Bora Pharmaceuticals (上市代號: N/A) August 2025 法說會簡報
Company Overview
- Company Name: Bora Pharmaceuticals
- Tagline: Make Success More Certain
- Core Business: Pharmaceuticals (CDMO and Global Sales)
Bora by the Numbers (As of July 2025)
- Market Capitalization: 2.9+ Billion USD
- Number of Employees: 2100+
- Export Countries: 100+
- CDMO Sites: 10
- 2024 Revenue: 600+ Million USD
- Revenue from Overseas: 95%
- Taiwanese Pharmaceutical Company Ranking: #1
Global Sites (10 Global Sites)
- Mississauga, Ontario (Canada)
- San Diego (US)
- Maple Grove, Minnesota (US)
- Baltimore, Maryland (US)
- Zhongli (Taiwan)
- Taoyuan (Taiwan)
- Zhubei (Taiwan)
- Zhunan (Taiwan)
- Tainan (Taiwan)
Service Differentiation
- Big pharma quality, new drug company meticulousness
- Balancing technical capability and production capacity, becoming a supply chain strategic partner for clients
- Client-first mindset
Commitment to Sustainable Development (ESG)
- Milestones:
- First corporate governance evaluation after listing entered the 6%-20% range, indicating diligence in corporate governance details.
- MSCI ESG Ratings: Grade A (Rating Action Date: September 25, 2023; Last Report Update: July 12, 2024)
- FTSE Russell Score: 3.5/5 (Meets FTSE4GOOD threshold)
- ESG Score: 3.5
- ICB Supersector: Health Care
- Percentile rank: 64
- Ecovadis Certification: North American sites received Ecovadis "Committed" certification (JUL 2024).
Financial Highlights and Key Metrics
Q2'25 Core Business EPS Reaches Second Highest in History
Financial Performance (Reported in NT$mn, except for EPS)
| Metric | 2Q2025 | 1Q2025 | QoQ% | 1H2025 | 1H2024 | YoY% |
|---|---|---|---|---|---|---|
| Revenue | 4,868 | 4,480 | 9% | 9,347 | 7,275 | 28% |
| COGS | -2,848 | -2,590 | 10% | -5,438 | -3,801 | 43% |
| Gross Profit | 2,019 | 1,889 | 7% | 3,909 | 3,473 | 13% |
| GM% | 41% | 42% | 42% | 48% | ||
| S&M | -297 | -374 | -21% | -671 | -457 | 47% |
| G&A | -574 | -646 | -11% | -1220 | -960 | 27% |
| R&D | -156 | -188 | -17% | -344 | -258 | 33% |
| OPEX ttl | -1,027 | -1,208 | -15% | -2,235 | -1,675 | 33% |
| Operating Profit | 993 | 681 | 46% | 1,674 | 1,798 | -7% |
| OP Margin% | 20% | 15% | 18% | 25% | ||
| Non-Op | -437 | 2,336 | -119% | 1,899 | 793 | 139% |
| Net Income before tax | 555 | 3,017 | -82% | 3,573 | 2,591 | 38% |
| Profit/Loss from Discontinued Operations | 187 | -1,342 | -114% | -1,155 | -182 | 535% |
| Net Income from Continued Operations | 448 | 2,750 | -84% | 3,199 | 2,052 | 56% |
| Net Income | 635 | 1,409 | -55% | 2,044 | 1,871 | 9% |
| Basic EPS from Continued Operations | 4.14 | 26.54 | -84% | 30.68 | 19.63 | 56% |
| Basic EPS | 5.95 | 13.55 | -56% | 19.50 | 17.83 | 9% |
Key Financial Notes
- This quarter's basic EPS is NT$5.95, with NT$1.81 from discontinued operations.
- Some CDMO sites experienced production delays and capacity constraints.
- Operating expenses were approximately 15% lower than management's guidance.
- Appreciation of the NT dollar affected revenue and EPS significantly.
- Core EPS could reach NT$8.08 without exchange rate impacts.
Cash Flow and Balance Sheet
- Operating cash flow increased by NT$3.6 billion year-on-year.
- Recent repayment of NT$370 million exceeded estimated cash flow release.
- Debt ratio is gradually improving.
