Has the Taiwanese Healthcare Sector valuation changed over the past few years?

Investors are pessimistic on the Taiwanese Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 80.8x which is lower than its 3-year average PE of 190x. The industry is trading close to its 3-year average PS ratio of 6.3x.

Which industries have driven the changes within the Taiwanese Healthcare sector?

Investors are most optimistic about the Healthtech industry which is trading above its 3-year average PE ratio of 19.9x. It looks like they are confident that earnings will grow faster in the future than they have historically.

Taiwanese (TAIEX) Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 18 May 2026	NT$1.6t	NT$276.3b	NT$17.3b	18.7x	93.1x	5.8x
Wed, 15 Apr 2026	NT$1.6t	NT$270.1b	NT$17.6b	18.8x	92.2x	6x
Fri, 13 Mar 2026	NT$1.7t	NT$269.5b	NT$18.0b	19.4x	93.6x	6.3x
Sun, 08 Feb 2026	NT$1.9t	NT$268.9b	NT$11.9b	19.1x	155.7x	6.9x
Tue, 06 Jan 2026	NT$1.7t	NT$267.4b	NT$13.5b	18.8x	123.2x	6.2x
Thu, 04 Dec 2025	NT$1.8t	NT$268.2b	NT$13.7b	20.1x	128.2x	6.5x
Sat, 01 Nov 2025	NT$1.7t	NT$267.1b	NT$8.2b	20.7x	210.1x	6.5x
Mon, 29 Sep 2025	NT$1.8t	NT$266.0b	NT$8.2b	22.2x	217.5x	6.7x
Wed, 27 Aug 2025	NT$1.8t	NT$266.4b	NT$9.2b	21.7x	195.2x	6.7x
Fri, 25 Jul 2025	NT$1.6t	NT$262.1b	NT$16.5b	20.5x	99.9x	6.3x
Sun, 22 Jun 2025	NT$1.6t	NT$260.9b	NT$16.3b	19.8x	96.6x	6x
Tue, 20 May 2025	NT$1.5t	NT$260.7b	NT$16.4b	20.1x	90.7x	5.7x
Thu, 17 Apr 2025	NT$1.4t	NT$254.3b	NT$12.0b	19.2x	113.2x	5.4x
Sat, 15 Mar 2025	NT$1.6t	NT$253.7b	NT$11.9b	23.6x	134.9x	6.3x
Mon, 10 Feb 2025	NT$1.6t	NT$246.5b	NT$8.4b	23.3x	194.1x	6.6x
Wed, 08 Jan 2025	NT$1.5t	NT$245.2b	NT$8.6b	22.4x	179.6x	6.3x
Fri, 06 Dec 2024	NT$1.5t	NT$244.8b	NT$8.9b	22.5x	173.5x	6.3x
Sun, 03 Nov 2024	NT$1.5t	NT$236.6b	NT$6.9b	25.4x	222.1x	6.5x
Tue, 01 Oct 2024	NT$1.6t	NT$236.4b	NT$6.8b	25x	234x	6.7x
Thu, 29 Aug 2024	NT$1.6t	NT$236.6b	NT$6.8b	26.3x	239.8x	6.9x
Sat, 27 Jul 2024	NT$1.6t	NT$229.1b	NT$3.7b	29.1x	439.1x	7.1x
Mon, 24 Jun 2024	NT$1.6t	NT$228.6b	NT$3.9b	27.5x	400.6x	6.9x
Wed, 22 May 2024	NT$1.5t	NT$228.7b	NT$4.0b	25.8x	376.1x	6.6x
Fri, 19 Apr 2024	NT$1.4t	NT$228.6b	NT$4.6b	26.5x	316.7x	6.3x
Sun, 17 Mar 2024	NT$1.4t	NT$227.5b	NT$6.8b	25.1x	206.8x	6.2x
Tue, 13 Feb 2024	NT$1.4t	NT$225.8b	NT$6.5b	24.7x	215.6x	6.2x
Thu, 11 Jan 2024	NT$1.4t	NT$224.9b	NT$6.0b	24.9x	230.8x	6.2x
Sat, 09 Dec 2023	NT$1.4t	NT$224.7b	NT$5.9b	25.6x	240.6x	6.3x
Mon, 06 Nov 2023	NT$1.4t	NT$225.2b	NT$7.9b	25.2x	172.1x	6x
Wed, 04 Oct 2023	NT$1.4t	NT$225.2b	NT$8.2b	25.6x	167.9x	6.1x
Fri, 01 Sep 2023	NT$1.4t	NT$225.2b	NT$8.4b	25.5x	166.5x	6.2x
Sun, 30 Jul 2023	NT$1.4t	NT$227.0b	NT$11.4b	24.5x	124.3x	6.3x
Tue, 27 Jun 2023	NT$1.4t	NT$226.5b	NT$11.6b	24.8x	121.7x	6.2x
Thu, 25 May 2023	NT$1.4t	NT$222.3b	NT$12.5b	24.9x	115.5x	6.5x


