Bora Pharmaceuticals (6472) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly revenues and profitability in CDMO and specialty pharma, with Vigabatrin franchise and Deflazacort brand launch driving growth.

• Completed three U.S.-focused acquisitions in 2024, doubling annual revenue and expanding technological capabilities.

• Discontinued low-margin generics, releasing NT$2 billion in cash flow and rationalizing operations.

• Integration and product rationalization largely completed, providing clear visibility on long-term strategic goals.

• Consolidated financial statements for the nine months ended September 30, 2025 were reviewed by independent auditors, with no material misstatements identified.

Financial highlights

• Operating revenue for the nine months ended September 30, 2025 was NT$14,153,515 thousand, up from NT$12,301,938 thousand year-over-year.

• Quarterly basic EPS of TWD 5.09; loss per share of TWD 1.49 from discontinued operations.

• Operating income reached TWD 1,063 million in Q3'25; net income for continued operations at TWD 822 million; EBITDA at TWD 1,283 million.

• Gross margin improved to 45% in Q3'25 from 41% in Q2'25; year-over-year revenue growth of 15%.

• Basic EPS from continuing operations for the nine months ended September 30, 2025 was NT$32.13, compared to NT$30.28 year-over-year.

Outlook and guidance

• Specialty pharma and CDMO expected to drive growth into 2026, with branded products sustaining momentum.

• Strategic reset positions for profitability expansion into 2026, with increased CDMO backlog and capacity.

• Focus on expanding U.S. presence, maximizing capacity utilization, and pursuing both organic and M&A-driven growth.

• Ongoing optimization of product mix to drive margin quality and cash efficiency.

• Adoption of new IFRS standards in 2025 had no material impact; further standards to be adopted in 2026 and 2028 are under evaluation.