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API manufacture Formosa Laboratories profits TWD181M in H1

Taiwan’s API manufacturer Formosa Laboratories reported H1 results on 5 August, that the company delivered a 3.18 times annual revenue growth to TWD1.81bn, with EPS of TWD16.7. The gains came from Formosa’s joint venture EirGenix whose share price has ticked up from Q1 onwards. 

Formosa’s EPS in Q1 was TWD9.84 but slipped in Q2 (TWD6.86). API earnings, however, fell short 20% annually to TWD192m posted by Formosa in July. Shares of the company closed at TWD69.8, up 0.2 on 5 August.

Formosa Pharmaceuticals, a subsidiary of Formosa Laboratories, entered an out-licensing deal with China-based Grand Pharmaceutical for its hormone nanosuspension eye drops APP13007. The deal came with a milestone payment no more than $9.5 million and shared profits of sales, which contributed partially to the revenue in June for its parent company.

Formosa's injection manufacturing plant is capable of producing both proteins and small molecule drugs up to a hundred million doses, and tens of millions of doses for cytotoxic drugs. The site inspection by Taiwan’s FDA has delayed due to COVID-19 but it is likely to be completed in Q4. Once the facility has been up and running, contract manufacturing service can thus be offered to clients in Taiwan as well as from overseas, according to Formosa.  

News compiled by IBMI; Source in Chinese: Economic Daily 

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