In 2024, Sunny Pharmtech experienced a decline in gross margin to 54%, a 12-percentage point drop compared to the previous year, due to a reduced share of high-margin milestone payments. Coupled with continued R&D investments, operating expenses rose by 8.8%, resulting in an operating loss of NT$162 million and a net loss of NT$156 million for the year. Earnings per share (EPS) stood at a negative NT$1.05.
Despite the losses, Sunny Pharmtech benefited from steady shipment growth of its anti-infective drug NFT-C and oncology injectable CPA-I, leading to a 30% year-over-year increase in sales and profit-sharing revenue in 2024. Currently, the company has three products undergoing drug registration in the U.S. and five additional products in markets outside the U.S., with potential to obtain further regulatory approvals and expand both domestic and international market presence.
Chairman Yon Lian Wu stated that in 2024, Sunny Pharmtech signed three exclusive licensing agreements with Company S for the U.S. market. Based on development milestones, the company will receive a total of US$3.6 million (approximately NT$116 million) in upfront and milestone payments in stages. Post-launch, Sunny Pharmtech will also receive a share of product sales revenue. Part of the milestone payments has already been recognized as contract liabilities in accordance with IFRS and will be progressively recognized as revenue based on the project completion ratio and contractual terms.
In terms of regulatory strategy, Sunny Pharmtech plans to submit four new product applications this year and will continue to implement its “one drug, multiple approvals” approach—extending U.S.-approved products to other international markets to maximize product value. In the CDMO business, the company signed a new manufacturing contract in 2024 for a prostate cancer drug with a leading global pharmaceutical company. Additionally, multinational companies are expected to visit Taiwan soon to discuss global contract manufacturing collaborations, suggesting that CDMO operations will continue to contribute to growth momentum.
Looking ahead to 2025, Sunny Pharmtech will focus on navigating global challenges such as U.S. tariff policies, localized supply chains, and market competition. The company will continue investing in high-barrier niche markets, advancing R&D, expanding multi-market drug registrations, and optimizing its production lines to reduce manufacturing costs, enhance competitiveness, and deliver greater value to shareholders.
Resource: 祥翊去年積極投入研發每股淨損1.05元 今年布局全球、持續取證
