Declared Dividend • May 30
Dividend increased to NT$2.61 Dividend of NT$2.61 is 23% higher than last year. Ex-date: 12th June 2026 Payment date: 10th July 2026 Dividend yield will be 5.1%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 2.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.79 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.79 in 1Q 2025). Revenue: NT$285.8m (flat on 1Q 2025). Net income: NT$38.7m (up 27% from 1Q 2025). Profit margin: 14% (up from 11% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
TSH Biopharm Corporation Limited, Annual General Meeting, May 27, 2026 TSH Biopharm Corporation Limited, Annual General Meeting, May 27, 2026. Location: 2 floor building. a no,19-10, san ch`ung rd., nangang district, taipei city Taiwan Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: NT$3.63 (vs NT$2.95 in FY 2024) Full year 2025 results: EPS: NT$3.63 (up from NT$2.95 in FY 2024). Revenue: NT$1.34b (up 20% from FY 2024). Net income: NT$139.3m (up 23% from FY 2024). Profit margin: 10% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$1.53 (vs NT$1.26 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.53 (up from NT$1.26 in 3Q 2024). Revenue: NT$422.6m (up 8.8% from 3Q 2024). Net income: NT$58.8m (up 21% from 3Q 2024). Profit margin: 14% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: NT$0.68 (vs NT$0.36 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.68 (up from NT$0.36 in 2Q 2024). Revenue: NT$269.3m (up 14% from 2Q 2024). Net income: NT$26.2m (up 87% from 2Q 2024). Profit margin: 9.7% (up from 5.9% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 31
Dividend increased to NT$2.12 Dividend of NT$2.12 is 66% higher than last year. Ex-date: 16th June 2025 Payment date: 11th July 2025 Dividend yield will be 4.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 4.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.79 (vs NT$1.07 in 1Q 2024) First quarter 2025 results: EPS: NT$0.79 (down from NT$1.07 in 1Q 2024). Revenue: NT$287.1m (up 43% from 1Q 2024). Net income: NT$30.4m (down 26% from 1Q 2024). Profit margin: 11% (down from 20% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • May 01
TSH Biopharm Corporation Limited to Report Q1, 2025 Results on May 08, 2025 TSH Biopharm Corporation Limited announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$43.45, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 17x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 7.7% over the past three years. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: NT$2.95 (vs NT$1.61 in FY 2023) Full year 2024 results: EPS: NT$2.95 (up from NT$1.61 in FY 2023). Revenue: NT$1.12b (up 38% from FY 2023). Net income: NT$113.1m (up 82% from FY 2023). Profit margin: 10% (up from 7.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
TSH Biopharm Corporation Limited, Annual General Meeting, May 28, 2025 TSH Biopharm Corporation Limited, Annual General Meeting, May 28, 2025. Location: 2 floor building. a no,19-10, san ch`ung rd., nangang district, taipei city Taiwan Announcement • Feb 14
TSH Biopharm Corporation Limited to Report Q4, 2024 Results on Feb 21, 2025 TSH Biopharm Corporation Limited announced that they will report Q4, 2024 results on Feb 21, 2025 Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: NT$1.26 (vs NT$0.44 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.26 (up from NT$0.44 in 3Q 2023). Revenue: NT$388.5m (up 214% from 3Q 2023). Net income: NT$48.5m (up 188% from 3Q 2023). Profit margin: 13% (down from 14% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.48 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.37 (down from NT$0.48 in 2Q 2023). Revenue: NT$235.6m (up 86% from 2Q 2023). Net income: NT$14.0m (down 23% from 2Q 2023). Profit margin: 5.9% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jul 31
TSH Biopharm Corporation Limited to Report Q2, 2024 Results on Aug 07, 2024 TSH Biopharm Corporation Limited announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$1.28 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.0%). Declared Dividend • May 27
Dividend reduced to NT$1.28 Dividend of NT$1.28 is 20% lower than last year. Ex-date: 17th June 2024 Payment date: 12th July 2024 Dividend yield will be 2.1%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: NT$1.07 (vs NT$0.28 in 1Q 2023) First quarter 2024 results: EPS: NT$1.07 (up from NT$0.28 in 1Q 2023). Revenue: NT$200.5m (up 71% from 1Q 2023). Net income: NT$40.9m (up 283% from 1Q 2023). Profit margin: 20% (up from 9.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Announcement • Apr 28
