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Taiwan biopharma that developed and sells Besremi (ropeginterferon alfa-2b), a treatment for the blood cancer polycythemia vera.
Taiwan biopharma that developed and sells Besremi (ropeginterferon alfa-2b), a treatment for the blood cancer polycythemia vera.
Earns almost entirely from one injectable drug for a rare blood cancer, so revenue depends on how many patients are started on it and how long they stay on treatment, plus insurer coverage. It launched the drug itself in the US after the 2021 FDA approval and uses partners in some other markets.
In one line: A small, single-franchise specialty biotech.
Moat: narrow (IP / patents, regulatory licence). Patent-protected, FDA/EMA-approved biologic with limited direct alternatives for its indication.
Headquarters: Taipei, Taiwan · Founded: 2003
Size PharmaEssentia (6446.TW) is a Taiwan Health Care company (Pharmaceuticals: Major) with a market value of $15.8B, the 39th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$1,270 on 6 Nov 2026.
Performance Over six months the shares gained 117.7%, against +4.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 64.2% over the last twelve months (peer median +18.9%); the operating margin is 38.4% (peer median 20.8%).
Valuation It trades at 39.2× forward earnings against a peer median of 23.5× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +95%, so the hurdle is -65 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 40.2 points above its cost of capital (7.6% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$20.8B | NT$15.6B | NT$9.73B | NT$5.11B | NT$2.88B |
| Revenue growth | — | +61% | +91% | +77% | — |
| Gross profit | NT$18.6B | NT$13.7B | NT$8.31B | NT$4.34B | NT$1.95B |
| EBITDA | NT$8.41B | NT$5.33B | NT$2.10B | -NT$1.64B | -NT$1.80B |
| Net income | NT$7.63B | NT$5.05B | NT$2.97B | -NT$624M | -NT$1.37B |
| Free cash flow | NT$5.94B | NT$3.37B | NT$1.67B | -NT$2.03B | -NT$1.83B |
| Capital expenditure | NT$2.40B | NT$2.01B | NT$932M | NT$1.36B | NT$321M |
| Total debt | NT$1.02B | NT$856M | NT$965M | NT$1.20B | NT$1.57B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| PharmaEssentia 6446.TW | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 9.7× | -12.9% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Incyte INCY | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% |
| Protagonist Therapeutics PTGX | $8.54B | +33% | +35% | 21% | 48.4× | 47.5% |
| Takeda Pharmaceutical 4502.T | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6446.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +8.1% | 10th lowest of 21 |
| 6-month return | +117.7% | +4.0% | highest of 21 |
| Distance from 52-week high | -22.8% | -9.2% | 6th lowest of 21 |
| Revenue growth (TTM) | +64.2% | +18.9% | 2nd highest of 21 |
| Operating margin | 38.4% | 20.8% | 2nd highest of 21 |
| Forward P/E | 39.2× | 23.5× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 29.3% | 0.9% | 6th most demanding of 18 |
| Growth delivered (Del g) | +94.8% | +12.1% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -65.5 pp | -11.6 pp | 2nd least demanding of 18 |
| ROIC minus cost of capital | +40.2 pp | +4.4 pp | 4th highest of 21 |
| EV / EBITDA | 59.5× | 15.9× | most expensive of 15 |
| Net debt / EBITDA | -2.8× | -0.0× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |