The biotech sector saw a major reshuffling in market capitalization during the Year of the Dragon. PharmaEssentia firmly retained its position as the market cap leader, reaching NT$234.8 billion. Caliway Biopharmaceuticals jumped to second place with NT$107.1 billion, surpassing Bora Pharmaceuticals at NT$82.82 billion and Lotus Pharmaceutical at NT$68.59 billion. Additionally, Lumosa Therapeutics, with NT$40.03 billion, outperformed its parent company, Center Laboratories, which stands at NT$29.18 billion, making it the dominant entity within the Center Laboratories Group.
Statistics show that the top biotech companies by market value include PharmaEssentia, Caliway, Bora, Lotus, Lumosa, Oneness Biotech, Polaris Pharmaceuticals, Center Laboratories, PEGAVISION, DIAMOND BIOFUND, EirGenix, TaiMed Biologics, and Grape King Bio—all exceeding NT$20 billion. Among them, the top seven companies, each with market values over NT$30 billion, have attracted significant foreign investor attention.
On the other hand, the MICROBIO Group experienced the largest market cap decline. MICROBIO itself dropped out of the rankings, while both Oneness Biotech and DIAMOND BIOFUND faced notable downward adjustments. Meanwhile, Caliway's rise above the highly profitable Bora and Lotus has become a focal point of discussion.
PharmaEssentia, with a market cap exceeding NT$200 billion, had an exceptional year in 2024, reporting annual revenue of NT$9.78 billion—a 91.5% year-on-year increase—falling just shy of the NT$10 billion milestone.
In addition to securing drug approvals for its new treatment for polycythemia vera (PV), Ropeginterferon alfa-2b(Ropeg), in over 40 countries worldwide, PharmaEssentia is expanding the drug’s indications to treat essential thrombocythemia (ET). Its global, multicenter Phase III clinical trials have met primary evaluation benchmarks, and the company plans to apply for ET drug approvals in countries including the United States, Japan, and China starting in 2025. Preparations for marketing campaigns are underway, positioning ET as the second growth engine for its business.
Bora Pharmaceuticals, the most profitable biotech company, benefitted significantly from mergers and acquisitions in 2024. The company posted NT$19.26 billion in revenue, a 35.62% year-on-year increase, achieving a new record. It is expected to sustain this growth trajectory into 2025.
In 2024, Bora made several major acquisitions, including Upsher-Smith Laboratories, the largest pharmaceutical company in Minnesota, an aseptic injectable manufacturing facility in Condon, Maryland, from Emergent BioSolutions, and Pyros Pharmaceuticals, a rare disease drug developer in New Jersey, with a combined investment of NT$8.58 billion. Additionally, Bora secured a controlling stake in TTY Biopharm and established a large-molecule production facility in the United States, making it one of the major beneficiaries of policies enacted during Donald Trump's presidency.
Lotus Pharmaceutical is set to see significant gains in 2025, driven by peak shipments of its blood cancer drug and the effects of its Southeast Asia acquisitions. The first-quarter contribution from its acquisition of Vietnam’s Alphachymotrypsine Choay is expected to further boost performance. Analysts project that Lotus will surpass NT$20 billion in annual revenue, achieving double-digit growth with profits exceeding two times its equity capital, setting new highs for both revenue and profitability.
Resource: 生技市值大洗牌 藥華藥連霸 這檔超越母公司穩居前五名
