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1795

美時 Biotech & Healthcare As of 2026-06-17 Updated daily after market close

strong quality, discounted valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 美時 to your watchlist to track signal changes on your next visit.
Valuation 56Quality 73Growth 92Momentum 20Chips 14

Is 美時 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~87% of the market. Latest quarterly ROE ≈ 2.4%.

  • Valuation is low.PE is in the 18th market percentile; within its own history, PE is around the 8th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -3.7% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 105.8%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bearish -0.31
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 富邦-永和 holds 1,102 lots
  • sellers have 464 lots left, ~65 sessions to clear

Window from 2026-01-17 · Price -39% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 富邦-永和 has accumulated 1,102 lots since the start (sold 9%), now trimming.
  • Main distributor 統一 peaked at 367 lots, has sold 56%, 160 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -8.17pp, mid holders -25, retail +11.09pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -12,541 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Branch inventory reconstruction
Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.
Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.
Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.
Accumulating
富邦-永和群益金鼎-海山國泰-敦南華南永昌新光國泰-館前
Distributing
統一玉山證券第一金元富-城東玉山-城中元大-豐原站前
Desks
own scale
美林美商高盛台灣摩根士丹利新加坡商瑞銀
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 富邦-永和 +1,102
    sold 9%
  • 群益金鼎-海山 +940
    sold 0%
  • 國泰-敦南 +868
    sold 4%
  • 華南永昌 +771
    sold 0%· still adding
  • 新光 +681
    sold 10%
  • 國泰-館前 +424
    sold 0%· still adding

Distributing

  • 統一 160 left
    sold 56%· paused recently
  • 玉山證券 259 left
    sold 26%· ~65 sessions to clear
  • 第一金 77 left
    sold 77%· paused recently
  • 元富-城東 81 left
    sold 71%· paused recently
  • 玉山-城中 95 left
    sold 49%· paused recently
  • 元大-豐原站前 23 left
    sold 85%· paused recently

Desks

  • 美林 -6,077
    hedge desk · will cover
  • 美商高盛 -5,368
    hedge desk · will cover
  • 台灣摩根士丹利 -4,593
    hedge desk · will cover
  • 新加坡商瑞銀 -4,525
    hedge desk · will cover
Still selling 464 lots ~65 sessions to bottom at most
Recent buy/sell force +1,179 absorbed / -181 sold buyers slightly ahead
Hedge-desk net short -9,961 lots potential cover-buying, not selling pressure
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Weak direction: big-holder share fell while retail share rose.

Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.

Historical evidence

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 105.79%

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

78 historical occurrences (since 2010-01-29)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 56%, Sample 75, Median +1.48%, Excess +0.75%, Beat mkt rate 50.7%；60-day: Win 50%, Sample 74, Median -0.02%, Excess +0.75%, Beat mkt rate 37.8%；120-day: Win 47.2%, Sample 72, Median -1.89%, Excess +0.92%, Beat mkt rate 29.2%

120 days after: historical avg +8.7%

20-day +2.32%
60-day +5.53%
120-day +8.7%
20-day
60-day
120-day
Win
56%
50%
47.2%
Sample
75
74
72
Median
+1.48%
-0.02%
-1.89%
Excess
+0.75%
+0.75%
+0.92%
Beat mkt rate
50.7%
37.8%
29.2%

Over 72 occurrences, 120-day forward avg gained 8.7%, beat the market by 0.92 pts; win rate 47.2%.

Valuation regime and subsequent returns

Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.

PE percentile bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 You are here1184+22% +11.4% 66.1% -3.4%
20-40 290+42.1% +38.1% 66.9% +24.9%
40-60 0Insufficient data
60-80 35-36.2% -33% 0% -34.8%
80-100 76+19% +36.2% 63.2% -2.7%

Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.

Current PE ≈ 13.2, at the 7.5th percentile of its own history (0-20 band).

Valuation × momentum historical grid

Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
+3.9%
Win rate 43.5% Excess -7.4%
853d
+64.6%
Win rate 100% Excess +53.1%
59d
+14.7%
Win rate 55.5% Excess +6%
110d
60-day momentum down
Now
+16%
Win rate 64.3% Excess +2.9%
681d
Insufficient data
(1d)
Insufficient data
(1d)

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum down”: across 681 historical days, 120-day forward avg gained 16%, win rate 64.3%, beat the market by 2.9%.

Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.

Does this signal hold up across the market

Over the past 242 months, on average ~404 stocks per month met “monthly revenue YoY ≥ 20%”; their adjusted-close return over the next 60 trading days averaged 6.94% (equal-weighted), beating the market by 2.37 points on average, and outperformed the TAIEX total-return index in 64.5% of months.

