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Bora 3Q25 Delivers Renewed Profitability as Efficiency and Scale Improves
Strategic realignment powering Bora’s dual-engine businesses model
HONG KONG SAR – Media OutReach Newswire – 13 November 2025 – Bora Pharmaceuticals (TWSE: 6472) today announced its financial results and operational highlights for third quarter of 2025.
Quarterly Business and Financial Highlights
- Company reported quarterly basic EPS of NT$5.09, with a loss per share of NT$1.49 from discontinued operations. Operating income reached NT$1,063 million and net income for continued operations came in at NT$822 million, resulting in quarterly EBITDA of NT$1,283 million, well on track to reclaim 2023 core P&L indicators.
- By the end of 3Q25, Bora’s operational integration and strategic streamlining efforts have been fully executed, meeting all targeted objectives. This milestone has led to a record-high CDMO business profitability, clear evidence that Bora’s dual-engine model is now entering its next phase of balanced but scalable growth.
- Fueled by expanded capacity and the addition of new dosage forms, Bora’s CDMO business grew 56.5% year-to-date through 3Q25, reaching over NT$7.3 billion and returning to a sequential growth trajectory.
- Pharma sales revenues fluctuated as legacy inventory phased out, and new products are still awaiting approvals. Generics portfolio competitiveness remains a key focus area in the near term. Led by Vigafyde, Bora’s rare disease portfolio continued to gain impressive market share with the vigabatrin franchise across three dosage forms continues. The Company targets to file its next specialty pharma product by year end to accelerate the rare neurology disease business. The Company also targets to market branded Deflazacort tablets by 2025 year end as a new driver for the business.
- The Company expects NTD to remain in the range of NTD 30-31 per USD for its operational planning.
- Share capital increased 19.99% during the quarter from stock dividend distribution, employee stock option exercise and convertible bond conversions.
- The Board approved Level-1 ADR issuance with each ADR share corresponding to 1/5 common share and total ADR issuance <10% of outstanding shares to enhanced market trust and investor service.
Mr. Bobby Sheng, Chairman of Bora Group, stated, “Bora executed a record level of post-merger CAPEX investment in 2025 and we are progressing in line with our strategic plan. We have expanded our Maryland aseptic fill/finish capacity by approximately 10% while solid and liquid dosage capacity in Minneapolis and Mississauga grew around 3%. The investments allowed Bora to increase our operational efficiency and increase revenue per headcount in the CDMO business by ~30% during the quarter compared to beginning of the year.
The CDMO backlog rose to US$296 million, driven by 27 new contracts and over 20 new molecules year-to-date, providing solid visibility into 2026 with 72% commercialized projects. Bora continues to leverage a unified CDMO network to enhance cost competitiveness for our very own Upsher-Smith generics portfolio, while paving the way for selective in-house manufacturing of specialty assets in the U.S.
As we look ahead, Bora is entering a phase of disciplined expansion and broader global recognition. Across our CDMO facilities in Asia and North America, we continue to actively navigate tariff and geopolitical challenges and turn them into new opportunities, strengthening supply chain resilience, and deepening collaboration with multinational partners.
On the pharma sales side, we continue to shed legacy low margin generics, increase our cashflow, and focus on our high-value generics pipeline, with certain PIV opportunities progressing to maturity in 2026. We remain dedicated on enhancing portfolio quality and increasing our Branded assets through selective specialty drugs, in order to build a more predictable and margin-accretive revenue base that mitigates product commoditization and price degredation.
In parallel, we are expanding our capital-market reach into the United States through the OTCQX Level-1 ADR program. We believe the Bora ADR will improve access and transparency for global institutional investors, while enabling overseas employees to participate in Bora’s growth. With no dilution and increasing visibility, we are laying the foundation for a stronger and more global 2026, defined by scaled growth, operational synergies, and increasing investor confidence.