TW Market	-0.94%
Healthcare	-0.63%
Biotech	5.18%
Healthtech	-1.40%
Medical Equipment	-2.52%
Healthcare Services	-2.85%
Life Sciences	-4.28%
Pharma	-5.60%

Company	Last Price	7D	1Y	Valuation
6446 PharmaEssentia	NT$807.00	14.3% +NT$37.9b	78.0%	PE50.6x
6586 CHO Pharma	NT$65.60	13.9% +NT$1.7b	57.5%	PS9810.7x
6762 Delta Asia International	NT$186.00	29.2% +NT$1.5b	-20.8%	PS9.8x
4163 INTAI Technology	NT$124.50	26.5% +NT$1.3b	20.9%	PE26.7x
7762 Pet Pharm Biotech	NT$65.00	36.3% +NT$990.1m	23.1%	PE148.9x

Announcement • Apr 13

Caliway Biopharmaceuticals Announces Clinical Results for Fat Reduction Drug Candidate Cbl-514

Caliway Biopharmaceuticals announced that clinical results from CBL-0204 Phase 2b, a study of its first-in-class large-area localized fat reduction drug candidate, CBL-514, for subcutaneous fat reduction, have been accepted by the Aesthetic Surgery Journal (ASJ), a globally recognized authority in aesthetic medicine. This marks the third time that Phase 2 clinical results of CBL-514 for localized fat reduction have been accepted by ASJ, the world's top-ranked journal in aesthetic and plastic surgery, further validating CBL-514's outstanding efficacy and safety profile while reinforcing its clinical value and international academic standing as an innovative non-surgical localized fat reduction therapy. CBL-0204 is a multi-center, randomized, placebo-controlled Phase 2b clinical study approved by both the U.S. Food and Drug Administration (FDA) and the Australia's Human Research Ethics Committee (HREC), enrolling a total of 107 participants. Both efficacy endpoints, including MRI and AFRS (Abdominal Fat Rating Scale), and the study design, are highly aligned with the framework of global pivotal Phase 3 studies, the acceptance of this study by ASJ further endorsed the global development of CBL-514 for subcutaneous fat reduction. Final statistical results from CBL-0204 showed that both the primary and secondary efficacy endpoints were successfully met. In the Per-Protocol (PP) population, as many as 82.6% of participants achieved at least 1-grade improvement in the Clinician Reported Abdominal Fat Rating Scale (CR-AFRS), with more than half of participants achieving this result after only one treatment. Notably, 42.1% of participants also achieved at least a 2-grade improvement in the Patient Reported Abdominal Fat Rating Scale (PR-AFRS), compared with 0% in the placebo group, reaching statistical significance (p<0.001). Overall data further showed that, in addition to visibly reducing abdominal fat accumulation, MRI assessments, which are currently recognized as one of the most objective and accurate methods for evaluating fat thickness and volume, demonstrated that more than 60% of participants achieved at least a 20% reduction in fat volume in the treated area (vs. 0% in the placebo group, p<0.00005), confirming significant localized fat reduction efficacy. Caliway noted that, compared with many existing fat reduction treatments, which are more difficult to objectively quantify volume changes across large treatment areas, CBL-514 clinical studies are able to use MRI to demonstrate fat volume differences before and after treatment, further enhancing the credibility and persuasiveness of its clinical data. In terms of safety, CBL-514 demonstrated favorable overall safety and tolerability, with the major adverse events consisting primarily of common mild to moderate injection site reactions. In the current localized fat reduction market, invasive procedures such as liposuction can deliver visible efficacy, but are accompanied by higher recovery burden and surgical risks. Meanwhile, existing non-surgical localized fat reduction therapies still broadly face challenges in fully balancing efficacy, safety, and tolerability. This underscores the significant unmet need for innovative therapies that can provide both strong efficacy and a favorable safety profile. As the world's first drug candidate designed to induce adipocyte apoptosis and precisely reduce subcutaneous fat in large treatment areas, CBL-514 has continued to demonstrate its differentiated advantages through multiple strong clinical datasets recognized by international renowned journals. CBL-514, a 505(b)(1) and first-in-class small-molecule drug developed by Caliway, is the world's first injectable lipolysis drug that induces adipocyte apoptosis to reduce subcutaneous fat in targeted areas with no systemic safety risks identified and good tolerability. To date, 10 clinical trials with a total of 544 subjects have been completed with all efficacy and safety endpoints met. CBL-514 is being developed across multiple indications, including reduction of subcutaneous fat (non-surgical localized fat reduction) and moderate-to-severe cellulite. CBL-514D, the same active pharmaceutical ingredients (APIs) but under different formulation, is being studied for additional indications such as Dercum's disease and more.

