Tanvex BioPharma (泰福-KY) announced on the 12th that its net loss attributable to the parent company for the first three quarters amounted to NT$1.079 billion, with a loss per share of NT$4.53. However, driven by growth in both biosimilar sales and CDMO (Contract Development and Manufacturing Organization) operations, third-quarter revenue reached a historical high, while the loss margin significantly narrowed, marking the company’s strongest quarter since its founding.
Showing improving operational momentum, Tanvex reported consolidated Q3 revenue of NT$125 million, a substantial quarter-on-quarter increase of over 160%. Measured in functional currency USD, revenue has grown for two consecutive quarters. The main contributor was its biosimilar TX-01, which was officially launched in the U.S. market in September by partner Cipla, driving biosimilar shipment revenue to surpass NT$49 million for the quarter. Meanwhile, CDMO business advanced multiple projects, recording a near 50% quarter-on-quarter increase.
Tanvex noted that Cipla plans to launch Cipla-labeled products in Q4 to expand visibility and market share in the U.S., while Canadian partner Sandoz continues to gain market share, boosting Tanvex’s biosimilar shipment volumes and the utilization rate of its San Diego facility. To align with its business transformation, starting from Q3, Tanvex reclassified certain facility expenses: costs related to process development, analytics, quality, and manufacturing were shifted from R&D expenses to CDMO operating costs, providing a clearer presentation of revenue structure.
Although the CDMO business has not yet achieved full economies of scale, and some idle capacity still results in operating gross losses, overall operational integration has yielded notable results. Q3 operating loss decreased by over 10% compared to the previous quarter. Additionally, Taiwan operations integration was completed ahead of schedule; the former Xizhi facility was officially subleased and its leasehold improvements sold in Q3, generating disposal gains exceeding NT$20 million, contributing to nearly 20% narrowing of losses over two consecutive quarters.
CEO Stephen Lam stated that following Tanvex’s January merger with Bora Biologics, the Taiwan-U.S. teams have driven integration and licensing programs with double efficiency. The company not only successfully completed mass production and launch of its first in-house developed biosimilar, but also became the “first Taiwanese biologics company to manufacture and launch in the U.S.” The Bora Biologics brand has established visibility in the international CDMO market and recently received two international awards from global biopharmaceutical market research firm IMAPAC for “Best Analytical Services” and “Best Process Scale-Up Development.”
Lam emphasized that the 2,000-liter expansion of the San Diego facility is scheduled for completion in Q1 2026. Coupled with dual engines of licensing and contract manufacturing, Tanvex expects continued strengthening of revenue and profit growth momentum.
Resource: 泰福-KY前三季虧損收斂 Q3營收創高、生物相似藥上市挹注動能
