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Bora Pharmaceuticals Exits Integration Phase with Sequentially-Improved Gross and Operating Margins

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Positioned to Unlock M&A Value through U.S. Manufacturing Amidst Geopolitical Complexities and Specialty Portfolio

HONG KONG SAR – Media OutReach Newswire – 14 May 2025 – Bora Pharmaceuticals (TWSE: 6472) today announced its financial results and operational highlights for first quarter of 2025.

Quarterly Business and Financial Highlights
  • Fueled by expanded capacity and new dosage forms, Bora’s CDMO business delivered a record high quarter, up 52.4% YoY and 3.0% QoQ.
  • As part of Bora’s long-term strategic growth plan, the Company is moving forward with a phased investment of tens of thousands US dollars to unlock the untapped potential of Maple Grove facility. This build-out is designed to enhance capabilities in oral solid dose and sterile manufacturing, strengthening the ability to support customer demand and scale future programs.
  • Pharma Sales revenues rose 82.0% YoY based on reported unaudited monthly sales, driven by strong performance from the vigabatrin franchise, which includes three dosage forms. Notably, VIGAFYDE captured over 70% share in the new patient segment.
  • Due to the completion of Plymouth area decommissioning, consolidated revenues for 1Q25 was NT$4.48 billion, a NT$350 million reversal from the unaudited monthly disclosures, all of which was attributed to the pharma sales segment.
  • Despite margin pressure from partial maintenance shutdowns at the Maryland sterile injectable site in early January and softening demand for generic product dexlansoprazole (DLS), product mix improvement from growing specialty portfolio lifted gross margin from the low of 4Q24 to 42.2% in 1Q25. Tech transfer for 6 Upsher-Smith generic products to cost-competitive sites within Bora network remains on track, with full transfer expected by year-end to support further margin recovery.
  • EPS from continuing operations reached NT$26.54, reflecting NT$2.44 billion of net non-operating income from the divestment of Bora Biologics and recognition of losses of Tanvex Biopharm. However, the decommissioning of the Plymouth area negatively impacted EPS by NT$12.99, resulting in a reported EPS of NT$13.55. Share capital increased 0.4% during the quarter from employee stock option exercises and convertible bond conversions.
  • DLS competitors began exiting the market in early 2Q25 due to supply chain hiccups, creating new opportunities for Bora to increase share and drive recovery momentum.
  • The Group remains optimistic that its first quarter restructuring efforts will increase the long-term value of its recent acquisitions, including unlocking NT$600 million in capital in 2025. CDMO business growth will be further accelerated with strategic U.S.-based capability and capacity.
Mr. Bobby Sheng, Chairman of Bora Group, stated, “The first quarter is the continuation of critical integration and restructuring phase following multiple business and capacity acquisitions in 2024, laying a solid foundation for operational efficiency expansion. Following substantial investments in the U.S last year, we did observe significant pressure in the U.S. generics space during Q4. This prompted us to swiftly accelerate our integration efforts. At the same time, evolving client dynamics and market demand have only strengthened our conviction in the long-term value and strategic role of these assets. While the organizational streamlining, business separation, and product portfolio optimization undertaken to reflect operational realities have created near-term hurdles, we remain confident that these actions are essential to achieving optimal resource allocation and hence satisfactory return on assets. These efforts are necessary steps in the Company’s path toward sustainable mid to long-term growth.

The closure of Plymouth area was completed ahead of schedule during the quarter and the area has thus been reclassified as discontinued operation in our quarterly financial statements altogether. From an operational standpoint, Bora has discontinued 15 products in the U.S. generics market along with the restructure, with an additional 6 products transferred to more cost-efficient manufacturing sites within the Group. On the financial side, discontinued operation resulted in a negative impact of approximately NT$1.34 billion, including overhead, inventory and equipment write-downs as well as severance-related expenses.
Looking ahead, Bora will advance its focus on high-value and complex dosage forms supported by over NT$5.0 billion cash on hand. At Maple Grove, 4 global pharmaceutical clients are currently in advanced discussions regarding CAPEX investments which we view as a strong validation of the site’s value and strategic fit. While the timeline for full deployment spans several years, we are approaching this expansion with operational discipline and commercial alignment to ensure its success over time.