3Q2025 Operational Achievements & Full Year Outlook
Global CDMO Operations
Global CDMO Operations (excluding intercompany orders from Upsher-Smith) revenues arrived at NT$1.78 billion in the third quarter and back to the sequential growth zone, representing approximately 37.13% of total revenue. A total of 418 million doses were developed and manufactured. Revenue contribution from global top 20 pharmaceutical companies remained steady at approximately 33%. Year-to-date, CDMO revenues grew 18.98% over last year and reached NT$5.27 billion. Bora continues to execute on expanding this customer base to enhance business visibility and stability.
- As the Company ramps up its Maple Grove site, the momentum for U.S. manufacturing has been encouraging. Several clinical-stage clients are now transitioning into long-term strategic partnerships, with project scale and client size both increasing. Maple Grove is well positioned to be the Center of Excellence for scale-up and U.S. supply-chain integration for Bora.
- Large molecule CDMO operation revenues saw nearly 50% increase over the previous quarter, driven by one new ADC client and several change orders in addition to Cipla’s own labeled product launch under the collaboration agreement. Positioned as a one-stop CDMO platform alongside Bora Pharmaceuticals, Bora Biologics is now fully accelerating its CDMO operations
Pharma Sales Operations
Pharma Sales Operations in the third quarter reached a revenue of NT$3.02 billion, down 6.4% YoY, primarily due to discontinuing several products under significant pricing pressure. Pharma Sales accounted for approximately 62.83% of total revenues.
- Discontinued loss per share (from the closure of the Plymouth production area) reflected the clearance sale of higher-cost inventories from Upsher-Smith’s legacy generics and internal supply transfer delayed by regulatory hurdles. These inventory clearance sales are now nearing completion. The greater-than-expected pricing pressure across our low margin generics reinforces the need to accelerate Bora’s transition toward higher-value and Branded specialty pharma products.
- The Vigabatrin franchise market share expansion continues with the “total patient” indicator seeing breakthrough in October.
- Bora continues to focus on DEE (Developmental and Epileptic Encephalopathies), where legacy compounds fail to meet significant unmet needs. The market is poised for new NCE entrants, expanding the addressable opportunity to roughly US$10 billion over the next 3–5 years. Bora aims to capture this growth through a Ready-to-Use 505(b)(2) pipeline and branded generics.
Recent Investor Conference
Bora will host an English online earnings call at 8:00 p.m. Taiwan time on Nov. 13th, 2025, followed by an investor conference hosted by Taishin Securities at the Regent Taipei at 2:30 p.m. on Nov. 14th, 2025. Both events will cover the company’s Q3’25 financial and business results and outlook.
English Online Earnings Presentation Link: https://events.q4inc.com/attendee/477519089
Bora will participate in the JP Morgan Healthcare Conference in January in San Francisco. For 1:1 meetings with management, please contact your JP Morgan representative.
Bora 2025 Earnings Schedule
Q4 2025: Expected in the 2nd week of March 2026
Hashtag: #BoraPharmaceuticals
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. For more information, visit www.bora-corp.com.
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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SkinLab The Medical Spa Recognised at the 2026 Singapore Retailers Association Awards (SRA) for Excellence in Beauty and Cosmetics
For SkinLab, this reflects two decades of building a holistic beauty ecosystem spanning medical aesthetics, skin health, and wellness, under Dr Kelvin Chua, Senior Medical Director and Founder of SL Aesthetic Group. Treatments are personally developed by Dr Chua to address different skin concerns, such as acne, pigmentation, sensitivity, rosacea, dryness, and ageing. The medical spa also offers a range of skincare products formulated for Singapore’s humid climate and to support long-term skin health.
With 10 outlets islandwide, SkinLab has cared for more than 100,000 customers through this model of doctor-designed care. As no two skin conditions present the same way, each treatment can be customised to individual needs and preferences.
