Lidocaine to be approved in 2017
​Maintain HOLD; no near-term progress on ANDA approval: TWi Pharma’s 1-5M16 sales grew by 164% YoY to NT$300 mn, in line with our estimate. However, the company remains unprofitable despite the sales contribution from four products launched in 2015, with a 1Q16 LPS of NT$1.75. We expect 2016F LPS to reach NT$2.37. The key to turning profitable is Lidocaine and Dexlansoprazole, the launch schedules of which remain unclear for now. Actavis’s generic Lidocaine has been on the market for more than two years and dominates about 80% of the market. In our view, TWi Pharma’s sales outlook is still uncertain. We maintain HOLD and suggest investors re-visit when Abbreviated New Drug Application (ANDA) visibility becomes clearer.
TWi Pharmaceuticals, Inc. is engaged in the development, commissioned manufacturing and commissioned research of special pharmaceuticals. The Company focuses on the development of two categories of high barrier generic drugs: Paragraph IV of Abbreviated New Drug Applications (ANDAs) and generics with high technical barriers. The Company is involved in the commissioned manufacture of Divalproex Sodium Extended Release Tablet, which are oral tablets used as antiepileptic drug; the commissioned research and development of generic drugs to meet its customer's specific needs, and the manufacture and sale of oral tablets and capsules used for the treatment of hypertension, depression, and gastro esophageal reflux diseases. The Company distributes its products in the United States and Taiwan.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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