Bora Pharmaceutical and PharmaEssentia, two key players in the biotech industry, released their first-half financial reports yesterday (13th). Bora Pharmaceutical emerged as the top performer with strong profit momentum, earning over NT$18 per share, making it the most profitable company in its sector. Meanwhile, PharmaEssentia, a new drug company, posted earnings of NT$3.05 per share for the first half of the year, marking a historic high as it turned profitable.
Bora Pharmaceutical benefited significantly from its acquisition of the century-old U.S. pharmaceutical company Upsher-Smith Laboratories (USL). In the second quarter alone, Bora achieved a net profit after tax of NT$1.172 billion, a 69.3% year-on-year increase, with earnings per share (EPS) of NT$11.61. For the first half of the year, Bora's EPS reached NT$18.68, solidifying its position as the profit leader among biotech stocks.
Bora noted that certain financial results were influenced by one-time items related to the acquisition. Excluding these one-time acquisition-related costs, the normalized operating expenses for the second quarter after consolidating USL were approximately NT$800 million, significantly lower than the NT$1.2 billion reported in the financial statements. Furthermore, if the one-time gain from the bargain purchase is excluded, the net profit after tax would be around NT$830 million, with an adjusted EPS of approximately NT$7.8, still reflecting over a 10% growth compared to the first quarter and reaching a five-quarter high.
Bora also reported that global market sales, bolstered by the inclusion of USL's product sales, resulted in consolidated revenue of NT$3.64 billion in the second quarter, contributing about 72% of the group's total revenue.
Looking ahead, Bora announced the acquisition of a U.S. sterile injectable manufacturing plant at the end of June, with the official handover expected in late August. This facility will be Bora’s third production base in the U.S. and its tenth globally. Once fully operational, it is expected to significantly enhance Bora's global CDMO (Contract Development and Manufacturing Organization) capabilities and development potential.
Bora’s Chairman, Bobby Sheng, stated that the strategic expansion into the U.S. market in the first half of the year will focus on integrating acquired businesses and improving efficiency over the next 12 months. The Bora Group has proactively anticipated customer needs, and as the integration of acquired businesses continues, operational results are expected to improve quarter by quarter.
In addition, PharmaEssentia also released its first-half financial results yesterday, reporting a net profit after tax of approximately NT$1.01 billion, marking a significant turnaround from previous losses, with an EPS of NT$3.05.
According to yesterday's announcement, PharmaEssentia’s net profit after tax for the second quarter was approximately NT$679 million, compared to a loss in the same period last year. This resulted in an EPS of NT$2.09, doubling the profit from the first quarter and setting new records for both quarterly and first-half profits.
Resource (mandarin): 併購美藥廠效益 保瑞上半年 EPS 18.68元稱冠生技股