SkinLab has also been recognised by Harper’s BAZAAR, HerWorld, and Singapore Women’s Weekly for treatments targeting deep hydration, rejuvenation, and complexion correction. Behind these treatment outcomes are medical-grade technologies, including the LDM Triple, a triple-frequency ultrasound that targets multiple skin depths simultaneously; FDA-approved Lumenis M22 IPL system for photorejuvenation and pigmentation; Onda Pro with Coolwaves™ technology for body contouring; and the globally-recognised HydraFacial.
The medical spa continuously invests in technology that improves the customer experience, including using AI-assisted skin analysis to support consultations alongside chatbot-based scheduling to reduce waiting time and streamline appointment bookings.
SkinLab’s commitment to holistic care extends beyond treatment sessions, promoting skin health literacy educational content and workshops with doctors from sister brand SL Aesthetic Clinic.
“This award is a valuable milestone that reflects how far SkinLab The Medical Spa has grown as a brand,” says Dr Chua. “From the very start, our brand was designed with the customer at the centre, and that principle continues to guide every treatment developed and every experience delivered moving forward. The brand remains committed to advancing medical-led facial treatments that address a wide range of skin concerns more effectively.”
Looking ahead, SkinLab The Medical Spa remains committed to advancing its medical-led approach to skin health, continuing to explore and adopt clinically validated technologies to deliver more individualised care while reinforcing its commitment to clinical excellence across all its outlets.
To learn more, visit: www.skinlabmedspa.com
Hashtag: #SkinLabTheMedicalSpa #SLAestheticGroup #SingaporeRetailersAssociation
The issuer is solely responsible for the content of this announcement.
About SkinLab The Medical Spa
SkinLab The Medical Spa brings together the attentive, understated service of a world-class spa with medically grounded aesthetic science. As the dedicated medical spa brand of SL Aesthetic Group, SkinLab focuses on non-invasive facial treatments for acne, pigmentation, sensitive skin, and overall skin rejuvenation, delivering evidence-based care that supports long-term skin health.
Founded in the 2000s, SL Aesthetic Group is a healthcare and aesthetics group specialising in skin and hair health, women’s wellness, and holistic medicine. Its portfolio includes SL Aesthetic Clinic, a doctor-led medical aesthetics practice; SkinLab The Medical Spa; TrichoLab, a specialist hair and scalp centre; PROLOGUE, a women’s wellness and lifestyle medical clinic; and Euphie Skin Solutions in Malaysia. Across its network of clinics and outlets, the Group offers a comprehensive range of FDA-approved aesthetic and medical treatments, all supervised by trained and certified healthcare professionals holding Certificates of Competency (COC) recognised by the Aesthetic Practice Oversight Committee (APOC).
SkinLab The Medical Spa operates 10 locations across Singapore, including its flagship medical spa at Wheelock Place, while SL Aesthetic Group has a network of more than 20 clinics and outlets across Singapore and Malaysia.
The launch ceremony was attended by Mr. Do Quang Thai, First Secretary of the Embassy of the Socialist Republic of Vietnam in the Kingdom of Denmark, together with representatives from leading Danish organizations, including 3F, Dansk Erhverv, DPT and Carnegie Investment Bank, alongside strategic partners and industry stakeholders from the transport, technology, energy, finance and infrastructure sectors.
As one of the world’s leading cities in sustainable urban mobility, Copenhagen was chosen as Green SM’s first European market. Here, the company aims to complement the city’s existing transport network by offering another reliable, fully electric mobility option for residents and visitors alike.
In Denmark, the company operates a fully electric fleet of VinFast VF 6 and VF 8 vehicles, serving a wide range of everyday urban travel needs. Unlike many ride-hailing platforms that primarily connect passengers with independent drivers, Green SM directly owns and manages its fleet and oversees driver operations to help ensure consistent service quality and customer experience. During the initial phase of operations, Green SM will focus on establishing a reliable local operation, ensuring full compliance with Danish regulations, and continuously improving its service based on feedback from customers, drivers, and other stakeholders.
