At its shareholders’ meeting on May 29, TTY Biopharm approved its 2024 business report, financial statements, and profit distribution plan, announcing a cash dividend of NT$4.2 per share. Riding on the momentum of its ongoing three-pronged strategy, the company reported a 26.81% year-over-year increase in first-quarter profit, with earnings per share (EPS) reaching NT$1.57 — a record high for the same period. In addition to the organic growth of existing products and the acceleration of overseas expansion, several new products are expected to launch this year. These include TTY’s self-developed generic chemotherapy drug Pemetrexed for non-small cell lung cancer, which, when used in combination with another company’s immunotherapy drug, will be covered by National Health Insurance starting June 1. The company is also advancing a second targeted therapy developed in partnership with Roche, aiming to push revenue growth close to double digits this year.
General Manager Sara Hou stated at the shareholders’ meeting that the company’s core “three-pronged strategy”—consisting of difficult-to-export generics, in-licensed new drugs, and domestically developed innovative drugs—has helped drive 2024 revenue growth to nearly 7%. Excluding milestone payments from subsidiaries, the company’s standalone net profit also grew by 8%, primarily driven by organic growth in existing products, new product launches, and expanded overseas operations, with international sales now accounting for nearly 20% of total revenue.
TTY’s self-developed chemotherapy generic drug Pemetrexed, for treating non-small cell lung cancer, has shown strong clinical efficacy when used in combination with Pembrolizumab, an immunotherapy drug produced by another company. This combination therapy was approved by clinical experts and, as of June 1, is officially reimbursed by the National Health Insurance Administration. Although Pemetrexed currently holds a small market share in Taiwan, TTY is now one of only two companies with approved reimbursement for this treatment, and it expects the combined therapy to drive substantial growth.
In the vaccine sector, TTY secured 790,000 doses in this year’s government-funded vaccine procurement, up from just over 600,000 doses last year. Meanwhile, private market demand has continued to rise, thanks to increased awareness of cell-based flu vaccines and trust in their quality. Vaccine revenue is expected to reach another record high this year.
TTY posted consolidated revenue of NT$1.458 billion in the first quarter, the highest Q1 figure in its history, representing a 15% year-over-year increase. This was mainly driven by overseas sales growth and the expansion of its critical care division. Government- and self-paid flu vaccines also performed well, and gains from equity investments contributed positively. Operating profit hit a record NT$412 million, up 33% year-over-year. Non-operating income grew by 78%, largely due to a NT$37 million settlement from an overseas litigation case recognized in the quarter. Net profit after tax rose 26.81% year-over-year, with EPS at NT$1.57.
Sara Hou emphasized that in addition to growth from existing products, difficult-to-export generics, and international expansion, several new product launches and a second targeted therapy in partnership with Roche are expected to provide strong momentum. Combined with both public and private vaccine market growth, these drivers are expected to push TTY’s revenue growth close to double digits this year.
Resource: 東洋營運三箭策略奏效，首季獲利靚，今年營收拚近雙位數成長
