- Margins:
- 2022: 毛利率 (Gross Margin) 37%, 營業利益率 (Operating Margin) 14%, 稅後淨利率 (Net Margin after tax) 11%
- 2023: 毛利率 (Gross Margin) 44%, 營業利益率 (Operating Margin) 22%, 稅後淨利率 (Net Margin after tax) 3%
- 2024: 毛利率 (Gross Margin) 42%, 營業利益率 (Operating Margin) 20%, 稅後淨利率 (Net Margin after tax) 3%
- 2025: 毛利率 (Gross Margin) 42%, 營業利益率 (Operating Margin) 21%, 稅後淨利率 (Net Margin after tax) 9%
- 2026 Q1: 毛利率 (Gross Margin) 41%, 營業利益率 (Operating Margin) 16%, 稅後淨利率 (Net Margin after tax) 2%
2025Q1~2026Q1 獲利狀況 (個體) (Profitability - Standalone)
- Margins Trend:
- 2025Q1: 營業毛利 (Gross Profit) 42%, 營業利益 (Operating Profit) 20%, 稅後淨利 (Net Profit after tax) 11%, 營業費用 (Operating Expenses) 22%
- 2025Q2: 營業毛利 (Gross Profit) 42%, 營業利益 (Operating Profit) 19%, 稅後淨利 (Net Profit after tax) -12%, 營業費用 (Operating Expenses) 23%
- 2025Q3: 營業毛利 (Gross Profit) 43%, 營業利益 (Operating Profit) 17%, 稅後淨利 (Net Profit after tax) 25%, 營業費用 (Operating Expenses) 28%
- 2025Q4: 營業毛利 (Gross Profit) 41%, 營業利益 (Operating Profit) 16%, 稅後淨利 (Net Profit after tax) 11%, 營業費用 (Operating Expenses) 25%
- 2026Q1: 營業毛利 (Gross Profit) 41%, 營業利益 (Operating Profit) 16%, 稅後淨利 (Net Profit after tax) 2%, 營業費用 (Operating Expenses) 25%
Business Segments
整合式研發與生產服務 (Integrated R&D and Production Services)
- Generic API (學名藥原料藥):
- 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 (DS to DP one-stop service)
- ADC (Antibody-Drug Conjugate)
- Peptide (胜肽)
- Injectable (針劑):
- 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)
多角化結盟經營以其商機最大化 (Diversified Alliance Management for Business Opportunity Maximization)
- 生物藥 (Biologics):
- FirGenix (台康生技股份有限公司)
- ADC 奈米化藥物 (ADC Nanoparticles):
- FORMOSA PHARMACEUTICALS, INC. (台新藥股份有限公司)
- 原料藥、ADC、針劑、CDMO (API, ADC, Injectable, CDMO):
- FORMOSA LABORATORIES, INC.
- 原料藥、ADC、CDMO (API, ADC, CDMO):
- SynChem-Formosa (FORMOSA LABORATORIES, INC.)
Products & Technologies
原料藥維持市場核心地位 (API Business Maintains Core Market Position)
- 策略:
- 優化產率 (Optimize yield)
- 擴大產能 (Expand capacity)
- 穩定供應鏈 (Stable supply chain)
- 2026 銷售狀況 (Sales Status):
- 膽固醇磷酸鹽結合劑 (Cholesterol Phosphate Binding Agents): 穩定出貨與維持市佔率。(Stable shipments and market share maintenance.)
- Vitamin D 衍生物 (Vitamin D Derivatives): 新產品穩定陸續商業化出貨。(New products are steadily being commercialized and shipped.)
- 抗癌藥物 (Anti-cancer Drugs): 新產品持續出貨,穩定貢獻營收。(New products continue to be shipped, contributing stable revenue.)
- 類固醇產品 (Steroid Products): 出貨持續平穩。(Shipments remain stable.)
全方位CDMO-提供一站式服務 (Full-service CDMO - Providing One-Stop Service)
- Service Flow: Research -> CMC Development -> API/DS Manufacturing -> Injectable Manufacturing -> Labelling/Packaging/Logistics
- Current Status:
- 歐美日原廠CMO案件持續穩定商業化供貨,新案討論中。(CMO projects from European, American, and Japanese original manufacturers continue stable commercial supply, new projects under discussion.)
- 穩定持續開拓北美CDMO業務,臨床案件臨床試驗用原料藥生產階段已順利完成生產並出貨,放大生產進行中。(Steadily expanding North American CDMO business; clinical trial API production for clinical projects has been successfully completed and shipped, with scale-up production underway.)
- Formosa Japan 積極開發日本CDMO市場,新案進行中。(Formosa Japan is actively developing the Japanese CDMO market, with new projects underway.)
- 提供美國大藥廠胜肽類藥物研發服務。(Providing peptide drug R&D services for major US pharmaceutical companies.)