TSH Biopharm Corporation Limited to Report Q1, 2024 Results on May 06, 2024 TSH Biopharm Corporation Limited announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 06, 2024 New Risk • Mar 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 217% Earnings have declined by 4.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Profit margins are more than 30% lower than last year (7.6% net profit margin). Market cap is less than US$100m (NT$2.23b market cap, or US$70.6m). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$1.61 (vs NT$1.61 in FY 2022) Full year 2023 results: EPS: NT$1.61. Revenue: NT$810.9m (up 75% from FY 2022). Net income: NT$62.0m (flat on FY 2022). Profit margin: 7.6% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Feb 28
TSH Biopharm Corporation Limited, Annual General Meeting, May 24, 2024 TSH Biopharm Corporation Limited, Annual General Meeting, May 24, 2024. Location: Room 423 of Nankang Software Incubator Building E, 4th Floor, No. 19-11, Sanchong Rd., Nangang Dist Taipei City, Taiwan) Taipei Taiwan Agenda: To approve Year 2023 Business Report; to approve Audit Committee's Review Report on the year 2023 Financial Statements; to Report on Employees' and Directors' Remuneration for the year 2023; and to discuss other matters. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$57.20, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 24x in the Pharmaceuticals industry in Taiwan. Total returns to shareholders of 23% over the past three years. Announcement • Dec 15
TSH Biopharm Corporation Limited Announces the Change of Financial Officer, Effective on January 1, 2024 TSH Biopharm Corporation Limited announced the change of financial officer. Name, title, and resume of the previous position holder: Financial officer: Chen-Ju Kan/Senior Manager of the Accounting. Department. Acting spokesperson: Chao-Jen Liao/Division Director of Business Development Division. Name, title, and resume of the new position holder: Financial officer and acting spokesperson: Shu-Ping Huang/Manager of the Administrative Department. Reason for the change: Functions of organization and position adjustment. Effective date: January 1, 2024. Any other matters that need to be specified: The newly appointed financial officer and acting spokesperson will take office on January 1, 2024. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: NT$0.44 (vs NT$0.47 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.44 (down from NT$0.47 in 3Q 2022). Revenue: NT$123.7m (up 10% from 3Q 2022). Net income: NT$16.8m (down 7.6% from 3Q 2022). Profit margin: 14% (down from 16% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$52.50, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 22x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 5.5% over the past three years. Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$0.48 (vs NT$0.42 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.48 (up from NT$0.42 in 2Q 2022). Revenue: NT$126.7m (up 16% from 2Q 2022). Net income: NT$18.3m (up 12% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jun 08
Upcoming dividend of NT$1.60 per share at 3.5% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 14 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: NT$1.61 (vs NT$1.23 in FY 2021) Full year 2022 results: EPS: NT$1.61 (up from NT$1.23 in FY 2021). Revenue: NT$464.4m (up 12% from FY 2021). Net income: NT$61.9m (up 31% from FY 2021). Profit margin: 13% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 15% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Chairman Chuan-Quan Lin was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 07
Third quarter 2022 earnings released: EPS: NT$0.47 (vs NT$0.26 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.47 (up from NT$0.26 in 3Q 2021). Revenue: NT$112.2m (up 14% from 3Q 2021). Net income: NT$18.2m (up 84% from 3Q 2021). Profit margin: 16% (up from 10.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 18% per year. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: NT$0.42 (vs NT$0.34 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.42 (up from NT$0.34 in 2Q 2021). Revenue: NT$109.6m (up 4.1% from 2Q 2021). Net income: NT$16.3m (up 25% from 2Q 2021). Profit margin: 15% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 19% per year. Announcement • Aug 05
TSH Biopharm Corporation Limited Announces Board Appointments TSH Biopharm Corporation Limited announced members of TSH's first Sustainable Development Committee. Name of the new position holder: Yaw-Bin, Huang; Chih-Li, Wang; Rwei-Syun, Chen. Resume of the new position holder: Yaw-Bin, Huang/Independent director; Chih-Li, Wang/Independent director; Rwei-Syun, Chen/Independent director. Reason for the change: Establishment of the Sustainable Development Committee Effective date of the new member is August 4, 2022. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 20% share price gain to NT$47.95, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 21x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 25% over the past three years. Upcoming Dividend • Jun 06
