PharmaEngine's June Revenue Doubles Year-on-Year, Stock Nears Record High

New drug company PharmaEngine (6446) announced robust financial results for June, with revenue reaching NT$2.33 billion. This figure represents a significant 94.88% year-on-year increase, despite a slight 5% month-on-month decrease. The company's performance in the first half of the year was even more impressive, with cumulative revenue hitting NT$11.98 billion, an increase of over 70% compared to the same period last year. This growth is primarily attributed to the steady expansion of its core product, Ropeg, in key global markets. PharmaEngine's stock has reflected this positive performance, surging by 100% in the past two months. As of this morning, the stock was trading at NT$1410, up NT$15, with approximately 250 shares traded. The company's share price is now poised to challenge its historical high of NT$1430. The company highlighted that the June revenue figures exclude any adjustments related to the US Centers for Medicare & Medicaid Services (CMS) qualification. The strong year-on-year growth underscores the sustained market demand for Ropeg. Even when excluding the impact of the CMS adjustment in May, June revenue still showed double-digit growth compared to the previous month. In North America, Ropeg recently received approval from Health Canada for the treatment of polycythemia vera (PV), with a market launch expected within weeks. This approval follows Ropeg's acquisition of US FDA approval for PV in 2021, completing PharmaEngine's strategic positioning in the North American PV market. With approximately 17,000 PV patients in Canada, the launch is anticipated to address unmet medical needs and enhance PharmaEngine's competitiveness in the North American myeloproliferative neoplasms (MPN) market. Furthermore, the company is seeking regulatory approval for Ropeg in new indications, including essential thrombocythemia (ET), with the US FDA expected to complete its review by August 30th. Review processes in Japan, China, and South Korea are also progressing.