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Data-driven stock valuation

InnoPharmax Inc. (4172) fair value: what the stock is really worth

As of Oct 22, 2026: fair value (intrinsic value) of InnoPharmax Inc. stock TWD 0.89, price TWD 9.65, upside -90.8%, quality 39 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · TW · ISIN TW0004172002

II InnoPharmax Inc. logo Thin data Oct 26, 2026

InnoPharmax Inc.

4172 · TWO

Weakest SetupStrongly overvalued and low quality.

Our calculation puts a fair price 91% below what the stock costs today.

Fair value 0.8925 TWD · Strongly overvalued (−90.8%)
Quality 39/100
Weak Growth (revenue 5y −12.8 %/yr in TWD)
Negative free cash flow
Trails peers (0/8)
Narrow moat 12/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

20.55 TWD 9.48 TWD Fair Value 0.8925 TWD Dec 2025 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 26, 2026.

How to read this chart

11‑month range 9.48 TWD – 20.55 TWD · fair‑value band 0.5865 TWD – 1.11 TWD · the 9.65 TWD price screens above the 0.8925 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 26, 2026.

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Company profile

InnoPharmax Inc., a specialty pharmaceutical company, develops and commercializes products for the treatment of oncology and other specialties in Taiwan.

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The company offers Imipenem and Cilastatin sodium solution under the Bestnem brand for the treatment of infections caused by susceptible organisms, such as lower respiratory tract, skin and skin structure, intra-abdominal, gynecologic, bone, and joint infections; contrast agents, such as gadopentetate dimeglumine under the Gadomni brand; oncology agents comprising bendamustine under the Innomustine brand; immunological agents under the Immurin brand; and Inpheno tablets for rare diseases.

It also provides active pharmaceutical ingredient, including orphan drug and MRI enhancing agents.

In addition, the company's product pipeline comprises D07001, which is in initiated phase II trial for treatment of pancreatic and lung cancer, as well as in phase III clinical trial to treat biliary tract cancer; D0191801, which is in preclinical trial to treat diabetes; D0221901, which is in preclinical trial to treat type II diabetes; D0282102 for the treatment of lymphocytic leukemia/multiple myeloma/non-hodgkin's lymphoma; O0242001-1, O0242001-2, O0242001-3 which is in preclinical trial to treat MRI agent.

Further, it provides MUCR system, OralPas, and OralPas Pro technology platform. The company was founded in 1994 and is based in Taipei, Taiwan.

Stock analysis

InnoPharmax Inc. (4172) currently trades at 9.65 TWD, while our model-based Fair Value estimate is 0.8925 TWD, 90.8% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: 0.5865 TWD (bear) to 1.11 TWD (bull), the price of 9.65 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 39/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

InnoPharmax Inc. reported revenue of 69.0M TWD in FY2025 versus 48.1M TWD in FY2021, a compound +9.5%/yr. Reported net income was −184M TWD in FY2025.

Key figures

Market cap 1.3B TWD (≈ $39.2M) Micro · P/S ratio 18.9 · EPS (TTM) −1.82 TWD · Return on equity −37.6% · Return on assets (EBIT) −19.3% · Operating margin −144% · Revenue (TTM) 67.5M TWD · Revenue growth (YoY) −3.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

For context, the median of 10 Healthcare peers we cover trades at −24% fair-value upside, at −91%, 4172 screens richer than that median.

Fair Value models

Bear 0.5865 TWD Fair Value 0.8925 TWD Bull 1.11 TWD
Price 9.65 TWD · Upside -90.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) 0.6900 TWD 1.05 TWD 1.31 TWD 52
All 1 models by family
Asset-Based
NCAV (Graham) 0.6900 TWD 1.05 TWD 1.31 TWD 52

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 60
Are margins and returns getting better?
Cashflow 5
Do the profits arrive as real cash?
Financial strength 92
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Momentum 14
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 6/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+113.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−12.8%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−22.2% (2020) → −249.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

4172 screens overvalued: fair value 91% below the price. Compare with Merck KGaA →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 583 stocks

Beats the industry median on 0/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −90.8% · Bottom 25%
Profitability
Return on assets −39.3% · Bottom 25%
Operating margin (12 months) −143.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −3.3% · Below median

Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/B 3.04× · Priciest 25%
P/S (12 months) 18.88× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Zoetis Inc ZTS $81.03 $110.26 +36% vs 4172
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥47.38 ¥52.12 +10% vs 4172
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,745 ₹1,920 +10% vs 4172
Haleon plc HLN $10.02 $8.57 −14% vs 4172
Merck KGaA MRK €143.30 €109.18 −24% vs 4172
Galderma Group GALD CHF 191.05 CHF 110.34 −42% vs 4172
Takeda Pharmaceutical Company TAK $20.24 $11.42 −44% vs 4172
Teva Pharmaceutical Industries Limited TEVA $39.41 $20.82 −47% vs 4172
Sandoz Group SDZ CHF 78.48 CHF 40.20 −49% vs 4172
Divi's Laboratories Limited DIVISLAB ₹9,190 ₹1,871 −80% vs 4172

