FORMOSA LABORATORIES, INC. (TWSE 4746) [time:2026Q3] 法說會簡報
Company Overview
- Company Name: FORMOSA LABORATORIES, INC.
- Stock Code: TWSE 4746
- Date: August 14, 2026
- Slogan/Values: Hope, Passion, Innovation, Sustainability
- Global Presence:
- Taiwan: Taoyuan, Taiwan (Formosa Laboratories, Inc.)
- Japan: Tokyo, Japan (Formosa Laboratories Japan)
- US: Chicago, US (SynChem-Formosa)
Financial Highlights
2026 1H 獲利狀況 (個體) (2026 1H Profitability (Individual))
- 每股稅後淨利 (EPS after tax): 0.04元
- 每股淨值 (Book value per share): 61.75元
獲利狀況 (個體) (Profitability (Individual))
| Metric / Period | 2022 | 2023 | 2024 | 2025 | 2026 1H |
|---|---|---|---|---|---|
| 毛利率 (Gross Margin) | 37% | 44% | 42% | 42% | 40% |
| 營業利益率 (Operating Margin) | 14% | 22% | 20% | 21% | 16% |
| 稅後淨利率 (Net Margin after tax) | 11% | 3% | 3% | 9% | 0.2% |
| Metric / Period | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 |
|---|---|---|---|---|---|
| 營業毛利 (Gross Profit Margin) | 42% | 43% | 41% | 41% | 40% |
| 營業利益 (Operating Profit Margin) | 19% | 17% | 16% | 16% | 15% |
| 稅後淨利 (Net Profit Margin after tax) | -12% | 25% | 11% | 2% | -1% |
| 營業費用 (Operating Expenses Ratio) | 23% | 28% | 25% | 25% | 25% |
Recent Performance and Results
合併營收 2026 up to July 年減 7% (Consolidated Revenue 2026 up to July YoY -7%)
- Unit: Million NTD | Year | Consolidated Revenue (Million NTD) | | :--- | :--------------------------------- | | 2022 | 3,766 | | 2023 | 4,360 | | 2024 | 4,731 | | 2025 | 4,851 | | 2025 up to July | 2,763 | | 2026 up to July | 2,563 (-7% YoY) |
營收 2026 up to July 年減 7% (Revenue 2026 up to July YoY -7%)
| Product Category | 2026 up to July Revenue (Million NTD) | YoY Change |
|---|---|---|
| 膽固醇磷酸鹽結合劑 (Cholesterol Phosphate Binders) | 879 | -8% |
| 維他命D衍生物 (Vitamin D Derivatives) | 509 | 21% |
| 委託研發代工生產 (Contract R&D and Manufacturing) | 371 | 44% |
| 類固醇 (Steroids) | 242 | -34% |
| 呼吸系統用藥 (Respiratory System Drugs) | 148 | -52% |
| 消炎止痛劑 (Anti-inflammatory Analgesics) | 147 | 104% |
| 其他 (Others) | 267 | -30% |
| 營收總計 (Total Revenue) | 2,563 | -7% |
產品營收比重 (Product Revenue Mix)
| Product Category | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 UP TO JULY |
|---|---|---|---|---|---|---|
| 膽固醇磷酸鹽結合劑 (Cholesterol Phosphate Binders) | 33% | 34% | 36% | 35% | 34% | 34% |
| 維他命D衍生物 (Vitamin D Derivatives) | 19% | 19% | 19% | 17% | 16% | 20% |
| 委託研發代工生產 (Contract R&D and Manufacturing) | 14% | 16% | 12% | 10% | 11% | 13% |
| 類固醇 (Steroids) | 6% | 1% | 1% | 3% | 11% | 9% |
| 呼吸系統用藥 (Respiratory System Drugs) | 6% | 9% | 11% | 12% | 10% | 6% |
| 消炎止痛劑 (Anti-inflammatory Analgesics) | 3% | 6% | 5% | 4% | 4% | 6% |
| 抗癌活性成份 (Anti-cancer Active Ingredients) | 5% | 3% | 2% | 2% | 7% | 4% |
| 免疫調節劑 (Immunomodulators) | 13% | 9% | 9% | 12% | 6% | 2% |
| 其他 (Others) | - | - | - | - | - | 6% |
Outlook & Strategy
營運策略 (Operating Strategy)
-
整合式研發與生產服務 (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 needs)
- CDMO:
- DS to DP一站式服務 (DS to DP one-stop service)
- ADC
- 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 (Own product development and licensing)
- Generic API:
-
多角化結盟經營以其商機最大化 (Diversified Alliance Management for Maximizing Business Opportunities):
- FORMOSA LABORATORIES, INC. (中心業務): 原料藥 (API), ADC, 針劑 (Injectable), CDMO
- 策略聯盟夥伴:
- FirGenix 台康生技股份有限公司: 生物藥 (Biologics)
- FORMOSA PHARMACEUTICALS, INC. 台新藥股份有限公司: ADC 奈米化藥物 (ADC Nanomedicine)
- SynChem-Formosa: 原料藥 (API), ADC, CDMO
-
拓展海外據點 積極開發各藥品市場 (Expanding Overseas Footprint, Actively Developing Various Pharmaceutical Markets):
- Taoyuan, Taiwan: Formosa Laboratories, Inc.
