Medigen Vaccine Turns Profit in Q2, Enterovirus Vaccine to Launch in Vietnam, Aiming for Full-Year Profitability

Medigen Vaccine (6547-TW) reported improved operations in the second quarter of 2023, achieving a net profit of NT$22.35 million, or NT$0.07 per share, marking a return to profitability for the quarter. General Manager Szu-Hsien Lee stated that revenue recognition has commenced following the shipment of its enterovirus type 71 vaccine to Vietnam, with a commercial launch expected by late September to early October, as the company strives for full-year profitability.

In the first quarter, Medigen reported a net loss of NT$28.34 million. However, improved performance in Q2 brought the cumulative net loss for the first half of the year down to NT$5.98 million, a significant improvement compared to the same period last year, with a net loss of NT$0.02 per share.

Lee noted that Vietnam has approximately 1.4 million newborns annually. The vaccine is approved for children aged 6 months to 6 years, covering six age groups, with an estimated target population of around 9 million. Initially offered as a self-paid vaccine, the company will target high-income groups in Ho Chi Minh City and Hanoi, launching through key medical institutions.

Lee further stated that the company obtained regulatory approval for the enterovirus vaccine in Vietnam in March 2023 and completed the first batch shipment in early August. The commercial launch in Vietnam is expected by late September to early October. Regarding pricing, Lee mentioned that it has not yet been finalized but will reference the prices of other foreign vaccines in the local market and Vietnam’s income levels.

On production capacity, Lee indicated that existing facilities are operating at full capacity, with an annual output of approximately 1 million doses. Due to strong market demand, the company plans to add a new production line, aiming for mass production by 2029. With the new capacity, annual production is expected to increase to 3 million doses.