Bora Pharmaceuticals announced yesterday (April 10) that its consolidated revenue for March reached NT$1.47 billion, representing a 94.9% year-on-year increase. Driven by strong performance in its CDMO business, the company posted NT$4.83 billion in revenue for the first quarter, marking a historical high for the same period and a 69.04% increase compared to last year.
The company stated that its CDMO operations continue to grow steadily, supported by ongoing optimization of its product portfolio. Bora is phasing out products that no longer align with its industry growth strategy and is shifting its U.S. pharmaceutical sales focus toward the specialty drug sector. As a result, global sales were affected by the discontinuation of lower-margin U.S. generics and DLS products, leading to a sequential slowdown in monthly revenue compared to Q4 last year—an outcome that was anticipated by management.
Going forward, Bora will reallocate resources toward high-entry-barrier products, a strategic move expected to improve cash flow structure and increase gross margin, while also strengthening the foundation for sustainable and profitable growth. To deepen its presence in the specialty pharmaceutical market, the company has signed an agreement with a specialty drug distributor focused on neurology. This partnership aims not only to expand the market reach of Vigafyde but also to enhance and integrate marketing and sales efforts for epilepsy-related products.
Despite the ongoing transformation of its global sales operations, Bora's forward-looking investment in U.S. CDMO capacity is beginning to show its strategic value amid shifting tariff policies and global geopolitical changes. The company is confident in its ability to scale up production and optimize organizational integration. As of now, the CDMO segment has secured production of over 20 new molecules (active pharmaceutical ingredients) for delivery in 2025. This compares with the 40 molecules delivered in 2024, indicating a promising outlook for this year’s CDMO performance.
Chairman Bobby Sheng noted that the transformation of Upsher-Smith's production capacity into CDMO is progressing smoothly. The Maple Grove facility launched its first CDMO operations in March and, backed by favorable tariff policies, has attracted collaboration discussions with several of the world’s top 20 pharmaceutical companies. Bora is currently working with potential clients to evaluate feasibility and aims to complete the strategic positioning of the Maple Grove site as soon as possible. In addition, the company’s injectable facility in Maryland signed an agreement with a key client in March and is steadily advancing toward expanding its FlexPro line (rapid production line) in the second half of 2025.
Resource: 保瑞3月合併營收 14.7億元年增95% 首季48.3億元年增近七成