Each month, equal-weighted 60-day forward adjusted return of all signal-matching stocks, then averaged across months; excess vs the TAIEX total-return index.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

252-day price high (breakout)

Pending

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

23 times historically; 60-day forward avg +6.47%, win rate 56.5%, beating the market by +2.18 pts on average.

Foreign net buying for 5 straight days

Pending

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

44 times historically; 60-day forward avg +4.68%, win rate 54.5%, beating the market by +0.18 pts on average.

What does 美時 do? Company profile

生技醫療業；製藥、專科藥與困難學名藥 台灣證券交易所上市

Overview

1795 對應證券為美時，為台灣證券交易所上市普通股，非 ETF、ETN、權證或特別股。公司成立於 1966 年 6 月 30 日，總部位於台北市信義區松仁路 277 號 17 樓；2004 年公開發行、2004 年興櫃、2010 年 1 月 29 日上櫃，2019 年 12 月 16 日轉上市。公開資訊彙整資料顯示董事長為 Vilhelm Robert Wessman，總經理為 Petar Antonov Vazharov，發言人為沈燁；主要經營業務為西藥製造與零售。資本額資料因來源與日期不同略有差異：Goodinfo 顯示資本額約新台幣 26.69 億元、發行股數 266,873,812 股；2025 年公開資訊彙整來源顯示實收資本額約新台幣 26.58 億元、普通股 265,813,812 股，後續需以公開資訊觀測站最新公司基本資料為準。股權方面，2026 年第一季財報摘要二級資料指出，PTT 透過 Innobic 相關間接持股合計約 37.75%，且自 2025 年底起由子公司轉列關聯企業；此持股結構與 PTT/Innobic 於 2021 年取得 Alvogen Emerging Markets Holdings 相關股權的歷史有關。美時於 2025 年完成收購美國 Alvogen，成為其受控子公司，並躋身全球前 20 大專科製藥公司。官方網站顯示公司產品遍及全球 90 多個市場，商業化產品超過 250 項，研發產品組合超過 80 項，授權合作案超過 265 項；員工規模官方首頁未列最新總數，舊法說/二級資料曾稱約 1,400 人，2026 年收購 Sandoz 菲律賓業務另預計約 80 名員工加入，收購 Alvogen 後最新合併人數需待公司年報確認。

Business

美時是以台灣為總部的國際專科製藥公司，核心模式為自行研發、製造、法規送件、全球授權合作、併購與商業化並行。公司主力不是低毛利大宗學名藥，而是高技術門檻的困難學名藥、腫瘤與免疫用藥、複雜製劑、品牌藥、505(b)(2) 藥物、生物相似藥與新成分新藥。官方產品頁列示重點產品/管線包括 Lenalidomide、Suboxone、Nintedanib、Vinorelbine 軟膠囊，以及即將推出或授權導入的 Semaglutide；治療領域涵蓋腫瘤與免疫、中樞神經、基礎醫護與生活品質、女性健康、腎臟科等。2025 年合併營收新台幣 205.09 億元、年增 10%，其中 Alvogen 收購於 2025 年貢獻約 9.94 億元；EPS 18.14 元，年減 6%，主因收購 Alvogen 的一次性費用。以可比基礎看，2025 年營收約 195.15 億元、年增 5%，亞洲市場年增 12%，其中東南亞年增 91%；出口市場可比營收年減 3%，但美國市場仍雙位數成長。2024 年法說二級資料顯示，美國約占總營收四成，亞洲本土市場約占 52%、亞洲以外約占 48%；產品類別上腫瘤用藥約近五成，中樞神經系統與技術照護產品各約兩成，惟 2025 年最新產品別占比未在本次可查來源完整揭露。主要客戶與終端應用包括美國、歐洲、台灣、韓國、東南亞等市場的藥品通路、醫院、專科醫師、藥局、保險/支付體系與授權合作夥伴；Alvogen 收購後，美時取得美國商業、研發與製造平台，將從亞洲區域型製藥公司升級為跨美國與亞洲的全球專科藥平台。

