HONG KONG SAR - Media OutReach Newswire - 8 August 2025 - Bora Pharmaceuticals (TWSE: 6472) today announced its financial results and operational highlights for second quarter of 2025.
Quarterly Business and Financial Highlights
· Company reported quarterly basic EPS of NT$5.95, with NT$1.81 from discontinued operations. OPEX was ~15% below guidance, aided by a ~4% FX gain. Gross margin was impacted by ~4% due to lower CDMO utilization.
· FX loss totaled at ~NT$252 million in 2Q25, or NT$2.4 per share; Excluding FX impact from operational to non-OP, core EPS would have reached approximately NT$8.08, second highest on record after 1Q23, excluding all M&A related non-operating gains.
· Fueled by expanded capacity and new dosage forms, Bora’s CDMO business in 1H25, including internal orders, grew 69.5% compared to same period last year, reaching more than NT$5.01 billion, and yet posted a 26.6% sequential decline during the quarter due to slower momentum navigating through transitional integration phase mainly at sterile injectable site in Maryland and Zhunan facility with no impact on long-term fundamentals.
· Pharma Sales revenues in 1H25 rose 23.0% YoY based on reported unaudited monthly sales, driven by market share expansion of the vigabatrin franchise across three dosage forms. VIGAFYDE uptake continued its acceleration during the quarter, supporting momentum into 2H25.
· The Group observed robust CDMO order momentum in 3Q25, supported by a more streamlined and disciplined operating structure. With this solid execution base in place, Bora is confident that core profitability will resume. As CDMO growth accelerates through expanded U.S.-based capacity and capabilities in the near future, Bora shall be positioned for the next inflection point.
· Share capital increased 0.25% during the quarter from employee stock option exercises and convertible bond conversions. Company went ex-rights on August 4 with book closure and record date both on August 10.
· The Board approved setting up Bora Global Ltd., a wholly owned BVI subsidiary of Bora, and the injection of US$40mn in eye of fluctuating FX and other geo political nuances to reduce the Company’s USD exposure.
Mr. Bobby Sheng, Chairman of Bora Group, stated, “The second quarter marks our transition out of the integration phase that began in 4Q24 with stronger operational cash inflow. To further enhance our resilience to geopolitical and currency fluctuations, we have confirmed the establishment of Bora Global Ltd., a wholly owned BVI subsidiary. The planned injection of US$40 million into this entity reflects a proactive step to reduce the Company’s USD exposure and strengthen financial flexibility amid ongoing macro uncertainties.
Following multiple business and capacity acquisitions last year, we are proud to have established a solid foundation for operational efficiency gains and scalable growth in our change-enabling CDMO business and service-model oriented specialty pharma expansion.
Looking ahead, Bora will advance its focus on high-value and complex dosage forms supported by ample cash on hand to grow our CDMO business. As of 2Q25, around 80% of our 2025 CAPEX plan has been deployed. One of the key investments include a high-performance filling line at our Canada site in Mississauga which enables larger volumes at higher speeds with greater flexibility, particularly for dermatologic products. The investment comes as the global dermatology drugs market is projected to nearly double in value to over $70 billion by 2030, reflecting the rising demand for high-quality, specialized treatments. In addition, while Flex-Pro line at our sterile injectable site in Maryland is expected to enter commercial stage production in 3Q25, while state-of-the-art isolated fill-finish system of automated vial, syringe, and cartridge filling line for the cGMP multi-product production of potent and targeted parenteral pharmaceuticals will take place over the course of 2026.
Last but not least, year-to-date, we’ve added 8 new clients to our CDMO network, mostly for Maple Grove site in Minnesota. Newly added order backlog in 2025 increased to US$138 million. Majority of the contracts, in value, belongs to Canadian site and sterile injectable facility with orders from anchor new clients.