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InnoPharmax Inc. · Fair Value
0.8925 TWD −91%Fair Value
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Cite: Fair Value Calculator (2026). "InnoPharmax Inc. Fair Value". https://www.fairvalue-calculator.com/stock/4172

Frequently asked questions

Is InnoPharmax Inc. (4172) overvalued or undervalued?
As of Oct 26, 2026, our model estimates a fair value of 0.8925 TWD versus a price of 9.65 TWD, about −91% upside (overvalued).
What is the fair value of 4172?
Our model-based fair value for InnoPharmax Inc. is 0.8925 TWD (as of Oct 26, 2026), built from audited fundamentals. The current price: 9.65 TWD.
What is the quality score of 4172?
InnoPharmax Inc. has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for InnoPharmax Inc. (4172)?
Our model-based price target is the fair value of 0.8925 TWD (as of Oct 26, 2026) from 1 valuation models. Cautious scenario 0.5865 TWD, optimistic scenario 1.11 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the InnoPharmax Inc. stock forecast for 2026?
Our models put fair value at 0.8925 TWD, about −91% upside versus a price of 9.65 TWD (overvalued). Cautious scenario 0.5865 TWD, optimistic scenario 1.11 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of InnoPharmax Inc. (4172)?
InnoPharmax Inc. reported trailing-twelve-month revenue of about 67.5M TWD (latest available figure, as of Oct 26, 2026).
What is the intrinsic value of InnoPharmax Inc. (4172)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For InnoPharmax Inc. it is 0.8925 TWD per share (as of Oct 26, 2026), against a price of 9.65 TWD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is InnoPharmax Inc. stock overvalued or undervalued in 2026?
As of Oct 26, 2026, 4172 trades above its calculated fair value: price 9.65 TWD, fair value 0.8925 TWD, a gap of about −91% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 4172?
No. The price is what the market pays today (9.65 TWD); the fair value is what the company's own numbers justify (0.8925 TWD). For InnoPharmax Inc. the two are 8.76 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is InnoPharmax Inc. worth?
The market values InnoPharmax Inc. at about 1.3B TWD (market capitalisation, as of Oct 26, 2026). Per share that is 9.65 TWD; our models calculate a fair value of 0.8925 TWD per share.
What do the bullish and bearish scenarios say about 4172?
Our models span a range for InnoPharmax Inc.: cautious scenario 0.5865 TWD, base 0.8925 TWD, optimistic 1.11 TWD per share (as of Oct 26, 2026, price 9.65 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of InnoPharmax Inc. (4172)?
Balance-sheet figures for InnoPharmax Inc. (as of Oct 26, 2026): return on equity −37.6%. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
Which stocks are comparable to InnoPharmax Inc.?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is InnoPharmax Inc. stock attractive at the current price?
The data as of Oct 26, 2026: price 9.65 TWD, calculated fair value 0.8925 TWD (−91%), Quality Score 39/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 4172 calculated?
We run InnoPharmax Inc. through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.8925 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.7 % above its aggregate fair value. InnoPharmax Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of InnoPharmax Inc. (4172)?
The closing price on Oct 22, 2026 was 9.65 TWD. Our model-based fair value is 0.8925 TWD, about −91% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with InnoPharmax Inc. right now?
The price sits above even our optimistic bull case (1.11 TWD). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (0.5865 TWD to 1.11 TWD) leaves room in how you read the outcome.

Key figures of InnoPharmax Inc.

How large is the market capitalisation of InnoPharmax Inc. (4172)?
The market capitalisation of InnoPharmax Inc. is 1.3B TWD (≈ $39.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of InnoPharmax Inc. (4172)?
The price-to-sales ratio of InnoPharmax Inc. is 18.9 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of InnoPharmax Inc. (4172)?
Earnings per share at InnoPharmax Inc. are −1.82 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of InnoPharmax Inc. (4172)?
The return on equity (ROE) of InnoPharmax Inc. is −37.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of InnoPharmax Inc. (4172)?
On an EBIT basis the return on assets of InnoPharmax Inc. is −19.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of InnoPharmax Inc. (4172)?
The operating margin of InnoPharmax Inc. is −144% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at InnoPharmax Inc. (4172)?
Revenue at InnoPharmax Inc. is growing −3.3% versus a year earlier (3y avg +33.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does InnoPharmax Inc. (4172) generate?
The free cash flow of InnoPharmax Inc. is −134M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does InnoPharmax Inc. (4172) hold?
InnoPharmax Inc. holds more cash than debt, 151M TWD net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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