On pharma sales side, Bora weathered softness in DLS demand in the first quarter but quickly gained market share as a competitor exited in early second quarter. Generic business rebounded in April, supported by strong sales from new 2024 launches including Potassium Chloride ER Tablets (KCL), and anti-angina drugs Diltiazem (DTC and DTS). This recovery underscores Bora’s agility and the resilience of the dual-engine strategy. Furthermore, we have successfully consolidated distribution network for specialty drugs. Bora expects its pediatric spasm product, VIGAFYDE (the 505(b)(2) oral solution), to extend its success in the new patient market into the switch segment in the very near future, supporting future margin and operational leverage expansion.

We continue executing on our goals to scale up, achieve more and integrate smarter, ensuring that both internal and external clients benefit from cost-efficient, regionally aligned manufacturing. By extending the strength of our dual-engine model, we believe Bora shall continue to create above-average total shareholder return.”

1Q2025 Operational Achievements & Full Year Outlook

Global CDMO Operations

Global CDMO Operations (excluding internal orders) delivered record-high revenues of NT$1.90 billion in the first quarter, up 52.4% YoY and representing approximately 39% of total revenue. Including internal orders, CDMO revenue reached NT$2.89 billion. A total of 600 million doses were developed and manufactured. Revenue contribution from global top 20 pharmaceutical companies remained steady at approximately 30%, demonstrating strong clientele and advantage of scale. Bora CDMO continues to be a trusted partner for biotech and pharmaceutical innovators.

  • In 1Q25, the small molecule CDMO pipeline added US$123 million in potential orders and US$78 million in backlog, both marking historic highs.
  • CAPEX progress across sites reached approximately 50%, focused on debottlenecks, efficiency improvement, capacity increase and infrastructure upgrade to align with client and product needs. Flex Pro line at the Maryland sterile injectable facility was completed ahead of schedule and is expected to begin operations in early Q3.
  • Maple Grove launched its first CDMO project during the quarter and is currently negotiating with potential clients while evaluating CAPEX plans for differentiated dosage platforms. Overall, North American capacity transformation is progressing as planned.
  • Large molecule CDMO operation was launched following the January 20 reverse-acquisition of Bora Biologics by Tanvex Biopharm where Bora owns 30.5% of Tanvex. CDMO operations at the San Diego site are now active, and the ongoing 2,000L expansion has received strong interest from late-stage clients. Bora and Tanvex are actively pursuing U.S.-based commercial-scale manufacturing orders with a comprehensive one-stop service model.

Pharma Sales Operations

Pharma Sales Operations revenue reached NT$2.93 billion, representing 82.0% YoY growth and contributing approximately 61% of total revenue based on unadjusted numbers.

  • As the Upsher-Smith team continue to consolidate distributors for specialty drugs, we saw early signs of positive engagement from both market and payer channels at the end of the first quarter. Following the 2024 integration of TWi, Upsher-Smith and Pyros teams, Bora has established a focused pipeline in CNS specialty areas. The company expects to file its first self-developed 505(b)(2) submission for infantile spasms (Stiripentol) with the U.S. FDA by year-end, alongside other pipeline developments.
  • Pediatric epilepsy and TSC-related rare diseases represent the first wave of Bora’s pharma sales transformation targets. In addition to reducing over-reliance on generics, high-value rare disease and specialty drugs benefit from strong regulatory and payer support in the specialty pharmacy channel. These markets are less competitive with stable price, and offer targeted access to patient populations, allowing for meaningful long-tail value creation.
Recent Investor Conference

Bora will host an English online earnings call at 7:00 a.m. Taiwan time on May 15, 2025, followed by an investor conference hosted by Taishin Securities at the Grand Hyatt Taipei at 2:00 p.m. on May 16, 2025. Both events will cover the company’s Q1’25 financial and business results and outlook.

English Online Earnings Presentation Link: https://www.zucast.com/event/54SiM5il/subscribe/create

The 2025 Annual General Shareholders’ Meeting will be held on May 23 at the Tainan Guantian Industrial Marketing Center.

Bora will participate in the Jefferies Global Healthcare Conference in New York on June 4–5. For 1:1 meetings with management, please contact your Jefferies representative.

Bora 2025 Earnings Schedule

Q2 2025: Expected in the 3rd week of August 2025
Q3 2025: Expected in the 3rd week of November 2025
Q4 2025: Expected in the 2nd week of March 2026

Hashtag: #Bora

The issuer is solely responsible for the content of this announcement.

