Bora Pharmaceuticals (保瑞製藥) August 2025 法說會簡報
Company Overview
- Slogan: Make Success More Certain
- Market Cap (市值): 2.9+ Billion USD
- Employees (員工人數): 2100+
- Export Countries (出口國家): 100+
- CDMO Sites (CDMO廠區): 10
- 2024 Revenue (2024年營收): 600+ Million USD
- Revenue from Overseas (營收來自海外): 95%
- Taiwanese Pharmaceutical Company (台灣製藥公司): #1
Financial Highlights
Q2'25 Core Business 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% | -1,220 | -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
- Quarter's basic EPS is NT$5.95, with NT$1.81 from discontinued operations.
- Production delays and capacity constraints affected gross margin by approximately 4 percentage points.
- Operating expenses were approximately 15% lower than management's guidance.
- NT dollar appreciation impacted Q2 revenue by approximately NT$160 million.
Balance Sheet & Cash Flow Highlights
- Operating cash inflow increased by NT$3.6 billion due to improved inventory management.
- Debt ratio is gradually improving.
Business Segments
Global Capabilities
-
Extensive Dosage Forms:
- OSD (Oral Solid Dosage)
- Nasal Spray
- Ophthalmic
- Semi-Solids
- Liquids
- Injectable
- Biologic
- Sterile Nasal and Ointment, High Potency
-
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)
Recent Performance and Results
Q2'25 Key Milestones
- CDMO business concluded its integration transition phase.
- Continued investment in specialty drugs targeting developmental and epileptic encephalopathies.
- Vigabatrin formulations significantly increased market share.
Future Outlook and Guidance
- Focus on profitability, with expected organic growth in H2 2025.
- Plans to enhance client engagement and expand the Maple Grove site as a North American manufacturing base.
Strategic Initiatives and Plans
Bora Vision 2025
- Scale, Integrate, Synergize initiative to enhance profitability and business structure.
- Continuous evaluation of capital investment plans.
Key Charts, Graphs, and Data Points
Revenue and Net Income Growth
- Revenue: 2022: $10,494; 2023: $14,200; 2024: $19,246; 1H2025: $9,347.
- Net Income: 2022: $1,402; 2023: $3,072; 2024: $4,040; 1H2025: $2,044.
Sales Mix by Business Segment
- Pharma Sales: 56%
- CDMO: 44%
Cash and Cash Equivalents
- 2022: 3,281; 2023: 3,053; 2024: 5,829; 1H2025: 4,310.
Operational Metrics
- OTIF (On-Time In-Full): 92%
- Right First Time: 94%
Important Product Names, Terms, and Concepts
- VIGAFYDE: Oral solution for epilepsy.
- CDMO: Contract Development and Manufacturing Organization.
Products, Services & Technology
Products
- VIGAFYDE (Vigabatrin) Oral Solution
- Stiripentol
- USL551
Services
- CDMO services including various manufacturing capabilities.
- Global Sales Business for generic and specialty products.
Technology & Systems
- Isolator-based systems for advanced aseptic manufacturing.
- Flex Pro production line for injectable products.