On pharma sales side, specialty pharma business significantly outperformed expectations, with the vigabatrin franchise achieving double digit growth in market share. In the second half of the year, we plan to continue investing in channel marketing and strengthening engagement with key stakeholders on the payer side. The revenue mix between specialty pharma and generics reached 35% vs. 65% during the quarter, marking Bora’s official transition into a specialty pharma company. Moving forward, we will focus on strengthening our presence in Ready-to-Use forms of dosages in the rare and underserved DEE (Developmental and Epileptic Encephalopathies) space through both in-licensing and proprietary R&D, enabling more efficient resource allocation and return in a market where me-too products have been under increasing pressure.
This is part of Bora’s ongoing transformation toward a more white-glove, service-oriented model across both pharma sales and CDMO, sharpening our strategic focus on high-demand, value-driven markets to scale, integrate, and synergize”
2Q2025 Operational Achievements & Full Year Outlook
Global CDMO Operations
Global CDMO Operations (excluding internal orders) revenues arrived at NT$1.59 billion in the second quarter, up 14.8% YoY and representing approximately 32.7% of total revenue. Including internal orders, CDMO revenue reached NT$5.01 billion. A total of 548 million doses were developed and manufactured. Revenue contribution from global top 20 pharmaceutical companies remained steady at approximately 32%. Bora continues to execute on expanding this customer base to enhance business visibility and stability.
· In 1H25, the small molecule and sterile CDMO pipeline added US$138 million in backlog, marking historic high.
· While the Company ramps up its Maple Grove site, it is seeing encouraging momentum - clinical-stage clients are transitioning to long-term strategic partnerships. In parallel, Bora observes a steady uptick in contract signings from pharmaceutical companies looking to secure US domestic manufacturing. Discussions remain active with potential anchor clients and the Company is planning the initiation of small molecule packaging line build-out as the first step in our capacity pre-sell strategy.
· Large molecule CDMO operation was launched following the January 20 reverse-acquisition of Bora Biologics by Tanvex Biopharm where Bora owns 30.5% of Tanvex. CDMO operations at the San Diego site are now active, and the ongoing 2,000L expansion has received strong interest from late-stage clients with half of the potential deals from US clients.
Pharma Sales Operations
Pharma Sales Operations revenue reached NT$3.26 billion, down 10.4% YoY, primarily due to discontinuing several products under significant pricing pressure. Pharma Sales accounted for approximately 67.0% of total revenues.
· Bora identified a shift from DRE (Drug Resistant Epilepsy) to DEE (Developmental and Epileptic Encephalopathies) in the epilepsy market since the acquisition of Upsher-Smith and validated, through field work of sales and marketing, that legacy compounds fall short in addressing the significant unmet needs in this segment. Approved treatments were only available for epilepsies related to Dravet Syndrome, Lennox-Gastaut Syndrome, TSC (Tuberous Sclerosis Complex) and CDKL5 deficiency at the moment, meaning more NCEs will come in the near future, further enlarging the addressable market. The Company expects to capture the sizable opportunities of approximately US$ 10 billion in the next 3 to 5 years building a sound pipeline with Ready-to-Use 505(b)(2) such as Stiripentol, USL551, and at least 2 more compounds.
Bora continues to await regulatory approval for 3 high-value generics in our pipeline in the remainder of the year.
Recent Investor Conference
Bora will host an English online earnings call at 6:00 p.m. Taiwan time on Aug. 8, 2025, followed by an investor conference hosted by Taishin Securities at the Grand Hyatt Taipei at 2:30 p.m. on Aug. 12, 2025. Both events will cover the company’s Q2’25 financial and business results and outlook.
English Online Earnings Presentation Link: https://events.q4inc.com/attendee/796431272
Bora will participate in the Daiwa Consumer and Healthcare Conference on Sept. 3-4 in Hong Kong and Goldman Sachs CDMO Day on Sept. 16-17 in Singapore. For 1:1 meetings with management, please contact your Daiwan and Goldman Sachs representative.
Bora 2025 Earnings Schedule
Q3 2025: Expected in the 3rd week of November 2025
Q4 2025: Expected in the 2nd week of March 2026
Hashtag: #BoraPharmaceuticals
The issuer is solely responsible for the content of this announcement.
