Formosa Laboratories Inc (4746) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Formosa Laboratories Inc stock TWD 57.59, price TWD 44.70, upside +28.8%, quality 51 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Formosa Laboratories Inc
4746 · TWThe stock costs 22% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 43.75 TWD – 117.00 TWD · fair‑value band 33.57 TWD – 78.00 TWD · the 44.70 TWD price screens below the 57.59 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Company profile
Formosa Laboratories, Inc., together with its subsidiaries, engages in the manufacture and sale of active pharmaceutical ingredients (APIs) and ultraviolet absorbers in India, the Netherlands, Japan, Germany, Taiwan, China, Switzerland, the United States, Canada, and internationally.
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It offers APIs in the areas of anticancer, vitamin D derivatives, anti-inflammatory and analgesic agents, immunomodulators, respiratory agents, cholesterol and phosphate binders, UV filter, iron deficiency anemia (IDA), CNS agents, MRI enhancing agents, steroids, antibiotics, and other areas; and injectables in the areas of IDA, MRI agents, oncology, and others.
The company also provides contract development and manufacturing services, including recrystallization, filtration, dialysis, column purification, distillation, spray drying, and micronization; injectable manufacturing and secondary packaging, labeling, and serialization services; custom fermentation services; and peptide synthesis services.
In addition, it offers antibody-drug conjugates services comprising antibody development and manufacture; peptide and polymer drug conjugation; linker-payload design, synthesis, and manufacturing; bio-conjugation and purification; cytotoxic liquid-filled and lyophilized product from pre-formulation studies to manufacture; and regulatory support.
Further, the company is involved in chemical trading and investment activities. Formosa Laboratories, Inc. was incorporated in 1985 and is headquartered in Taoyuan City, Taiwan.
Stock analysis
Formosa Laboratories Inc (4746) currently trades at 44.70 TWD, while our model-based Fair Value estimate is 57.59 TWD, implying the stock looks roughly 22% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 74.90 TWD per share, and 16 of the 26 models we run sit above the 44.70 TWD price.
Bear case: the Earnings-Based group reads lowest at 32.85 TWD, and 10 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 33.57 TWD (bear) to 78.00 TWD (bull), the price of 44.70 TWD sits inside 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 51/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Formosa Laboratories Inc reported revenue of 4.9B TWD in FY2025 versus 3.1B TWD in FY2021, a compound +11.5%/yr. Reported net income was 441M TWD in FY2025, compounding −22.9%/yr from FY2021.
Key figures
Market cap 5.6B TWD (≈ $170M) Micro · P/E ratio 11.4 · P/S ratio 1.20 · EPS (TTM) 3.91 TWD · Dividend yield 6.7% · Net margin 10.3% · Return on equity 4.7% · Return on assets (EBIT) 5.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at 29%, 4746 screens cheaper than that median.
Fair Value models
All 26 models by family
The fair value above starts from this blend and is adjusted for dilution from new shares.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Compare Formosa Laboratories Inc with another stock
Price, fair value, quality and upside side by side.
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 · 549 stocks
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/B ratio by industry
- Net margin by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Taiwanese Stocks
- Valuation of the Taiwan market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 | $79.40 | $113.53 | +43% | vs 4746 |
| Jiangsu Hengrui Pharmaceuticals Co 600276 | ¥50.43 | ¥55.21 | +9% | vs 4746 |
| Sun Pharmaceutical Industries Limited SUNPHARMA | ₹1,860 | ₹1,947 | +5% | vs 4746 |
| Haleon plc HLN | $9.14 | $8.61 | −6% | vs 4746 |
| Merck KGaA MRK | €148.75 | €109.18 | −27% | vs 4746 |
| Galderma Group GALD | CHF 191.75 | CHF 109.86 | −43% | vs 4746 |
| Takeda Pharmaceutical Company TAK | $21.02 | $11.31 | −46% | vs 4746 |
| Teva Pharmaceutical Industries Limited TEVA | $42.61 | $20.74 | −51% | vs 4746 |
| Sandoz Group SDZ | CHF 83.78 | CHF 39.70 | −53% | vs 4746 |
| Divi's Laboratories Limited DIVISLAB | ₹10,321 | ₹1,567 | −85% | vs 4746 |
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Key figures of Formosa Laboratories Inc
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