Bora Pharmaceuticals reported its 2025 financial results on March 11. Despite a significant one-time net loss of $11.24 per share from discontinued operations, the group delivered a resilient EPS of $23.90. The board proposed a cash dividend of NT$10 per share.

Key Performance Drivers:

• CDMO Powerhouse: The CDMO segment—including internal orders—reached NT$10.64 billion (+53.8% YoY). Total commercial production reached 2.5 billion doses, demonstrating massive economies of scale.
• Order Visibility: Chairman Bobby Sheng announced a 10-year contract renewal with GSK, affirming Bora's supply chain reliability. The current 12-month order book stands at US$264 million, with 89% of new orders already in the commercialization stage.
• Strategic Assets: Bora remains bullish on the North American biologics market, particularly Antibody-Drug Conjugates (ADCs). The group views Tanvex's large-molecule CDMO platform—featuring high-demand single-use bioreactors—as the most critical piece of its "one-stop-shop" global service strategy.
• Product Pipeline: For 2026, Bora plans to launch at least seven generic products, including Cyclosporine for dry eye disease and Cladribine (a generic version of Merck’s Mavenclad) through its subsidiary Upsher-Smith.

Resource: 保瑞2025財報 停業部門每股淨損11.24元 EPS仍高達23.9元