boragroup 2026年第二季 法說會簡報

Company Overview

• Company Name: boragroup (保瑞集團)
• Website: bora-corp.com
• Date: 08.13.2026
• Slogan: Making Success More Certain

Group Overview (Page 3)

• Market Value (市值): 1.7 Billion USD
• Largest Pharmaceutical Manufacturer in Taiwan (全台最大藥品製造商): #1
• Global CDMO Sites (座全球CDMO廠區): 11
• Group Employees (名集團員工): 2240+
• Export Markets (個外銷市場): 100+

Factory Locations:

• 台南廠 (Tainan Plant)
• 桃園廠 (Taoyuan Plant)
• 汐止廠 (Xizhi Plant)
• 中壢廠 (Zhongli Plant)
• 竹北廠 (Zhubei Plant)
• 竹南廠 (Zhunan Plant)
• 馬里蘭州針劑廠 (Maryland Injectable Plant)
• 明尼蘇達州楓木林廠 (Minnesota Maple Grove Plant)
• 加拿大廠 (Canada Plant)
• 洛克維爾廠 (Rockville Plant)
• 聖地牙哥廠 (San Diego Plant)

Financial Highlights

Key Indicators - Comprehensive Double to Triple-Digit Growth (Page 5)

• Order Acceleration, Bottoming Out and Rebounding (訂單加速, 谷底翻揚):
  • Revenue (營收): NT$58.9億 / QoQ +47%
  • Gross Profit (毛利): NT$24.3億 / QoQ +69%
  • EPS: NT$4.36 / QoQ +1786%
  • Net Profit Before Tax (稅前淨利): NT$8.1億 / QoQ +269%
• Order Visibility Reaches All-Time High (訂單能見度創史上最高):
  • Rolling 12-month order backlog (滾動12個月在手訂單): US$3.17億
  • Newly signed external client contracts (新簽外部客戶合約): US$3.78億
• CDMO Business Stabilizes (CDMO業務回穩):
  • Maryland injectable plant operated normally throughout the quarter, with increased utilization rates across plants.
  • Quarterly revenue (季度營收): NT$21.2億, QoQ +40.2%
• Global Sales Business Accelerates (全球銷售業務增速):
  • Driven by excellent performance in the orphan drug product line.
  • Quarterly revenue (季度營收): NT$29.3億, QoQ +30.4%

Return to Profitable Growth Trajectory (Page 7)

Reported in NT$mn, except for EPS

Revenue Breakdown (Unit: NT$mn):

• Bars show 2Q26 revenue contribution from: 1Q26, CDMO, high value Gx, other Gx, specialty & brand, CHC, elim., 2Q26 total.
• Total 2Q26 revenue is the highest bar on the right.

Profit Quality Significantly Improved from Last Year, One-Time Expenses Do Not Affect Quarterly Profit (Page 8)

Reported in NT$mn, except for EPS

YoY Growth Chart (Unit: NT$mn):

• Revenue (REV): +21%
• Gross Profit (GP): +20%
• Net Income before tax (NI before tax): +46%
• Net Income from continued operations (NI from continued operations): +36%
• Comparison between 2Q26 and 2Q25.

Healthier Income Statement and Well-Prepared Cash Position at End of Q2 (Page 10)

• Cash and Cash Equivalents (Unit: NT$mn):
  • 2024: 5,829
  • 2025: 5,077
  • 1Q2026: 4,832
  • 2Q2026: 8,431* (Note: Cash on hand reached an all-time high, mainly in preparation for the upcoming Rockville plant acquisition.)
• Net Debt/Equity:
  • 2024: 82.3%
  • 2025: 70.7%
  • 1Q2026: 71.8%
  • 2Q2026: 71.30%
• NWC/Rev (Net Working Capital / Revenue):
  • 4Q24: 53.14%
  • 1Q25: 38.29%
  • 2Q25: 28.09%
  • 3Q25: 23.69%
  • 4Q25: 26.52%
  • 1Q26: 30.36%
  • 2Q26: 28.14%

Key Points:

• Continuous growth in specialty and branded drugs, and optimized generics product portfolio all contribute to more efficient cash turnover. This quarter's performance is better than last year and 2024.
• The net debt/equity ratio has continuously improved over the past five quarters. As global sales and CHC business performance warms up, profitability is expected to further increase in the second half of the year, helping to reduce leverage.

