The top three Taiwanese pharmaceutical firms reported divergent results for January 2026. While Bora faced structural headwinds and Lotus saw a slight dip, PharmaEssentia maintained its high-growth trajectory.

• Bora Pharmaceuticals: Reported consolidated revenue of NT$1.14 billion (-30.2% YoY), falling below market expectations. This was attributed to two non-structural factors: a 3–4 week annual maintenance shutdown at its Maryland (USA) sterile injectables plant and a cautious pricing stance by distributors for its gastroesophageal reflux generic, DLS. Management expects a turnaround by the end of Q1 as Upsher-Smith products ramp up and backorders are filled.
• Lotus: Reported NT$2.052 billion (-5.5% YoY). The decrease was due to a high base effect from the leukemia drug Lenalidomide last year. Furthermore, severe winter weather in the U.S. temporarily hampered logistics for Alvogen US. Growth is expected to resume in February as weather conditions stabilize.
• PharmaEssentia: Despite the annual reset of patient deductibles in the U.S., revenue grew nearly 50% YoY, supported by a slight price increase for Ropeg and strong demand pull-through from December.

Resource: 製藥三強保瑞、美時、藥華藥 1月業績不同調