About Bora

Founded in 2007, Bora Pharmaceuticals (“Bora” or “the Company”, 6472.TW) is a leading pharmaceutical services company with a vision and goal of “Contributing to Better Health All Over the World”. Operating under a “Dual Engine” model that integrates CDMO and commercial expertise, we empower pharmaceutical and biotech partners to optimize product development, accelerate launches, and scale supply to meet global patient needs. At the same time, we actively broaden R&D and sales infrastructure, focusing on niche and rare disease markets to improve patients’ quality of life.

By investing in talent, infrastructure, and biologics expansion, Bora continues to transform operations and achieve sustainable growth. Committed to making success “certain,” Bora sets new standards in the pharmaceutical and CDMO industries.

For more, please visit:

Disclaimer:

This document and the accompanying information may contain forward-looking statements. All statements regarding the company’s future business operations, potential events, and prospects (including but not limited to forecasts, targets, estimates, and operational plans) are considered forward-looking statements unless they refer to factual occurrences. Forward-looking statements are subject to various factors and uncertainties that may cause significant differences from actual results, including but not limited to price fluctuations, actual demand, exchange rate variations, market share, competitive conditions, changes in the legal, financial, and regulatory framework, international economic and financial market conditions, political risks, cost estimates, and other risks and variables beyond the company’s control. These forward-looking statements are based on current predictions and assessments, and the company disclaims any responsibility for future updates.

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The “ANDPAD” Cloud-Based Construction Project Management Service Adds Supporting Indonesian, Thai, Traditional Chinese (Taiwan), and Spanish Languages

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16/12/2025

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TOKYO, JAPAN – Media OutReach Newswire – 16 December 2025 – ANDPAD Inc. (Headquarters: Minato City, Tokyo; Representative Director: Takeo Inada; hereinafter “ANDPAD”), which operates a cloud-based construction project management service bearing its name, has newly launched language support for Indonesian, Thai, Taiwanese Mandarin (Traditional Chinese), and Spanish in the ANDPAD app, effective today.

With the new addition of these four languages, ANDPAD now supports six languages, including the previously released English and Vietnamese.

■ Background

Japan’s construction sector faces chronic labor shortages, leading to an increase in the hiring of foreign nationals from Southeast Asia. This trend is accelerated by the Specified Skilled Worker system, supported by bilateral Memoranda of Cooperation (MOC) between Japan and various Southeast Asian governments. Consequently, a growing number of technical interns are transitioning to Specified Skilled Worker status. Consequently, a growing number of technical interns are transitioning to Specified Skilled Worker status.

Simultaneously, the construction sector is expanding in many Southeast Asian countries, although it still faces common challenges of on-site quality and boosting productivity.

In response to these trends, ANDPAD has expanded its language support to include Indonesian, Thai, Traditional Chinese (Taiwan), and Spanish. Initially, this multi-language support will cover the Construction Management features—the most widely used function of ANDPAD—to facilitate centralized information management and smoother communication at construction sites in both Japan and Southeast Asia.

Going forward, ANDPAD will continue to actively pursue expansion of functions in multiple languages along with development efforts to offer support for various languages. The company will proceed to promote DX in the Southeast Asian construction industry in addition to the Japanese market.

■ About Usage

Existing ANDPAD users can use these new language options version at no additional cost.

Scope of Support

ANDPAD app:

  • iOS: 5.99 or higher
  • Android: 5.98 or higher

Hashtag: #ANDPAD

The issuer is solely responsible for the content of this announcement.

About the ANDPAD Service

The cloud-based construction project management service with the top share of the market in Japan*, ANDPAD makes the central management of everything from enhancing onsite efficiency to improving management possible. Since provision of the service started in 2016, through associated development efforts that emphasize intuitiveness and ease of use and thorough support for implementation and utilization, the service has reached over 233,000 corporate users and 684,000 individual users.

ANDPAD was selected as a “2024 Recommended Technology” under the NETIS (New Technology Information System) by the Ministry of Land, Infrastructure, Transport and Tourism.

Details (Japanese language only):

*”Trends and Vendor Share in the Construction Business Management Cloud Service Market” (December 2024 MIC IT Report)” (According to research by the Deloitte Tohmatsu MIC Economic Research Institute)

■Company Overview

Name : ANDPAD Inc.

