TTY Biopharm posted record-high revenue and operating profit in the first half of 2025, with EPS at NT$2.72. At the company’s investor conference on the 20th, General Manager Sara Hou said TTY’s “three-pronged strategy” continues to advance. Its complex generic drug Lipo-AB is achieving new sales highs in the U.S., shipments of its cell-based influenza vaccine are expected to rise further, and its breast cancer hormone therapy obtained a new second-line combination CDK4/6 indication this July. The company also expects Taiwan’s first domestically developed lung cancer drug to receive approval in the fourth quarter. Over the next three years, three additional products are slated for launch. Analysts expect second-half revenue to exceed the first half, with full-year revenue growth in the high single-digit to double-digit range.

For the first half of 2025, consolidated revenue reached NT$2.971 billion, up 12% from NT$2.648 billion in the same period last year. By business composition: oncology treatments accounted for 40%, critical care 18%, healthcare 3%, CDMO and exports 20%, and equity investments 19%.

Three main growth drivers supported results. First, the CDMO and export business: Lipo-AB continued to expand in the U.S. market, while exports to Southeast Asia also grew. Second, equity investment income, primarily from TSH Biopharm and its subsidiaries. Third, steady contributions from oncology, critical care, and healthcare businesses. Other income declined due to the absence of last year’s one-off milestone payment of roughly NT$30 million.

Gross margin held steady compared with last year. Supported by higher margins and lower expenses, operating profit rose to NT$818 million, with an improved operating margin. Net profit attributable to the parent company reached NT$675 million, EPS NT$2.72, up 25% from NT$2.18 a year ago.

Non-operating income totaled NT$90 million, down from NT$124 million last year, due mainly to two factors: a settlement of a Swiss litigation case brought in about €1 million (around NT$37 million), while the sharp NT dollar appreciation in May led to overall forex losses of NT$57 million despite natural hedging, reducing EPS by roughly NT$0.20.

According to Hou, the “three arrows” strategy is progressing as planned:

• First arrow: complex generic drug exports. Lipo-AB has performed well in the U.S. and is progressing toward regulatory filings in other regions. Its breast cancer targeted therapy has obtained approval in Taiwan and has been submitted in Vietnam.
  
• Second arrow: in-licensing of international novel drugs. The blood cancer therapy Minjuvi received approval this January, marking a milestone in expanding into new treatment areas.
  
• Third arrow: development of domestic novel and generic drugs. Last year’s launch of the antibiotic Bobimixyn has already entered multiple hospitals. In July, its breast cancer therapy gained the CDK4/6 combination indication, and a new lung cancer targeted therapy is expected to obtain approval in Q4.
  

Looking ahead, TTY plans to further expand its product pipeline. In addition to the upcoming lung cancer drug, three urgently needed antibiotics are expected to launch over the next three years. Analysts project stronger revenue in the second half of 2025 compared with the first, with full-year revenue growth in the high single to double-digit percentage range.

Resource: 東洋營運三箭策略續推進，下半年營收估勝上半年