SunWay Biotech Co. Ltd. has released its financial report for the fiscal year ending in 2023, reporting a consolidated revenue of NT$571 million, an operating gross profit of NT$236 million, a post-tax net profit of NT$44.08 million, and earnings per share of NT$1.47. SunWay Biotech announced that following the completion of the share conversion initiated with Bora Pharmaceuticals Co., Ltd. ' subsidiary, Bora Health Inc., on November 1st of the previous year, Bora Pharmaceuticals, the parent company of Bora Health, has become the largest single shareholder of SunWay Biotech. Consequently, SunWay Biotech has officially become a major member of Taiwan's largest pharmaceutical conglomerate.
According to accounting standards, this share conversion is treated as a "reverse acquisition," with Bora Health as the acquiring entity and SunWay Biotech as the acquired company. Hence, the calculation basis for the comprehensive income statement for the full year of 2023 includes Bora Health's full-year profit and loss, along with SunWay Biotech's profit and loss from November 1st to December 31st. The figures for 2022 included in the financial report represent Bora Health's operational status and do not fully reflect the operational synergies and financial performance post-merger.
If this merger had occurred at the beginning of the year, on January 1, 2023, SunWay Biotech's consolidated revenue for the year would have reached NT$823 million, marking a growth of over 135% compared to 2022. Additionally, the company's operating gross profit after the merger amounted to NT$416 million, demonstrating a significant expansion in operational scale.
SunWay Biotech highlighted that prior to joining the Pfizer group, the company's revenue was relatively concentrated, making it susceptible to fluctuations in business strategies and inventory management of individual clients. Since the formal merger in November of the previous year, SunWay Biotech and Pfizer group have actively integrated in various aspects such as business expansion, product planning, and financial efficiency. This integration has accelerated SunWay Biotech's progress in overseas business development, with its products now exported to seven countries.
Furthermore, SunWay Biotech has become the world's first company to assist the United States Pharmacopeia (USP) in formulating specifications for red yeast rice dietary supplement ingredients. SunWay Biotech's contributions have been acknowledged by USP, further solidifying its leading position in setting global standards for raw material specifications or product application innovations.
In terms of market development in Taiwan, SunWay Biotech is expected to officially launch new products developed and manufactured through Pfizer's distribution channels. Additionally, Pfizer has secured exclusive representation rights for pharmaceutical products of Lundbeck, a global leader in neurological drugs, in the Taiwanese market starting from 2024. SunWay Biotech's board of directors has also approved the earnings distribution plan for 2023, with a portion of cash retained for capital investments and future expansion plans. Once the expansion of the new plant is completed, SunWay Biotech will possess its own production capacity, laying a solid foundation for attacking the global market.
