Panion & Bf Biotech Income Statement

Financials in millions TWD. Fiscal year is January - December.

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,063	2,030	1,882	2,399	1,901
Revenue Growth (YoY)	1.66%	7.85%	-21.54%	26.16%	21.20%
Cost of Revenue	946.54	959.37	907.48	1,080	989.07
Gross Profit	1,117	1,070	974.4	1,319	912.14
Selling, General & Admin	612.69	618.22	601.58	656.06	587
Research & Development	195.46	236.88	217.04	248.5	157.71
Other Operating Expenses	-	9.84	-	-	-
Operating Expenses	809	864.61	817.57	904.63	746.8
Operating Income	307.85	205.67	156.83	413.96	165.34
Interest Expense	-14.34	-15.02	-11.36	-7.59	-14.68
Interest & Investment Income	4.19	10.46	11.19	4.77	7.02
Earnings From Equity Investments	2.65	-8.44	-14.02	-8.18	-12.17
Currency Exchange Gain (Loss)	-	11.95	-2.97	-0.32	-3.07
Other Non Operating Income (Expenses)	-6.31	10.77	21.33	17.55	33.84
EBT Excluding Unusual Items	294.04	215.39	161.01	420.2	176.28
Gain (Loss) on Sale of Investments	-	1.46	7.5	-93.68	6.72
Gain (Loss) on Sale of Assets	-	-0.1	-0.38	6.28	-0.44
Other Unusual Items	-	0.69	0.58	0.61	0.08
Pretax Income	294.04	217.44	168.71	333.41	182.65
Income Tax Expense	103.87	92.91	91.49	151.06	78.25
Net Income	190.17	124.52	77.22	182.35	104.4
Net Income to Common	190.17	124.52	77.22	182.35	104.4
Net Income Growth	52.72%	61.26%	-57.65%	74.66%	274.19%
Shares Outstanding (Basic)	86	86	86	86	79
Shares Outstanding (Diluted)	86	86	86	86	79
Shares Change (YoY)	0.29%	0.01%	-0.04%	8.32%	3.18%
EPS (Basic)	2.22	1.45	0.90	2.13	1.32
EPS (Diluted)	2.21	1.45	0.90	2.12	1.32
EPS Growth	52.41%	61.11%	-57.55%	60.78%	266.26%
Free Cash Flow	161.23	165.49	-3.81	291.23	231.22
Free Cash Flow Per Share	1.87	1.93	-0.04	3.39	2.92
Dividend Per Share	-	1.800	1.500	2.000	1.500
Dividend Growth	-	20.00%	-25.00%	33.33%	114.29%
Gross Margin	54.13%	52.73%	51.78%	54.97%	47.98%
Operating Margin	14.92%	10.13%	8.33%	17.26%	8.70%
Profit Margin	9.22%	6.13%	4.10%	7.60%	5.49%
Free Cash Flow Margin	7.81%	8.15%	-0.20%	12.14%	12.16%
EBITDA	446.27	341.73	298.19	546.26	275.7
EBITDA Margin	21.63%	16.84%	15.85%	22.77%	14.50%
D&A For EBITDA	138.42	136.06	141.36	132.29	110.36
EBIT	307.85	205.67	156.83	413.96	165.34
EBIT Margin	14.92%	10.13%	8.33%	17.26%	8.70%
Effective Tax Rate	35.32%	42.73%	54.23%	45.31%	42.84%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.