Outlook 2025–2028

2025 年已確認的成長主軸包括亞洲市場延續成長、東南亞業務整合 Teva 泰國與越南 Alpha Choay、收購 Alvogen US 完成、BD 授權與多項法規送件/核准/上市。2025 年公司共有 59 個進行中研發項目，重點在腫瘤與免疫、中樞神經；全年送件 116 件、取得 103 項市場核准、上市 214 個 SKU，並有 54 件 BD 案，其中 29 件已簽約。2026 年起的主要動能包括：一、Alvogen 全年併表，擴大美國營收、製造、研發與商業化能力；二、Nintedanib 已於全球 30 個市場上市，已透過 13 家商業夥伴推出 185 個 SKU，規劃未來 2 至 3 年再拓展至 20 個市場；三、收購 Sandoz 菲律賓業務後，取得菲律賓學名藥與生物相似藥商業平台，產品涵蓋心血管約 40%、腫瘤約 25%、抗感染約 10% 與其他領域；四、收購 OM Pharma 於韓國的復發性泌尿道感染預防專科生物製藥產品，強化韓國市場；五、Semaglutide 注射劑授權導入韓國、台灣與多個東南亞市場，若法規與上市順利，將切入 GLP-1 大型市場；六、Hetronifly、Qelbree、VIZZ、Zepzelca、Pomalidomide、Cabozantinib、Denosumab 等授權或送件/上市產品可持續補強產品線。2026 至 2028 年的中期機會在於全球老齡化、專科藥與高門檻學名藥滲透率提升、美國市場本土製造價值提升、亞洲新興市場醫療支出成長與生物相似藥放量。主要風險包括 Lenalidomide 等高毛利產品因原廠協議到期或同業進入導致價格競爭、Alvogen 併購整合與財務成本壓力、美國藥價政策與關稅/在地製造規範變動、各國法規核准時程不確定、產品專利訴訟、匯率、原料藥供應與品質/查廠風險。2026 年營收是否能達到外部研究機構所估 11 至 12 億美元區間，需視 Alvogen 全年整合、主要產品上市節奏與一次性費用消退情況而定，該數字屬券商/媒體整理預估而非公司保證。

Supply Chain

Upstream
  • Adalvo 非台股掛牌；美時 2025 年與其簽署 Semaglutide 注射劑授權與供應協議，涵蓋韓國、台灣及多個東南亞市場，是重要外部產品/供應合作夥伴。
  • 上海復宏漢霖生物技術股份有限公司 香港上市公司，代號 2696.HK，非台股；美時與其簽署 Hetronifly（Serplulimab）韓國獨家授權，屬腫瘤免疫產品授權來源。
  • Supernus Pharmaceuticals 美國 Nasdaq 上市公司，非台股；美時取得 Qelbree 在韓國、台灣、香港及東南亞多國之法規申請與商業化權利，屬中樞神經藥品授權來源。
  • LENZ Therapeutics 美國 Nasdaq 上市公司，非台股；美時取得 VIZZ 於韓國、泰國、菲律賓、越南、馬來西亞、汶萊、印尼及新加坡等市場之授權商業化權利。
  • Sandoz AG 瑞士上市公司，非台股；美時 2026 年簽署收購其菲律賓業務，接手當地既有產品銷售與行銷，產品組合含學名藥與生物相似藥。
  • OM Pharma 瑞士未上市生物製藥公司；美時 2026 年收購其韓國復發性泌尿道感染預防專科生物製藥產品之藥證、商標、庫存與智慧財產權。
  • 原料藥、賦形劑、包材與製藥設備供應商 具體供應商名單本次公開來源未完整揭露；對製藥廠而言，API、賦形劑、軟膠囊/錠劑/注射劑設備、包材與品質檢測服務為必要上游，需以年報或供應商揭露為準。
Downstream
  • Alvogen Pharma US, Inc. 美國私人製藥公司，已成為美時受控子公司；提供美國研發、製造與商業通路能力，是美時擴大美國市場的重要下游/平台。
  • 全球 13 家 Nintedanib 商業夥伴 官方揭露 Nintedanib 已透過 13 家商業夥伴於全球 30 個市場推出 185 個 SKU，但未在新聞稿列出全部公司名稱；屬國際商業化與通路合作網絡。
  • 美國、歐洲、日本、中國、巴西等主要市場合作夥伴 官方稱美時在主要全球市場建立合作夥伴關係；具體公司名單與合約條件未於本次可查來源完整揭露。
  • 台灣、韓國與東南亞醫院/診所/藥局通路 非單一上市櫃公司；為處方藥與專科藥終端通路，包含醫院採購、醫師處方、藥局與當地經銷商。
  • 菲律賓醫院及專科醫療通路 美時收購 Sandoz 菲律賓業務後將擴大當地醫院與專科醫療通路布局；非單一台股公司。

Competitors

Sources（18）

This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.

Method and limitations

  • All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
  • Excess return is measured against the TAIEX total-return index (dividends included).
  • Valuation regime and percentile stats use an expanding own-history window (no future data).
  • Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
  • Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.

This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.