TWi Pharma: Product launch delays; sales miss - 4180 TT; HOLD-OPF
​We expect Zolpidem to be launched in 2H16, with limited earnings contribution due to a small market size. Lidocaine and Dexlansoprazole will remain the key earnings drivers, and focus areas, going forward, in our view. Given the delayed launch of the three generic drugs, growing business uncertainties and intensifying competition, we cut our forecasts and lower our TP.
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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