Key Metrics (Operational)
- OTIF (On-Time, In-Full): 92%
- Right First Time: 94%
Recent Performance and Results
Q2'25 Key Milestones
- CDMO business integration transition period concluded.
- Enhanced cooperation agreements with pharmaceutical clients in the US.
- Vigabatrin three dosage forms saw significant market share increase.
- Continued investment in specialty drugs targeting DEE and rare diseases.
Q2'25 CDMO Key Progress Overview
- CDMO business revenue increased by 69.5% year-on-year in 1H 2025.
- Top 20 global pharmaceutical companies remain key clients.
- Achievements include producing 548 million doses and signing 8 new clients.
Global Sales Business Performance
- Revenue from other generics declined due to strategic delisting.
- Specialty drug growth led by VIGAFYDE with significant revenue increase.
Future Outlook and Guidance
Bora 2H'25 Blueprint
- Control risks from exchange rates and tariffs.
- Expect CDMO Aseptic Injectable Business to return to growth.
- Focus on high-value generic drug approvals.
Strategic Initiatives and Plans
BORA VISION 2025: Scale, Integrate, Synergize
- Anticipating improved profit structure and high new order rates.
Maple Grove Site (US)
- Deepening cooperation with clinical-stage clients.
- Aiming for the establishment of small molecule packaging lines.
Maryland Plant (US) - Aseptic Technology Upgrade Investment
- Plans to expand aseptic filling capacity and process capabilities.
Canada Plant - Dermatological Drug Soft Tube Filling Line Expansion
- Enables flexibility in production models and improved service to clients.
Focus on Epilepsy Market
- Targeting unmet medical needs with new formulations for DEE.
Key Charts, Graphs, and Data Points
Revenue and Net Income Growth (Unit: NT$mn except for %)
| Metric | 2022 | 2023 | 2024 | 1H2025 |
|---|---|---|---|---|
| Revenue | $10,494 | $14,200 | $19,246 | $9,347 |
| Net Income | $1,402 | $3,072 | $4,040 | $2,044 |
| GM% | 28% | 49% | 40% | 42% |
Cash and Cash Equivalents vs. Net Debt/EBITDA (Unit: NT$mn except for %)
| Metric | 2022 | 2023 | 2024 | 1H2025 |
|---|---|---|---|---|
| Cash and Cash Equivalents | 3,281 | 3,053 | 5,829 | 4,310 |
| Net Debt/EBITDA | 1.6 | 0.2 | 1.9 | 1.6 |
Inventories, AR, AP (Unit: NT$mn)
| Metric | 1H24 | 2H24 | 1H25 |
|---|---|---|---|
| Inventories | 9,551 | 10,222 | 7,645 |
| AR | 4,985 | 5,502 | 3,225 |
| AP | (4,985) | (5,502) | (3,225) |
Product Sales Breakdown (US$mn)
| Category | 2023 | 2024 | YoY change | 1H2025 | run rate change |
|---|---|---|---|---|---|
| other generics | 46 | 174 | 276% | 65 | -25% |
| DLS | 160 | 95 | -41% | 39 | -18% |
| DTC+DTS | 9 | 14 | 46% | 8 | 20% |
| PAC | 53 | 0 | -100% | 0 | - |
| KCL | 0 | 14 | 18 | 146% | |
| specialty | 8 | 109 | 1282% | 69 | 27% |
Important Product Names, Terms, and Concepts
- CDMO: Contract Development and Manufacturing Organization
- OSD: Oral Solid Dosage
- DEE: Developmental and Epileptic Encephalopathies
- Vigabatrin franchise: A group of 3 dosage forms of Vigabatrin.
- VIGAFYDE (Vigabatrin) Oral Solution: Highlighted product for its "Consistently Correct Concentration" advantage.
- Other relevant medical and product terminologies are included in the presentation.
Products, Services & Technology
CDMO Services
- Extensive dosage forms including OSD, Nasal Spray, Ophthalmic, and more.
Specific Site Capabilities
- Maryland Aseptic Injectable Plant: Specialized in aseptic processing, upgrading technology for increased capacity.
- Canada Plant: Expanding dermatological drug tube filling with advanced equipment.
Product Pipeline
- Focus on strategic long-term investments with upcoming products in the specialty and generics business sectors, particularly targeting the epilepsy market.