- 製劑代工產品: 涵蓋商業化階段準備以及臨床階段案件。(Formulation contract manufacturing products: covering commercialization phase preparation and clinical phase projects.)
一站式ADC CDMO服務持續拓展中 (One-stop ADC CDMO Services Continue to Expand)
- 服務範圍 (Service Scope):
- Linker-payload, Bioconjugation以及製劑製程開發與生產服務 (Linker-payload, Bioconjugation, and formulation process development and production services)
- ADC candidate 篩選平台 (ADC candidate screening platform)
- 放大生產,ADC-DS新產線設備已完成驗證,可提供至商業規模生產 (Scale-up production, new ADC-DS production line equipment has been validated, capable of commercial scale production)
- 全方位分析服務 (Comprehensive analytical services)
- ADC CDMO 亮點 (Highlights):
- 客戶包含美國、歐洲、日本、澳洲以及台灣。(Clients include the US, Europe, Japan, Australia, and Taiwan.)
- 歐洲客戶已進入臨床一/二期試驗,並已進行放大生產。另新ADC藥物案件已簽約並展開專案。(European clients have entered Phase I/II clinical trials and are undergoing scale-up production. New ADC drug projects have also been signed and initiated.)
- 三個一站式服務,數個候選ADC研發案開始執行。(Three one-stop services, several candidate ADC R&D projects have commenced.)
- Synchem-Formosa 擴建進行中,未來可提供北美ADC客戶CDMO需求。(SynChem-Formosa expansion is underway, will be able to provide CDMO services for North American ADC clients in the future.)
- 與數個生技公司簽訂合作意向書,提供更多樣性ADC 平台 CDMO 服務,數個潛在客戶洽談中。(Signed MOUs with several biotech companies to provide more diverse ADC platform CDMO services, with several potential clients currently in discussions.)
針劑產線 (Injectable Production Line)
- 國內外官方查廠 (Domestic and International Regulatory Inspections):
- 癌症用藥產線 (Oncology Drug Production Line):
- TFDA: 2022Q2完成查廠。(TFDA: Inspection completed in Q2 2022.)
- FDA: 2024 7月通過美國 FDA GMP 現場稽核。(FDA: US FDA GMP on-site audit passed in July 2024.)
- EMA: 2025 5月通過歐盟 EMA GMP現場稽核。(EMA: EU EMA GMP on-site audit passed in May 2025.)
- TMMDA: 2025年9月完成土耳其現場稽核。(TMMDA: Turkey on-site audit completed in September 2025.)
- 一般產線 (General Production Line):
- TFDA 2024 8月完成查廠,2025Q2取得GMP certificate。(TFDA: Inspection completed in August 2024, GMP certificate obtained in Q2 2025.)
- 癌症用藥產線 (Oncology Drug Production Line):
- 服務內容 (Services):
- 提供小分子與大分子水針與凍乾產品商業化生產服務,客戶擴及全球市場。(Providing commercial production services for small and large molecule liquid injectables and lyophilized products, with clients expanding to global markets.)
- 數個臨床針劑藥物劑型開發以及生產製造服務,另與醫療器材廠合作產品開發。(Several clinical injectable drug formulation development and manufacturing services, also collaborating with medical device manufacturers for product development.)
自有針劑產品開發與授權 (Proprietary Injectable Product Development and Licensing)
- Eribulin Injectable:
| 市場 (Market) | 狀態 (Status) 其他針美洲市場 (Other Emerging Markets): 香港、巴基斯坦、新加坡完成合約簽署並進行註冊 (Hong Kong, Pakistan, Singapore completed contract signing and registration)；沙烏地阿拉伯、阿爾及利亞完成簽約。(Saudi Arabia, Algeria completed contract signing.)
- 加拿大 (Canada): 洽談中 (In discussion)
- 拉丁美洲 (Latin America): 洽談中 (In discussion)
其他針劑產品開發與授權 (Other Proprietary Injectable Product Development and Licensing)
- 貧血藥物 (Anemia Drugs)
- 與易威生醫策略聯盟共同開發TLX-054注射針劑 (Jointly developing TLX-054 injectable with Taiwan Liposome Company through strategic alliance)
- GLP-1藥物 (GLP-1 Drugs):
- Semagultide 針劑產品為第一個開發之產品。(Semagultide injectable product is the first product under development.)
- 全球市場規模約為 Ozempic: 19 billion USD* / Wegovy: 12 billion USD* (Global market size approximately Ozempic: 19 billion USD* / Wegovy: 12 billion USD*)
- 劑型開發順利進行中 (Formulation development is progressing smoothly)
- 商業化產線以及組裝產線建置中 (Commercial production line and assembly line are under construction)
- * 2025 Novo Nordisk annual report released
Additional Data
- Q&A (Page 21)