Location : Sumitomo Fudosan Tokyo Mita Garden Tower 37F, 5-19 Mita 3 Chome, Minato-ku, Tokyo

Representative : Takeo Inada, CEO

Business Activities : Development, sales and operation of “ANDPAD” cloud-based construction project management service

Company Website (Japanese language only)：

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Madame Tussauds Hong Kong Welcomes a New K-Wave Star Jung Hae In’s First-Ever Wax Figure Unveiled

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3 hours ago

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16/12/2025

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HONG KONG SAR – Media OutReach Newswire – 16 December 2025 – Madame Tussauds Hong Kong, a brand under Merlin Entertainments Group, is set to create Hallyu excitement once again with the debut of Korean heartthrob Jung Hae In today. As the latest addition to its notable K-Wave Zone, his first-ever wax figure invites guests from around the globe to step into the enchanting world of romantic K-dramas. Jung Hae In personally unveiled his double earlier, marking a memorable occasion and creating an unforgettable experience before it finds its permanent home at Madame Tussauds Hong Kong.

A Star Moment in Detail｜Craftsmanship, Technology and Personal Touch

Showcasing Jung Hae In’s signature charm, his newly unveiled wax figure is dressed in an elegant black double-breasted Dolce & Gabbana suit with silk lapels, complemented by a white shirt and black Chelsea boots all personally selected by the actor. With both hands forming a heart at his chest and a warm, inviting smile, the figure captures the approachable and friendly essence that his fans ‘HAEINESS’ adore. Every detail, from hair colour and skin tone to the suit’s silhouette, lining, and brooch, was meticulously crafted based on precise measurements taken during a five-hour sitting, the acclaimed craftsmanship and dedication to realism for which Madame Tussauds is renowned.

From “Younger Man” to Acclaimed Actor｜A Track Record of Hit Dramas

Jung Hae In has established himself as a leading actor through critically acclaimed dramas like Something in the Rain, D.P. , and One Spring Night. With his gentle and heartfelt performances, he has earned the title of “National Boyfriend” and built a dedicated fanbase known as “HAEINESS.” Following the success of tvN’s Love Next Door and the film I, THE EXECUTIONER, he accepted Madame Tussauds Hong Kong’s invitation to be immortalised in wax.

Reflecting on the sitting process, Jung Hae In described it as an honour, expressing pride in leaving his likeness at a renowned landmark. He shared “Participating closely in the creation, discussing outfit choices and pose decisions with the team, was both exciting and overwhelming. Witnessing each intricate step come together into a single work of art was truly moving.

Before announcing the new lineup, Wade Chang, General Manager of Merlin Entertainments Hong Kong, expressed his heartfelt condolences regarding the recent tragedy in Hong Kong, saying, “Madame Tussauds Hong Kong would like to extend our deepest sympathies to all those affected and to their families.” He then conveyed his enthusiasm, stating “Madame Tussauds Hong Kong is committed to enhancing the K-Wave experience. Jung Hae In ‘s authenticity and professionalism have truly enriched our collaboration. Given the significant role K-pop culture plays in Hong Kong, we believe his presence will provide our guests with a unique and memorable experience.

Also, Mr. Kim Yoon-ho, Director of Korea, Hong Kong Tourism Board, remarked “I am excited for the launch of Jung Hae In’s first wax figure, celebrating his remarkable success. Madame Tussauds Hong Kong has been dedicated to promoting Korean culture and is continually enhancing its Korean lineup. With the growing global influence of Korean celebrities, we are excited to attract fans and visitors from around the world through the exceptional wax figures at Madame Tussauds Hong Kong, allowing them to immerse themselves in the unique charm of Korea right here in the heart of Hong Kong.”

Your Immersive Hallyu Journey Begins ｜Limited Festive Offers Now Available

Jung Hae In’s wax figure has officially entered the hall of fame and be displayed at Madame Tussauds Hong Kong starting from today, offering fans a unique opportunity to immerse themselves in romantic K-dramas and meet the beloved actor in a new way. To mark the launch, Madame Tussauds Hong Kong is pleased to introduce an exclusive online offer from 16 to 22 December 2025, fans can enjoy a single entry for just HK$199 through the official website.

For an ultimate experience, guests can opt for the limited festive package from 23 December 2025 till 4 January 2026 at Madame Tussauds Hong Kong admission, which includes admission to Madame Tussauds Hong Kong, an exclusive guidebook a digital photo and one interactive VR Thrill Coaster – Hong Kong experience – all for just HK$285, a 20% off discount off its original price.