- Tokyo, Japan: Formosa Laboratories Japan
- Chicago, US: SynChem-Formosa
Important Business Descriptions
原料藥維持市場核心地位 (API Maintains Core Market Position)
- 策略重點:
- 優化產率 (Optimize yield)
- 擴大產能 (Expand capacity)
- 穩定供應鏈 (Stabilize supply chain)
- 2026 銷售狀況 (2026 Sales Status):
- 膽固醇磷酸鹽 (Cholesterol Phosphate): 穩定出貨與維持市佔率。(Stable shipments and market share maintenance.)
- Vitamin D: 新產品穩定陸續商業化出貨。(New products steadily commercialized and shipped.)
- 類固醇產品 (Steroid Products): 出貨持續增加。(Shipments continue to increase.)
- 消炎止痛劑 (Anti-inflammatory Analgesics): 穩定貢獻營收。(Stable revenue contribution.)
全方位CDMO-提供一站式服務 (Full-Service CDMO - Providing One-Stop Service)
- 服務流程: Research → CMC Development → API/DS Manufacturing → Injectable Manufacturing → Labelling/Packaging/Logistics
- 業務進展:
- 歐美日原廠CMO案件持續穩定商業化供貨。(CMO projects from European, American, and Japanese original manufacturers continue stable commercial supply.)
- Formosa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,並討論未來需求。另有新案洽談中。(Formosa continues to steadily expand North American CDMO business. Clinical trial API production phase for clinical projects has been successfully completed and shipped, with scale-up production in progress and future demand under discussion. New projects are also being discussed.)
- 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: 涵蓋商業化產品以及臨床階段案件。(Formulation contract manufacturing products: covering commercial products 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, ADC-DS new production line equipment has been validated, can provide commercial scale production)
- 全方位分析服務 (Comprehensive analytical services)
- ADC CDMO 亮點 (ADC CDMO Highlights):
- 客戶涵蓋美國、歐洲、日本、澳洲以及台灣。(Customers cover 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。新候選藥物持續進行中。(European customers have entered Phase I/II clinical trials and are undergoing scale-up production. New ADC drug projects have also been signed and initiated. New candidate drugs are continuously being developed.)
- 三個一站式服務,數個候選ADC研發案開始執行。(Three one-stop services, several ADC candidate R&D projects initiated.)
- 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 provide CDMO needs for North American ADC customers 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, providing more diverse ADC platform CDMO services, several potential customers in discussion.)
針劑產線 (Injectable Production Line)
- 國內外官方查廠 (Domestic and International Official Inspections):
- 癌症用藥產線 (Oncology Drug Production Line):
- TFDA: 2022Q2完成查廠。(TFDA: Inspection completed in 2022Q2.)
- 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 2025Q2.)
- 癌症用藥產線 (Oncology Drug Production Line):
- 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 molecule and large molecule liquid injection and lyophilized products, customers 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 production manufacturing services, also collaborating with medical device manufacturers for product development.)
自有針劑產品開發與授權 (Own Injectable Product Development and Licensing)
-
Eribulin Injectable:
- 台灣 (Taiwan): 積極進行各醫院Listing (Actively pursuing listing in various hospitals)
- 土耳其 (Turkey): 授權合約簽署,已送件。(Licensing agreement signed, submitted.)
- 歐洲 (Europe): 授權合約簽署,已取得10個國家藥證。(Licensing agreement signed, obtained drug licenses in 10 countries.)
- 美國 (US): 授權合約簽署,已取得藥證並開始出貨。(Licensing agreement signed, obtained drug license and started shipments.)
- 其他市場 (Emerging market): 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)
-
其他針劑產品開發中 (Other injectable products under development):
- 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 (TLC) 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 developed.)
- 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 progressing smoothly)
- 商業化產線以及組裝產線建置中 (Commercial production line and assembly line under construction)
- 已有全球銷售夥伴 (Already has global sales partners)
- * 2025 Novo Nordisk annual report released
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。