Announcement • Apr 07

Alar Pharmaceuticals Inc Announces Positive Phase 1 Results For Long-Acting Injectable ALA-3000 For Treatment-Resistant Depression

Alar Pharmaceuticals Inc. announced the positive results from its phase 1 clinical study of ALA-3000, a proprietary long-acting, sustained-release ketamine injection for treatment-resistant depression (TRD). This randomized, double-blind, placebo-controlled, multiple-dose first-in-human study evaluated the subcutaneous (SC) administration of ALA-3000 in combination with a standard-of-care oral antidepressant in patients with TRD. ALA-3000 met its primary endpoint, demonstrating a favorable safety and tolerability profile. The study further characterized a sustained-release pharmacokinetic profile of ketamine following SC administrations of ALA-3000 and showed clinically meaningful improvements across exploratory efficacy endpoints supporting continued clinical development. In the study, patients received two SC injections of ALA-3000 (150 mg or 250 mg) or placebo administered one week apart, alongside a daily oral antidepressant. Treatment-related adverse events (AEs) were mild to moderate in severity. The most commonly related AEs observed across both active and placebo groups included injection site reactions, headache, and diarrhea, all of which were transient and resolvable. Notably, no subjects discontinued or withdrew from the study due to AEs or any other reasons. No clinically meaningful safety concerns were identified, including no blood pressure elevations or signals related to abuse potential or urinary AEs. Crucially, no dissociation, sedation, or psychosis-like symptoms, key limitations of conventional ketamine therapies, were observed. Mean total scores on the Clinician-Administered Dissociative States Scale (CADSS; range: 0-92) remained negligible (=0.7) and comparable to placebo, with no dissociation-related AEs reported. In addition, all subjects remained fully alert throughout the study, indicating a complete absence of sedative effects. Pharmacokinetic results demonstrated that ALA-3000 delivers sustained ketamine exposure over several weeks following two administrations. Plasma concentrations of ketamine increased gradually, without the pronounced peak levels typically associated with the immediate-release formulation of ketamine. No dose dumping was observed, and ketamine exposure remained steady throughout the study period, highlighting the potential for improved tolerability and differentiated clinical performance. In exploratory efficacy endpoints, ALA-3000 in combination with an oral antidepressant demonstrated rapid and sustained antidepressant effects, with early onset observed at 24 hours post-dose and separation from placebo from Day 9 onward, as assessed by the Montgomery–Åsberg Depression Rating Scale (MADRS). Key findings include: Early onset: MADRS total scores decreased as early as 24 hours post-dose; Sustained improvement: From Day 9 to Day 36, ALA-3000 demonstrated ~3 to 6 points (150 mg) and ~2 to 4 points (250 mg) greater reduction vs. placebo; Robust response rates: From Day 11 to Day 36, response rates reached =60% (150 mg) and 54% to 69% (250 mg) vs. 36% to 45% for placebo; Encouraging remission rates: From Day 22 to Day 36, remission rates reached 50% (150 mg) and 23% to 31% (250 mg) vs. 18% for placebo. Collectively, these results highlight the early onset, durable efficacy, and clinically meaningful antidepressant benefit of ALA-3000 in TRD. Importantly, the long-acting, sustained-release profile of ALA-3000 may offer meaningful clinical advantages, including durable antidepressant effects with reduced burden of frequent dosing and clinical visits. By avoiding rapid peak plasma levels associated with acute ketamine treatment, ALA-3000 mitigates AEs such as dissociation and sedation. This profile has the potential to eliminate the need for mandatory prolonged post-dose clinical on-site monitoring required by current ketamine therapies, significantly enhancing treatment convenience. Furthermore, ALA-3000 may also reduce reliance on psychedelic-assisted psychotherapy, expanding accessibility to a broader patient population.

Taiwanese (TAIEX) Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

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Latest News

New major risk - Revenue and earnings growth

New minor risk - Profit margin trend

First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind

New minor risk - Profit margin trend

First quarter 2026 earnings: EPS and revenues exceed analyst expectations

First quarter 2026 earnings released: NT$1.00 loss per share (vs NT$1.30 loss in 1Q 2025)

First quarter 2026 earnings released: NT$0.38 loss per share (vs NT$0.36 profit in 1Q 2025)

Full year 2025 earnings released: NT$1.36 loss per share (vs NT$0.99 loss in FY 2024)

First quarter 2026 earnings released: NT$0.37 loss per share (vs NT$0.59 loss in 1Q 2025)

HanchorBio Inc. has filed a Follow-on Equity Offering in the amount of TWD 1.128 billion.

New minor risk - Share price stability

Caliway Biopharmaceuticals Announces Clinical Results for Fat Reduction Drug Candidate Cbl-514

New minor risk - Share price stability

Alar Pharmaceuticals Inc Announces Positive Phase 1 Results For Long-Acting Injectable ALA-3000 For Treatment-Resistant Depression

Full year 2025 earnings released: EPS: NT$4.85 (vs NT$3.37 in FY 2024)

Full year 2025 earnings released: EPS: NT$0.46 (vs NT$0.36 in FY 2024)