On the 5th, Bora Biologics announced its financial results for 2024, reporting annual revenue of NT$19.25 billion, a record high for a listed biotech company, representing a year-over-year growth of over 35.5%. Net profit after tax reached NT$3.939 billion, marking a 29.9% increase, while earnings per share (EPS) stood at NT$38.69, up 28% from the previous year. The company has now achieved more than three times its share capital in profits for two consecutive years.
Bora's board of directors has approved the 2024 earnings distribution plan, proposing a cash dividend of NT$14 per share and a stock dividend of NT$2 per share, with a total distribution ratio of 41.4%. Based on the closing price on the 5th, the cash dividend yield is estimated at 1.5%.
The company noted that while revenue increased in the fourth quarter of last year, profits did not rise proportionally. This was primarily due to one-time expenses associated with the acquisition of Pyros, costs related to operational adjustments during the transition period, and proactive improvements during the scheduled maintenance of its Maryland sterile injectables plant. Additionally, anticipated price reductions for certain generic drugs under Upsher-Smith led to an inventory write-down in accordance with accounting standards, impacting fourth-quarter profitability. Given the substantial expansion in operational scale and the number of manufacturing sites in 2024, the expense structure remained largely stable when factoring in the previous year's revenue-sharing expenses with former shareholders of Anchen. The company expects the benefits of scale from its three major international acquisitions in 2024—incurring one-time and transition costs of approximately NT$600 million—to become evident in 2025 as post-merger integration progresses.
Chairman Bobby Sheng stated that Bora accomplished numerous "impossible" tasks in 2024. The company made significant advancements in its technical platform, expanding into large-molecule manufacturing and strengthening its end-to-end contract development and manufacturing organization (CDMO) capabilities. It also successfully established localized production in the United States. At the same time, Bora made significant strides in the highly competitive U.S. generic drug market by acquiring Upsher-Smith and Pyros, gaining rapid entry into the high-barrier rare disease branded drug and specialty pharmacy distribution sectors. This enabled Bora to build a comprehensive product line for Vigabatrin, demonstrating its continued focus on profitable growth and delivering revenue and net profit growth exceeding market averages.
In 2024, Bora exhibited strong growth in the global CDMO sector. Excluding internal clients, its CDMO revenue reached NT$6.27 billion, up 27% year-over-year. When including internal clients, revenue exceeded NT$7 billion, accounting for approximately 38% of total revenue. The company successfully developed 2.8 billion doses of pharmaceuticals, assisted in the market launch of 40 new products, and produced 96 product lines. The top 20 global pharmaceutical companies accounted for over 30% of CDMO revenue, highlighting Bora's increasingly mature client base and economies of scale.
Additionally, Bora's Maryland sterile injectables plant completed an environmental upgrade and resumed normal operations last year, while its Zhongli facility under Bora Pharmaceuticals officially joined the CDMO business in early 2024, offering hormone manufacturing and small-scale, highly differentiated production capabilities. In the large-molecule CDMO segment, Bora entered the pre-IND development stage for multi-specific immune checkpoint T-cell engager antibodies and successfully supported a client's U.S. FDA submission, receiving positive feedback. Meanwhile, the Zhubei facility completed an expansion for antibody-drug conjugate (ADC) manufacturing, enhancing its toxic material handling and TOX material production capabilities, further strengthening its CDMO business competitiveness.
Looking ahead to 2025, Sheng stated that Bora will continue upgrading its CDMO operations. The Plymouth facility of Upsher-Smith will gradually scale down production, with the company's cost-advantaged sites taking over U.S. market orders. Additionally, the Maple Grove facility will expand strategic collaborations with the top 20 global pharmaceutical companies, advancing small-molecule drug manufacturing capabilities and establishing a high-end technical platform for localized production in the United States.
Regarding global market sales, Bora reported NT$12.97 billion in revenue last year, up 40.4%, accounting for 62% of the group's total revenue. The company achieved significant integration in its U.S. sales operations, consolidating all its U.S. pharmaceuticals under the Upsher-Smith brand. Core products such as Dexlansoprazole DR Capsules (DLS) and Potassium Chloride ER Tablets (KCl) continued to grow steadily, while Bora aggressively expanded into the rare disease and specialty drug markets.
The full three-dosage Vigabatrin product line demonstrated strong sales momentum in 2024, while the branded generic drug TORPENZ (everolimus) secured a leading position in the pediatric epilepsy and tuberous sclerosis complex markets. In January 2025, Bora launched Deflazacort to enter the rare disease market for Duchenne muscular dystrophy. With robust specialty pharmacy distribution partnerships, the company plans to apply for brand recognition, expecting it to become a key growth driver in the future.
To enhance market competitiveness, Bora continues to focus on the pediatric epilepsy and related genetic disease markets, increasing the proportion of high-value rare disease and specialty drugs to optimize its product mix. Through strategic expansion in the specialty pharmacy distribution network, the company can directly engage with specific patient groups, benefiting from regulatory and insurance support to maintain stable pricing and improve market penetration.
Sheng further noted that in the U.S. market, Bora will leverage Upsher-Smith's 5-billion-dose production capacity to expand its CDMO business, launching external technology transfer projects starting in March. Additionally, the company plans to add nearly 20 new products to its CDMO business this year, laying a solid foundation for medium-term growth. Bora will continue advancing its dual-engine strategy of CDMO and global sales, maintaining its double-digit growth targets. The CDMO business will also undergo process optimization and new technology investments to ensure that clients benefit from the best cost efficiency and regional production advantages within Bora’s manufacturing network. Meanwhile, the global sales division will deepen its focus on rare disease and specialty drug pipelines, further solidifying Bora's market leadership.
Resource: 保瑞去年獲利大增近三成 EPS 38.69元 擬配股利共16元
