Bora Pharmaceuticals announced its financial results for the first quarter on May 14, reporting consolidated revenue of NT$4.479 billion, marking a 56.7% year-over-year increase. Net income after tax reached NT$1.399 billion, up 131% quarter-over-quarter and 95.3% year-over-year. Earnings per share (EPS) stood at NT$13.55. All three key metrics—revenue, net profit, and EPS—set new records for the same period.
The company stated that its CDMO (Contract Development and Manufacturing Organization) business posted record-high revenue in the first quarter, growing over 50% year-over-year. The contribution from the world’s top 20 pharmaceutical companies to Bora’s CDMO revenue remained stable. Additionally, its Maple Grove facility in Minnesota launched its first CDMO project during the quarter. Following operational optimization, the company expects to enter a harvest phase for its North American investments later this year.
Benefiting from expanded production capacity and dosage forms, the company’s specialty drug Vigabatrin—which Bora holds exclusive rights to across three dosage forms—achieved strong market share performance. Notably, VIGAFYDE captured over 70% of the new patient market. Although generic drug sales slowed, gross margin and operating margin rebounded from the previous quarter to 42% and 15%, respectively.
Bora completed a production restructuring of its Plymouth, Minnesota site ahead of schedule in Q1, leading to its reclassification as a discontinued operation in the financial report. As a result, Q1 consolidated revenue was adjusted downward by NT$350 million from the previously announced monthly total to NT$4.48 billion. The company also streamlined its U.S. generic drug portfolio, eliminating 15 SKUs. For products not produced at the Plymouth site, Bora recognized an inventory impairment of approximately NT$300 million, reducing gross margin by about 7%.
In terms of strategic investments, Bora’s disposal of its stake in Bora Biologics as part of its investment in Tanvex BioPharma generated a net non-operating income of NT$2.44 billion in Q1, after offsetting Tanvex’s losses. Basic EPS from continuing operations reached NT$26.54, while the discontinued Plymouth operations negatively impacted EPS by NT$12.99, resulting in a final Q1 EPS of NT$13.55 and a net income after tax of NT$1.39 billion.
Chairman Bobby Sheng remarked that although the acceleration of operational adjustments created short-term pressure on gross margins and profits, these changes are necessary to optimize resource allocation and improve return on assets. He expects that business streamlining and product portfolio optimization will free up approximately NT$200 million in cash flow each quarter. Sheng also emphasized that Bora is focused on CDMO technologies with significant impact. While only 20–30% of pharmaceutical manufacturing is currently outsourced, this figure is expected to rise rapidly amid geopolitical shifts and supply chain reorganization.
Unlike traditional mass-market drug demand, CDMO manufacturing now includes specialty drugs and customized advanced therapies. Unstable ingredients and complex dosage forms are expected to drive a new wave of capital investment. Bora’s recent acquisitions of North American capabilities and products are designed to establish a competitive edge alongside acquired companies, building critical competencies to rival top-tier global CDMOs.
Excluding internal clients, Bora’s CDMO business generated NT$1.9 billion in revenue in Q1, accounting for 39% of total revenue. The company is progressing with a multi-phase, multi-million-dollar capital investment plan at the Maple Grove facility in Minnesota to establish a world-class North American manufacturing base. The current expansion focuses on enhancing oral solid dosage (OSD) and sterile injectable production capabilities, with the full rollout expected to span several years. Notably, Bora is actively negotiating joint investment opportunities with four pharmaceutical companies—existing and potential clients. These proposals will be submitted to the board at a later date, and Bora anticipates securing high-volume specialty formulation orders as a result.
Multiple clients are currently in contract negotiation stages, positioning Bora to further strengthen its presence and competitive edge in the high-barrier North American formulation market. In Maryland, the Flex Pro sterile injectables rapid production line has been completed ahead of schedule and is expected to begin mass production in early Q3. On May 14, the board approved a capital expenditure plan for an isolator-based sterile filling line to enhance advanced process capabilities and meet market demand. Currently, 20 projects from new and existing clients are in the queue, awaiting production.
The integration of specialty drug distributors has also been completed, with Bora’s marketing network now operating smoothly. In Q1, VIGAFYDE oral solution for pediatric epilepsy saw early promise in the Medicaid market, where simplified procedures and clearer reimbursement criteria are expected to facilitate its penetration into the switch market for existing patients. After merging the teams of Bosheng, Upsher-Smith, and Pyros last year, Bora established a clear focus on R&D for CNS-related specialty drugs. The company aims to submit its first independently developed 505(b)(2) application to the U.S. FDA by the end of this year for Stiripentol, an investigational treatment for severe infantile epileptic spasms. Other pipeline projects in related rare disease areas are also advancing.
In summary, Bora continues to deepen its dual-engine strategy of “CDMO + Global Sales.” Following essential restructuring in Q1, the company is set to unlock long-term value from last year’s strategic acquisitions, realize operational leverage, and improve both cash flow and balance sheet quality.
Resource: 保瑞首季每股賺13.55元 營收、獲利、EPS 三創同期新高