Business Segments

2Q26 Revenue Composition (Excluding Internal Orders) (Page 9)

• CDMO: 36%
  • *23% Sterile
  • *77% Non-sterile
  • Note: Formulation categories include internal orders when broken down.
  • YoY +33.0%
  • QoQ +40.2%
• Global Sales (全球銷售): 50%
  • 58% Specialty & Branded Drugs (專科與品牌藥)
  • 42% Generics (學名藥)
  • YoY -2.7%
  • QoQ +30.4%
• CHC (Consumer Healthcare): 14%
  • 7% Raw Materials & CDMO (原料與&CDMO)
  • 73% Weider Brand (威德品牌)
  • 20% Taiwan Business (台灣業務)
  • *The largest portion of Weider's business is health, longevity, and sports enhancement products.
  • YoY +234.3%
  • QoQ +354.4%

CDMO Business (Page 11)

• Focus: Niche North America, Connecting Globally (利基北美、串連全球)

Q2 CDMO Business Explanation (Page 12)

• After an excellent revenue performance in Q2, the order backlog continues to be digested. However, the rolling 12-month order backlog has rebounded to a new high of US$3.17 billion; at the same time, the value of newly signed contracts also reached a high of US$3.78 billion.
• Early development projects have signed 14 new molecules this year, setting a new record for development projects. Bora's early development capabilities are highly recognized by new clients.
• Continuously securing long-term, high-value orders amidst global pharmaceutical clients reshaping supply chains and shifting to local production in the US, expanding Bora's large and small molecule CDMO footprint in the US.
• Recently signed 10-year long-term contracts with key clients have entered the technology transfer phase and are expected to begin commercial production in Q3 2027, boosting business performance. Orders for multiple plants under this contract are also gradually being implemented, symbolizing Bora's diverse and extensive order-taking capabilities.

Quotes:

• "Order backlog has reached new highs for two consecutive quarters, and production capacity and order-taking speed are gradually aligning."
• "The value of newly signed contracts and the number of newly signed early development molecules have also reached new highs, creating the best visibility ever for CDMO business."

Rockville Plant Integration and Outlook (Page 13)

• New capacity of 12,000 liters added since July, with 3 commercial production projects contributing to revenue.
• After consolidation in July, it is confirmed that the number of batches scheduled for production at this plant in the second half of this year will exceed that of last year, which was approximately 13 batches in the same period last year.
• The plant will integrate analysis, formulation, and lyophilization development capabilities with Bora Biologics and the Maryland injectable plant, creating more comprehensive value in order-taking and increasing order contributions from relevant clients.

Quote:

• "The addition of this plant will further increase the order backlog by another US$60 million."

CDMO Business H2 Outlook (Page 14)

High Visibility Orders and Industry Trends (高能見度的訂單與產業趨勢):

• Canada, Maryland injectable, Maple Grove, Rockville, Zhunan, and Zhongli plants.
• Zhongli plant continues to benefit from orders from non-US clients.
• Strong marketing investment and accelerated local manufacturing in the US. Our large and small molecule CDMO business in the US will continue to benefit from increasing demand.
• Rockville plant will start contributing revenue in Q3, with high order visibility for the next year and a half.

Continued Investment in the Future (持續投資未來):

• Biologics plant areas, Maryland injectable plant, Maple Grove plant.
• Maple Grove plant had a strong Q2. We will plan capital expenditures in line with client needs, continuously increasing utilization rates.
• The Maryland injectable plant has scheduled annual maintenance in Q3 and will respond to FDA-recommended quality validation projects for older production lines; however, filling batches are still expected to increase in H2 compared to H1. The company continues to adjust the operational structure of this plant.

Quotes:

• "We are screening with stricter standards. Marketing Qualified Leads in H1 still reached over 400, a surprising growth rate; over 60% came from organic search, which is three times higher than internal expectations."
• "After a year of investment, the Bora Biologics brand, operated by TaiMed, has seen an improvement in the quality of potential contracts and order value."

Global Sales Business (Page 15)

• Focus: Sustained Focus on Core Advantages (持續專注核心優勢)

Q2 Global Sales Business Explanation (Page 16)

• Chart: Revenue Breakdown by Product Type (Unit: US$mn)
  • 2023: other generics (low), high-value generics (low), specialty (2.9%)
  • 2024: other generics (medium), high-value generics (medium), specialty (26.9%)
  • 2025: other generics (medium), high-value generics (medium), specialty (42.2%)
  • 1H2026: other generics (low), high-value generics (low), specialty (54.2%)

Quote:

• "The orphan drug product Vigabatrin line continued to grow by double digits quarterly, while the generics DLS benefited from government inventory replenishment orders and the end of the competitive period, also driving overall business recovery."

Specialty and Branded Drugs Accelerate Across the Board (Page 17)

• VIGAFYDE™ (vigabatrin) Oral Solution
  • Prescription Coverage Rate Target Achieved! (處方覆蓋率達標!)
  • Driven by positive reviews from regional insurance and doctors for VIGAFYDE®, it is expected to unlock 60% of the peak sales market of the original drug Sabril this year.
  • Non-repeat patients continuously increased for 7 consecutive quarters.
  • The company licensed non-core Stiripentol generics and 505(b)(2) in Q2, fully grasping the R&D value of this product line.

