Bora Pharmaceuticals (6472) Life Sciences Virtual Investor Forum summary

Key business highlights and performance

• Achieved $634 million in FY2025 revenues, with 95% generated outside Taiwan and a $2 billion market cap.

• Re-signed multi-year CDMO contracts, including a $200+ million deal with GSK, and invested heavily in CapEx and sales/marketing.

• Completed strategic investment in Tanvex BioPharma, rebranded as Bora Biologics, expanding into large molecule CDMO services.

• Specialty pharma business, led by Vigabatrin, now accounts for 45% of total sales, up from less than 5% in 2023.

• Record year for top-line revenues and increased operating cash flow margin by 38.74 points year-over-year.

Operational and strategic investments

• Invested over $400 million in the past two years to expand organic growth and future capacity, especially in U.S. sites.

• Expanded aseptic fill, solid/liquid capacity, and installed new automated lines in U.S. and Taiwan facilities.

• Added high-potency liquid capabilities and completed a 2,000-liter single-use bioreactor installation in San Diego.

• Ongoing investments in isolator-based aseptic filling lines and clean room construction, with 20 near-term projects onboarding in 2026.

CDMO and biologics growth

• CDMO revenues grew 53.8% year-over-year, with a strong backlog and 24 new molecules signed in 2025.

• Biologics seen as the fastest-growing segment, with San Diego facility expected to be a multi-hundred million dollar site and a double-digit group contributor.

• U.S. and Taiwan dual footprint provides clients with both proximity and cost advantages, supporting supply chain resilience.