Bora Pharmaceuticals (6472) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic growth and global expansion

• Achieved 700% market cap growth since 2017, surpassing $2 billion, through organic growth and strategic acquisitions, including Upsher-Smith, Pyros, Emergent's sterile fill and finish facility, and Tanvex, expanding U.S. and biologics capabilities.

• Operates 10 manufacturing sites (5 in North America, 5 in Taiwan), exporting to 100+ countries, with 95% of revenue from outside Taiwan and a strong focus on North America.

• Became the first Taiwanese company to join the U.S. OTCQX market, enhancing global visibility and investor access, with cross-market trading starting in 2026.

• Re-signed multi-year commercial contracts, including a $350 million deal, and made record CapEx and sales/marketing investments in 2025.

• Integrated Tanvex BioPharm as Bora Biologics, completing full-service CDMO capabilities in both small and large molecules and entering the large molecule sector.

Operational and financial performance

• Fiscal 2025 revenue reached $634 million, with 3Q25 revenue at $195 million; net income from continuing operations was $129 million.

• CDMO business grew 53.8% year-over-year to over $340 million, with a 96% OTIF rate and improved efficiency.

• EBITDA margin rose to 40% in 2024 from 17% in 2017, with steady ROIC expansion and a focus on value creation.

• Discontinued nonprofitable operations, reducing net working capital utilization from 53% to 23.69% and freeing up capital for investment.

• Maintained strong cash positions, increased CapEx, paid dividends, and kept a consistent debt-to-EBITDA ratio.

Investments and capacity enhancements

• Invested $400 million in U.S. CapEx over two years, focusing on organic growth, integration post-acquisition, and major investments in aseptic technologies and new filling lines across US, Canada, and Taiwan.

• Maryland site received a city lab permit in Dec. 2025; cleanroom construction and validation batches scheduled for 2026.

• Canadian facility increased derma product capacity by 40%, supporting a dermatology market projected to double by 2030.

• New liquid-filled hard capsule capability in Taiwan to be operational in 1Q26, targeting oncology and potent drugs.

• Expanded aseptic fill and finish and biologics capabilities in the U.S., with new lines and technologies coming online in 2025–2026.