Quotes:

• "Revenue grew by 58.7% QoQ, and the quarterly average growth was 47.5% compared to last year."
• "The market expansion of non-Vigabatrin product lines stimulated high growth this quarter."

The Primary Task of Generics Business Management is Still to Enrich the Product Line (Page 18)

• After product portfolio adjustments in 2025, the current generics business is healthier and more resilient than in the past.

Unit: US$mn

Quotes:

• "6 new products have been launched this year, and the product portfolio is more diversified than in the past."
• "6 ANDAs expected to be launched in H2 to 2030 are still under FDA review."

CHC Business (Page 19)

• Focus: Morning Sun Bio有望超車躋身國際保健品牌公司 (Morning Sun Bio is expected to surpass and become an international health brand company)

Bora Group Increased its Stake in Morning Sun Bio in Q2, Currently Holding 42.27%, and Morning Sun Bio Completed the Acquisition of Weider; Therefore, New Consumer Healthcare (CHC) Business Explanation (Page 20)

Revenue Composition:

• Raw Materials & CDMO (原料與CDMO): 7%
  • QoQ +40.6%
  • Increased demand due to regulatory changes in the European market.
• Weider Brand (威德品牌): 73%
  • Health, longevity, and sports enhancement products performed best.
• Taiwan Business (台灣市場): 20%
  • QoQ +14.9%
  • Several new prescription drugs launched in the Taiwan market.

H2 Outlook (下半年展望):

• WGN's (Weider Global Nutrition) international channel strength will, starting from H2, leverage vertical integration synergies with Morning Sun Bio's development capabilities, significantly boosting Morning Sun Bio's revenue and profitability.

ESG / Sustainability

Sustainability Assessment Overview (Page 22)

• FTSE: 3.8 / 5
• EcoVadis: Committed Level
• TWSE Corporate Governance Evaluation (證交所公司治理評鑑): 6-20%

Products & Technologies

BORA AIM Program Development (Page 23)

BORA AI in Manufacturing: Proactive, Purpose Built, Pan-Modalities

• Proactive, Purpose Built, Pan-Modalities (主動出擊、量身打造、跨分子跨劑型)
• Expected to start testing Beta version agents in 6 months, which can be used for:
  • Proactively identifying problems before they occur in the manufacturing process, reducing defect rates.
  • Reducing the number of working days for handling Out-of-Specification (OOS) to Corrective and Preventive Action (CAPA) processes, with a target of shortening from 30-45 days to 3-7 days.
  • Reducing 50% of the time spent on Chemical, Manufacturing, and Control (CMC) related document processing and preparation.

Outlook & Strategy

US$180 Million Opportunity (Page 24)

• McKinsey points out: Large pharmaceutical groups have shortened the median speed of industry submissions by 3 times compared to 2020.
• Bourne Partners points out: CDMO pharmaceutical clients explicitly state that digitalization capabilities are a necessary condition when signing contracts.
• By submitting 8-12 weeks earlier after trial data finalization, it can create US$1.8 billion in net present value for a product with peak sales of US$10 billion.
• Bora will strive to become a CDMO that enables this opportunity!

Bora Group H2 Outlook (Page 25)

Quarterly Recovery is Not a Flash in the Pan, H2 Will Be Better (Page 26)

• CDMO orders continue to grow, utilization rates are expected to remain high.
• Specialty and branded drugs maintain quarterly growth, generics performance has stabilized.
• Large molecule CDMO contribution increases, revenue contribution is particularly evident, and TaiMed's operational synergy is promising.
• Morning Sun Bio's CHC business delivers international results through vertical integration.

Additional Data

Appendix (Page 27)

2Q26 CDMO Metrics At A Glance (Page 28)

• Doses Produced: 0.38 bn
• Molecules Commercialized: 109
• Right First Time: 94%
• OTIF (On-Time, In-Full): 97%

Disclaimer

Except for historical information contained herein, the matters set forth in this presentation are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

These forward-looking statements are not based on historical facts but rather on management's expectations regarding future growth, results of operations, performance, future capital and other expenditures, competitive advantages, business prospects and opportunities. Statements in this presentation about our future and intentions, results, level of activities, performance, goals or achievements or other future events constitute forward looking statements. Wherever possible, words such as "anticipate", "believe", "expect”, “may”, “could”, “will”, “potential”, “intend”, “estimate”, “should”, "plan", "predict”, or the negative or other variations of statements reflect management's current beliefs and assumptions and are based on the information currently available to our management.

Investors are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this presentation, and we assume no obligation to update or revise any forward-looking statements.