PharmaEssentia Corp (6446 TT, NT$782) - On path to glory

研报英文原文证据摘录

PharmaEssentia Corp (6446 TT, NT$782) - On path to glory

e expansion of PV indications

and dual-engine growth driven by the approval and launch of new ET indications. We

Source: CMoney

maintain our original penetration rate estimates for PV and ET, with ET expected to reach

What's changed about 2,000 treated patients by end-FY26, becoming the company’s second growth driver.

New Old %

In addition, the company has obtained CMS small manufacturer qualification, allowing for

Rating Buy Buy

drug price discounts retroactive to 1M25. The original financial model already includedTarget price 958 842 14

EPS forecast 28.62 25.37 13 higher unit prices in 2H26, and this time conservatively includes a potential one-off gain

Target PE 33.5 33.2 of NT$1bn in 2Q26. In terms of financial forecasts, with the addition of the one-off CMS

reversal gain and considering increased ET sales in 2H26, we raise our expense estimate.

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F Overall, we forecast FY26 sales of NT$29.7bn, up 90.6% YoY, GM of 89.8%, OpM of

Net sales 15,635 29,799 46,744 46.9%, and net EPS of NT$28.62, up 109% YoY, based on post ex-rights outstanding

YoY growth (%) 60.6 90.6 56.9 shares.

Op profit 4,928 13,967 24,897

YoY growth (%) 183.9 183.4 78.3

Net profit 5,045 12,084 20,488 Entry of competitors enhances modification awareness; parallel advancement in Ropeg

YoY growth (%) 70.1 139.5 69.5 indications, early pipeline

EPS (NT$) 13.64 28.62 48.52

In our previous notes on the biotech and healthcare sectors, we have reviewed the new

DPS (NT$) 1.5 2.0 3.0

PE (x) 57.3 27.3 16.1 drugs soon to enter the MPN market and determined that the entry of competitors does

PB (x) 9.3 6.8 4.7 not affect Ropeg’s growth potential. As new mechanism drugs enter clinical use,

Div.