Delivering a safe, professional, and consistent customer experience begins with Green SM’s drivers. Before serving customers, every driver completes comprehensive training in road safety, customer service, operating procedures, and electric vehicle operation. Together with ongoing training and a robust local operations system, this helps ensure every journey reflects the high standards Green SM is committed to delivering.
Customers can book rides through the Green SM app, available on the App Store and Google Play. Fares are displayed before each trip is confirmed, and electronic receipts are issued automatically at the end of every journey. To mark its launch in Copenhagen, Green SM is offering new customers five (5) vouchers worth 25% off each trip, up to a maximum discount of 100 DKK per ride throughout the Grand Launch period from July 30 to September 30, 2026.
Richard Nabil Chahine, CEO of Green SM Europe, said: “Cities shape the future of mobility long before companies do. Copenhagen is one of those cities. That is why beginning our European journey here carries special meaning for Green SM. We come with deep respect for the standards already established here, drawing on what we have learned from serving millions of journeys across Asia. Our ambition is simple: to become a trusted mobility partner by delivering safe, professional and fully electric journeys that people can rely on every day. If we earn that trust, growth will naturally follow.”
Green SM’s expansion into Europe reflects the company’s long-term approach to international growth. Rather than prioritising rapid expansion, Green SM focuses on building well-structured local operations, adapting its services to local market needs, and earning trust through consistently reliable service.
With its fully electric fleet and low-emission operating model, Green SM hopes to contribute to Denmark’s long-standing ambitions for more sustainable mobility while providing another practical transport choice for everyday journeys.
Founded in Vietnam in 2023, Green SM currently operates in Vietnam, Laos, Indonesia, the Philippines, India and Kazakhstan. Through its fully electric fleet, technology platform and consistent operating standards, the company is steadily expanding internationally while adapting its services to local market needs.
Hashtag: #GreenSM
The issuer is solely responsible for the content of this announcement.
The collaboration marks a significant moment for Taiwan’s international media presence, as the completion of Gaudí’s vision draws global attention to one of the world’s most visited cultural landmarks. NHK has documented the construction of the Sagrada Família for decades, building a relationship of trust with the basilica’s team that enabled joint coverage.
TVBS crews filmed in areas rarely accessible to media, including the crypt where Gaudí is buried, architectural workshops, and key structural sections of the basilica. The team conducted interviews with architects and experts involved in the project during preparations for the inauguration ceremony. Construction on the church began in 1882, one year before Gaudí took over as chief architect.
Taiwanese actress Lin Chi-ling joined the reporting team in Barcelona as a cultural ambassador for the project. Lin met with architects and experts to explore the basilica through the perspectives of architecture, aesthetics, and cultural heritage. Her involvement added a cultural dimension to the coverage beyond conventional architectural reporting.
The coverage brought together partners from Taiwan’s technology and financial sectors. HTC, through its VIVE Arts initiative, contributed its immersive experience “Gaudí, the Atelier of the Divine.” The virtual reality program allows audiences to explore Gaudí’s architectural world in new ways, transcending geographical and physical boundaries.
TS Financial Holding Co., Ltd., which has long supported arts and cultural exchange, sponsored the live broadcast. The company cited values of integrity, innovation, and sustainability in joining the project. The cross-sector collaboration extended Taiwan’s cultural advocacy onto the international stage, connecting the 144-year architectural endeavor to audiences in Taiwan and Chinese-speaking communities worldwide.
TVBS integrated AI-powered real-time translation technology throughout the live coverage, facilitating multilingual communication across international production teams. The project showcased Taiwan’s ability to connect industries and communities across borders. TVBS, NHK, HTC, and TS Financial Holding Co., Ltd., together documented a defining milestone in the Sagrada Família’s history.
Hashtag: #TVBS
The issuer is solely responsible for the content of this announcement.
