Bora Pharmaceuticals (6472) Q4 2025 earnings summary

Executive summary

• Achieved FY2025 revenue of $634 million, with 95% generated outside Taiwan and a market cap exceeding $2 billion as of March 2026.

• Expanded global CDMO capabilities, including strategic investments and acquisitions, notably Tanvex Biopharma and Upsher-Smith.

• Specialty pharma business grew, with Upsher-Smith's Vigabatrin franchise becoming a market leader in infantile spasm.

Financial highlights

• FY2025 revenue reached NT$19,014 million, up 9% year-over-year; gross profit was NT$7,851 million, up 1%.

• Operating profit declined 11% year-over-year to NT$3,294 million; net income fell 23% to NT$3,046 million.

• Basic EPS dropped 24% year-over-year to NT$23.90.

• Gross margin compressed to 36% in 4Q25 due to increased competition and production transitions.

Outlook and guidance

• Plans for over 10 generics launches in 2026, including complex generics and blockbusters, with high-potential assets pending approval.

• Focus on expanding rare disease and specialty portfolios, maximizing large molecule opportunities, and leveraging AI for operational efficiency.

• Continued investments in capacity, technology, and M&A to drive growth and margin accretion.