Boosted by Global Orders, Adimmune Q3 Revenue Hits a New High

Adimmune Corporation (TPE: 4142) announced on 10th the revenue of the third quarter (Q3). Benefited from the peak season of influenza vaccine shipments, the earnings after tax of Q3 totaled TWD$157 million, while the earnings per share was TWD$0.37.

Adimmune’s Q3 revenue reached TWD$753 million, reflecting a quarterly growth of 755.92%, annual growth of 21.95%, and gross margin of 40%. Although the operating costs rose owing to the launch of the new production line and the recruitment of professionals, the company achieved its anticipated revenue of the high season.

Adimmune’s October revenue stood at TWD$529 million, and the accumulated revenue from January to October totaled TWD$1.377 billion, showing a decline of 17.13% compared to the corresponding period in 2020. But when the revenue generated from deferred quadrivalent influenza vaccine shipments of 1.56 million doses in 2019 year end is deducted from the 2020 figures, the accumulated revenue of the first ten months of 2021 grew by 5.56% compared to the corresponding period last year. The growth was driven by the increase in influenza vaccine orders from China and US. 

Adimmune has demonstrated continued growth in Taiwan and abroad over the past year. With the commencement of the second Taiwan GMP-certified fill & finish line in Q3, the total production capacity has been expanded to 100 million doses per year. The new line is already being planned for a number of international orders, and is currently preparing for EU EMA and US FDA inspections. Adimmune expected that after passing the inspections, the capacity could be fully utilized within two years. To meet the growing future market demand, the company has planned to build the third and fourth fill and finish lines at home and abroad.

As for influenza vaccines, domestically, public tender quadrivalent vaccines have been shipped as scheduled starting from Q3, while those for the private sector are being shipped beginning in October. Internationally, orders from China, Thailand, Europe, and US, have shown growth, and the shipments are expected to be completed as scheduled before the end of the year. Meanwhile, in addition to the export of influenza antigen to Japan, Adimmune entered into a contract with Petrovax, a vaccine manufacturer in Russia, for another batch of antigen. Russia can serve as Adimmune’s beachhead for entering the Eastern European market.