Foresee Pharmaceuticals announced consolidated revenue of NT$28.38 million for March, bringing total revenue for the first quarter to approximately NT$110 million, a 6% year-on-year increase and the highest Q1 revenue in the company’s history. Sales of its prostate cancer drug CAMCEVI are ongoing in the U.S., with the distributor sourcing the product directly from the contract manufacturing site in France. Foresee stated that tariffs and shipping costs are covered by the U.S. distributor, and the newly announced U.S. “reciprocal tariffs,” even if extended to pharmaceuticals, will have no impact on the company.
Foresee explained that CAMCEVI is manufactured by the French contract manufacturer Fareva, and the U.S. distributor procures directly from this site. According to the current contract terms, the company supplies the product at a fixed price, and, based on mutually agreed conditions, tariffs and shipping are handled by the distributor. After assessment, Foresee concluded that the recently announced U.S. reciprocal tariff policy poses no material impact on its financials or operations.
In terms of new chemical entity (NCE) drug development, the global market is highly concentrated in the United States. To prepare for potential licensing opportunities and optimize its tax structure, Foresee had already taken proactive measures in April 2024 by capitalizing the technology and IP of its NCE assets into its wholly owned U.S. subsidiary. This move enables a more efficient presence in the world’s largest NCE market while also mitigating potential withholding tax obligations during future licensing transactions. Positioning the U.S. subsidiary as the contracting entity for NCE development and future out-licensing will help streamline R&D and business advancement.
March revenue included NT$19.89 million from supplying the six-month CAMCEVI formulation to the U.S. distributor and NT$8.12 million from revenue-sharing of the drug's U.S. terminal market sales. In addition, as the six-month formulation of CAMCEVI was newly launched in Germany in Q1, the relevant royalty reporting structure is still being finalized. In accordance with conservative revenue recognition practices, EU-related royalty income for CAMCEVI will be recorded starting in the second quarter.
In March, U.S. terminal market sales of the six-month CAMCEVI formulation totaled 1,630 units, down 12% from 1,845 units in February. Regulatory submissions for the three-month CAMCEVI formulation have entered the formal review process in both the U.S. and Europe. CAMCEVI-related revenue is expected to grow significantly in the second half of the year, supported by the anticipated milestone payment upon FDA approval of the three-month formulation in the U.S.
Resource: 逸達Q1營收創歷年同期新高，美國市場銷售不受關稅影響