In this holiday season, don’t miss the opportunity to celebrate with Jung Hae In, Lee Jong Suk, Yim Si Wan, and more in the K-Wave Zone. Join us for a festive sing-along with Taylor Swift or capture a memorable AI interactive photo with Gong Jun. Step into the famous fun world of Madame Tussauds Hong Kong, where over 100 lifelike wax figures await you. Plan your visit to The Peak now and create unforgettable holiday memories.

Hashtag: #MadameTussauds

The issuer is solely responsible for the content of this announcement.

About Madame Tussauds

Madame Tussauds has been inviting people to walk the red carpet and get closer to the revered for over 250 years. With 17 Merlin-operated attractions in the world’s top destination cities, we are dedicated to giving millions of visitors the opportunity to mingle with the mighty from A-listers to music legends, heroes of sport, to world leaders. Today, we continue to partner with the global icons of a generation to create astonishing lifelike figures from sittings and offer exciting and interactive experiences to ensure guests have never felt closer to fame.

About Merlin Entertainments
Merlin Entertainments is a world leader in branded entertainment destinations, offering a diverse portfolio of resort theme parks, city-centre gateway attractions and LEGOLAND® Resorts which span across the UK, US, Western Europe, China and Asia Pacific. Dedicated to creating experiences that inspire joy and connection, Merlin welcomes more than 62 million guests annually to its diverse global estate in over 20 countries. An expert in bringing world-famous entertainment brands to life, Merlin works with partners including the LEGO® Group, Sony Pictures Entertainment, Peppa Pig, DreamWorks and Ferrari to create destinations where guests can immerse themselves in a wide array of brand-driven worlds, rides and uplifting learning experiences.

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Southeast Asian Games Thailand 2025 Esports Appoints Moonshot as Official Mobile Controller Partner

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3 hours ago

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16/12/2025

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SINGAPORE – Media OutReach Newswire – 16 December 2025 – Moonshot, a next-generation phygital mobile gaming company, has announced the appointment as the Official Controller Partner for Southeast Asian(SEA) Games Thailand 2025 Esports, one of Southeast Asia’s largest and most-watched competitive esports events sanctioned by the International Olympic Committee. This marks the first time a mobile gaming controller brand has been selected for the regional tournament.

Moonshot X Controller

Taking place from the 9th to 20th December, the SEA Games Thailand 2025 Esports competition is expected to draw millions of viewers across the region, with widespread engagement from gaming communities across Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam. The 2025 edition will feature leading mobile eSports titles such as Mobile Legends: Bang Bang, Arena of Valour, Free Fire and FC Online, further strengthening the event’s reputation as a cornerstone of competitive gaming culture in Asia.

As the Official Controller Partner, Moonshot will also debut a special SEA Games Controller Collection, this will be a commemorative series featuring designs inspired by participating countries and co-designed with global IP partners. The limited series will be available exclusively during the competition period via Moonshot’s official website (https://shop.themoonshot.xyz/)

“We’re honoured to support SEA Games Thailand 2025 Esports and contribute to one of the most influential gaming events in Southeast Asia,” said Managing Director at Moonshot, JW Lee. “Our vision is to bring hardware, software, and digital rewards together to inspire a new generation of gamers, and SEA Games is the perfect place to begin that journey.”

Strengthening the future of Mobile Esports

Mobile gaming is the dominant force in Southeast Asia’s gaming landscape, with the region being home to hundreds of millions of mobile-first players. Moonshot’s partnership with SEA Games Esports 2025 reflects the company’s commitment to driving innovation in this fast-growing segment.

Throughout the event, Moonshot will activate a series of on-site experiences, including demo zones, creator interactions, and community gaming activities powered by the Moonshot gaming ecosystem. The partnership aims to elevate the tournament experience for both competitors and fans by merging physical gameplay with digital engagement features, collectible rewards, and interactive app-based challenges.

Hashtag: #Moonshot #SEAGames2025 #SEAGamesEsports #EsportsAsia #MobileEsports #MobileGaming

The issuer is solely responsible for the content of this announcement.

About Moonshot

Moonshot is building the world’s first phygital mobile gaming ecosystem that seamlessly integrates premium hardware, digital gameplay, and a unified rewards layer to enhance how players discover, play, and engage with mobile games, whether casually or competitively. Moonshot also collaborates with gaming studios, IP licensors, creators, and ecosystem partners to deliver co-branded campaigns, limited-edition collections, and reward-driven engagement experiences. Learn more at

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