Formosa Laboratories, Inc (4746) Fair Value & Analysis
Healthcare · TW · Market cap 6.3B TWD
Fair value as of: Jul 21, 2026
From 26 valuation models · updated 20 days ago
Fair value updated Jul 21, 2026, revised from 77.83 TWD to 77.94 TWD (+0.1%) since Jul 11, 2026. Share price −0.7% over the past month.
A solid business, screening 43% undervalued on our models.
What matters now
- Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (49.41 TWD to 100.87 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 44.34 TWD – 117.00 TWD · fair‑value band 49.41 TWD – 100.87 TWD · the 54.40 TWD price screens below the 77.94 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Formosa Laboratories, Inc (4746) currently trades at 54.40 TWD, while our model-based Fair Value estimate is 77.94 TWD, implying the stock looks roughly 43.3% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, Formosa Laboratories, Inc generated revenue of 4.8B TWD at a net margin of 7.1%. Revenue declined 7.0% year over year. It earns a return on equity of 3.6%. Net debt stands at 2.5B TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 49.41 TWD (bear case) to 100.87 TWD (bull case); at 54.40 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 43%, 4746 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Multiples (80.10 TWD) versus Earnings-Based (23.18 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 41
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +6.0 pp · buybacks/dilution −2.6 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
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Peer Group
Drug Manufacturers - Specialty & Generic · 623 stocks
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.
Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Jiangsu Hengrui Pharmaceuticals Co 600276 | ¥53.19 | ¥25.94 | -51% |
| Sun Pharmaceutical Industries Limited SUNPHARMA | ₹1,933 | ₹989.50 | -49% |
| Divi's Laboratories Limited DIVISLAB | ₹7,316 | ₹1,943 | -73% |
| Torrent Pharmaceuticals Limited TORNTPHARM | ₹4,763 | ₹1,329 | -72% |
| PharmaEssentia Corporation 6446 | 1,285 TWD | 221.01 TWD | -83% |
| Cipla Limited CIPLA | ₹1,439 | ₹1,001 | -30% |
| Zydus Lifesciences Limited ZYDUSLIFE | ₹1,151 | ₹703.32 | -39% |
| Lupin Limited LUPIN | ₹2,443 | ₹2,477 | +1% |
| Mankind Pharma Limited MANKIND | ₹2,484 | ₹983.11 | -60% |
| Dr. Reddy's Laboratories Limited DRREDDY | ₹1,211 | ₹874.79 | -28% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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