Bora Pharmaceuticals (保瑞藥業) 2025Q2 法說會簡報
Company Overview
- Company Name: Bora Pharmaceuticals (保瑞藥業)
- Slogan: Making Success More Certain (讓成功更確定)
- Presentation Date: 2025年5月
- Company Data (as of May 2025):
- Market Capitalization: 2.5+ 億美元
- Employees: 2100+
- Export Countries: 100+
- CDMO Facilities: 10
- Revenue 2024: 600+ 億美元
- Revenue from Overseas: 95%
- Taiwan's Leading Pharmaceutical Company: #1
Financial Highlights
-
Q1'25 Income Statement (Unit: NTD millions, excluding EPS):
Indicator 1Q2025 4Q2024 QoQ% 1Q2024 YoY% Revenue (營收) 4,480 5,746 -22% 2,857 57% COGS (銷貨成本) -2,590 -3,869 -33% -1,352 92% Gross Profit (毛利) 1,889 1,877 1% 1,506 25% Gross Margin (GM%) 42% 33% 53% S&M (銷售與行銷) -374 -417 -10% -201 87% G&A (一般與行政) -646 -691 -7% -320 102% R&D (研發) -188 -238 -21% -94 101% OPEX Total (營運費用總計) -1,208 -1,347 -10% -614 97% Operating Profit (營業利益) 681 531 28% 892 -24% Operating Margin (OP Margin%) 15% 9% 31% Non-Op 2,336 212 1000% 91 2453% Net Income before Tax (稅前淨利) 3,017 743 306% 984 207% Profit/Loss from Discontinued Operations -1,342 Net Income from Continued Operations 2,750 Net Income (淨利) 1,409 629 124% 744 89% Basic EPS from Continued Operations 26.54 Basic EPS 13.55 5.86 131% 7.07 92% -
EBITDA (Unit: NTD millions):
Indicator 2022 2023 2024 1Q2025 EBITDA 2,273,914 4,841,671 6,461,032 3,431,365 Severance/reorg expenses - - (187,935) - Impairment of goodwill - - - - Disposal of land and gain from divestment - - - 2,440,795 Impairment of equipment - - - - Lawyer & FA fee (3,297) - (250,113) - Funding costs and loss on refinancing (103,652) (158,716) (493,680) (120,781) Goodwill or bargain purchase gain - - 1,749,083 - Profit/loss from discontinued operations - - - (1,341,923) Core EBITA 2,380,863 5,000,387 5,643,677 2,453,274 -
Revenue and Net Income Growth (Unit: NTD millions):
- Revenue (營收):
- 2022: 10,494
- 2023: 14,200
- 2024: 19,246
- 1Q2025: 4,480
- Net Income (淨利):
- 2022: 1,402
- 2023: 3,072
- 2024: 4,040
- 1Q2025: 1,409
- Gross Margin (GM%):
- 2022: 27.80%
- 2023: 49.20%
- 2024: 40.10%
- 1Q2025: 42.20%
- Revenue (營收):
Business Segments
-
Global Sales Revenue Breakdown (Unit: Million USD, NTD/USD = 32/1):
Product Category 2023 2024 YoY Change 1Q2025 Q Run Rate Change Other Generics 46 174 276% 25 -44% DLS 160 95 -41% 18 -24% DTC+DTS 9 14 46% 4 17% PAC 53 0 -100% 0 - KCL 0 14 - 9 154% Specialty 8 109 1282% 29 8% -
Key CDMO Indicators (Q1'25):
- Formulation Production: 600 million doses
- Revenue from Top 20 Global Pharmaceutical Companies: 29%
- Number of Signed CDMO Contracts: 10
- New Orders in Q1: 78 million USD
Products & Technologies
- Vigafyde (vigabatrin) Oral Solution: Breakthrough product for infant seizures, received Orphan Drug Designation in the USA.
- Product Lines:
- OSD, Nasal Spray, Ophthalmic, Semi-Solids, Liquids, Injectable, Biologic, Sterile Nasal and Ointment, High Potency, API, Excipients, FDF, INN.
Clients & Markets
- Top Clients:
- Relationships with the top 20 global pharmaceutical companies, indicating strong trust and long-term collaborations.
ESG / Sustainability
- Sustainability Commitment:
- Aim for net zero by 2050.
- Implement employee human rights due diligence and strengthen supply chain responsiveness.
Outlook & Strategy
- 2025 Operational Cash Flow: Expected quarterly cash flow release of approximately NTD 200 million starting Q2 2025.
- Product Submission Timelines:
- Stiripentol: Q4 2025 - Q1 2026
- USL551: 2026 - 2027
- GLP-1 project: Q4 2025
- Cyclosporine OPHT: Q3 2025
Additional Data
- Global Service Capability Key Indicators:
- OTIF: 91%
- Right First Time: 83%
- Yield/Batch Success Rate: 99%
Key Product Names, Terminology, and Concepts
- Company Names: Bora Pharmaceuticals, Upsher-Smith Pharmaceuticals
- Business Model: CDMO
- Regulatory Terminology:
- USFDA, 505(b)(2), ANDA, ODE, PIV, CRL, S232, Medicaid
Key Charts, Graphs, and Data Points
- Q1'25 Income Statement Details
- Plymouth Shutdown Cost Structure
- NWC/Rev Trend Chart