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 13 June 2022. Payment date: 08 July 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 09
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.51 (up from NT$0.25 in 1Q 2021). Revenue: NT$120.4m (up 18% from 1Q 2021). Net income: NT$19.4m (up 101% from 1Q 2021). Profit margin: 16% (up from 9.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 79%. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Chairman Chuan Lin was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 06
TSH Biopharm Corporation Limited, Annual General Meeting, May 25, 2022 TSH Biopharm Corporation Limited, Annual General Meeting, May 25, 2022. Location: International Convention Center of Nangang Software Park Building A, 2nd Floor, No.19-10, Sanchong Rd., Nangang Dist. Taipei City Taiwan Agenda: To consider Year 2021 Business Report; to consider Audit Committee's Review Report on the year 2021 Financial Statements; to consider Report on Employees' and Directors' Remuneration for the year 2021; to consider Year 2021 Business Report and Financial Statements; to consider Year 2021 Earnings Distribution; to consider Amendments to the Procedures for Election of Directors; and to consider other matters. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.26 (vs NT$0.40 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$98.9m (down 1.4% from 3Q 2020). Net income: NT$9.89m (down 36% from 3Q 2020). Profit margin: 10.0% (down from 16% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 18% share price gain to NT$47.50, the stock trades at a trailing P/E ratio of 34.7x. Average trailing P/E is 18x in the Pharmaceuticals industry in Taiwan. Total loss to shareholders of 35% over the past three years. Upcoming Dividend • Aug 31
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 08 October 2021. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$0.34 (vs NT$0.21 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$105.3m (up 16% from 2Q 2020). Net income: NT$13.0m (up 61% from 2Q 2020). Profit margin: 12% (up from 8.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$0.25 (vs NT$0.62 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$101.7m (down 23% from 1Q 2020). Net income: NT$9.68m (down 59% from 1Q 2020). Profit margin: 9.5% (down from 18% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$1.60 (vs NT$2.22 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$447.9m (down 12% from FY 2019). Net income: NT$61.6m (down 28% from FY 2019). Profit margin: 14% (down from 17% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 11
TSH Biopharm Corporation Limited, Annual General Meeting, May 28, 2021 TSH Biopharm Corporation Limited, Annual General Meeting, May 28, 2021. Location: Building F, 3rd Floor, No.3-1, Park Street Taipei City Taiwan Agenda: To consider 2020 business report; to audit committees review report on the 2020 financial statements; to report on 2020 employees' and directors' remuneration; to amendments to the codes of ethical conduct; to adoption of the procedures for ethical management and guidelines for conduct; to acknowledgment of the 2020 business report and financial statements; to acknowledgment of the 2020 earnings distribution; and to consider other matter. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS NT$1.60 (vs NT$2.22 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$447.9m (down 12% from FY 2019). Net income: NT$61.6m (down 28% from FY 2019). Profit margin: 14% (down from 17% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 18
New 90-day low: NT$52.70 The company is down 13% from its price of NT$60.30 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 14% over the same period. Is New 90 Day High Low • Feb 03
New 90-day low: NT$57.40 The company is down 8.0% from its price of NT$62.20 on 05 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 17% over the same period. Is New 90 Day High Low • Jan 05
New 90-day low: NT$58.20 The company is down 9.0% from its price of NT$63.80 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 13% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: NT$58.90 The company is down 9.0% from its price of NT$65.00 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 7.0% over the same period. Is New 90 Day High Low • Nov 04
New 90-day low: NT$61.70 The company is down 4.0% from its price of NT$64.60 on 06 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Pharmaceuticals industry, which is also down 4.0% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$52.7m, down 41% from the prior year. Total revenue was NT$442.3m over the last 12 months, down 12% from the prior year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$61.90 The company is down 7.0% from its price of NT$66.60 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 4.0% over the same period. 
