Media OutReach
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.
Media OutReach
Marriott’s 2025 Cage-Free Pledge in the Spotlight as Field Visit Raises Animal Welfare and Hygiene Concerns
Field visit finds dead birds, eggs surrounded by faeces and fly infestations at egg farm whose operators claim to supply Marriott properties

- Eggs stored directly on the floor, surrounded by dirt, feathers and excrement
- Swarms of flies around birds and their food
- Accumulated faeces on and underneath cages
- Dead birds discarded around the facility
- Birds with severe eye injuries or blindness
- Birds crammed into dirty wire cages
- Poor access to water
Hashtag: #HelpMarriottFindAsia #AnimalWelfare #CorporateAccountability #EthicalSourcing #FoodSafety
The issuer is solely responsible for the content of this announcement.
About INCAF
The Indonesia Network for Compassionate Animal Farming works to advance corporate accountability for animal welfare in Indonesia, driving transparency and progress toward cage-free supply chains. Visit
https://incaf.org
Media OutReach
Linklogis Releases 2025 Annual Results: Total Volume of Processed Supply Chain Assets Exceeds RMB500 Billion, Unveiling the “SC+ Platform”
In addition, Linklogis has always placed shareholder interests at the core of its corporate governance, rewarding investors’ trust through sustained and tangible actions. In August 2025, the Board approved a new share repurchase program of no less than US$80 million to be implemented over a one-year period. Under this repurchase program, the company has cumulatively repurchased shares totaling HK$365 million (approximately US$47 million), demonstrating its confidence in its long-term value through concrete actions.
Focusing on Core Business, Accelerating Business Structure Optimization
In 2025, Linklogis remained focused on its core business and accelerated the optimization of its business structure. The total volume of supply chain assets processed by its technology solutions reached RMB508.1 billion, up 27% year-on-year. With a market share of 22%, the company ranked first in the industry for the sixth consecutive year. The number of anchor enterprises served increased to 3,145, including 54 of China’s Top 100 enterprises and 151 of China’s Top 500 enterprises, while the number of financial institution partners reached 428, further improving the efficiency of industry-finance collaboration.
Linklogis’ supply chain finance technology solutions include Anchor Cloud, which consists of Multi-tier Transfer Cloud, AMS Cloud and Treasury Cloud, as well as FI Cloud, which consists of ABS Cloud and eChain Cloud. In 2025, the total volume of supply chain assets processed by Anchor Cloud reached RMB369.6 billion, representing a year-on-year increase of 31%. The total volume of supply chain assets processed by Multi-tier Transfer Cloud reached RMB304.2 billion, surging 47% year-on-year, with its contribution to the group’s total asset volume rising from 52% in 2024 to 60% in 2025. The total volume of supply chain assets processed by AMS Cloud, however, was RMB65.4 billion, down 13% year-on-year due to the continued decline in issuance volume in the supply chain asset securitization market.
The total volume of supply chain assets processed by FI Cloud reached RMB128.9 billion, up 20% year-on-year. Both ABS Cloud and eChain Cloud recorded solid double-digit growth in transaction volume, contributing to a 25% year-on-year increase in FI Cloud revenue. In the ABS Cloud segment, the total volume of supply chain assets processed reached RMB69.1 billion, rising 28% year-on-year. In the eChain Cloud segment, the total volume of supply chain assets processed reached RMB59.7 billion, increasing 13% year-on-year.
Linklogis focused on six key industries, including infrastructure and construction, new energy and advanced manufacturing, and worked with its subsidiary Bytter Technology to deepen targeted cross-selling, achieving breakthroughs in high-quality customer acquisition. Leveraging its one-stop comprehensive industrial-finance solutions and innovative scenario-based applications, Linklogis worked with a number of central and state-owned enterprises and leading private enterprises, including Shougang Group, China Coal Mine Construction Group Corporation and JA Solar Technology, to launch integrated industrial-finance platform projects. At the same time, it provided targeted support to 17 high-quality enterprises, including Shanghai Construction Group, Yunnan Construction and Investment Holding Group and Luzhou Laojiao, covering scenarios such as order financing, bill collateral, and supply chain bill transfer, supporting coordinated growth in both scale and value creation.
Building the “Second Growth Curve”, Unlocking Global Trade Finance Potential
2025 marked a pivotal year for Linklogis’ international business as the company embarked on a new chapter and accelerated the development of its “second growth curve.” During the year, Linklogis officially launched a comprehensive rebranding of its international business, introducing “Unloq” as its new identity for the global market, reflecting its vision of unlocking the potential and efficiency of global trade finance. Guided by a core strategy centered on cross-border trade corridors, scenario-based finance and technology-driven risk management, Unloq is committed to building a globally connected digital supply chain finance platform with strong local execution capabilities.
In line with its core strategy, the company has leveraged its cloud-native technology to launch the innovative “SC+ Platform”, designed to connect global real-world trade with digital finance. The “SC+” signifies its core function of connecting smart contracts with compliant digital payment instruments, forming a technology-enabled solution for global trade finance. The platform is dedicated to building the next-generation digital infrastructure for global trade finance and addressing systemic challenges in cross-border trade, including credit verification, fund turnover, and clearing and settlement efficiency. Through the platform, funders can utilize various compliant payment methods to purchase trade receivables.
To date, Unloq has completed the deployment of the core architecture of the SC+ Platform. Working with multiple commercial partners, Unloq has advanced the rollout of innovative applications leveraging compliant digital payment methods. In 2025, Linklogis successfully secured the bid for a Web3.0-based supply chain finance platform project for a leading central state-owned enterprise, marking a new milestone in its technological capabilities and industry recognition in the field of digital trade infrastructure.
In its international business, Unloq accelerated the expansion of cross-border trade services. In addition to traditional B2B goods trade, cross-border e-commerce and online travel agencies, it also expanded into cross-border logistics, bringing the total number of platform customers to 1,550, representing a net year-on-year increase of 451. With the deeper penetration of the SC+ Platform in cross-border trade finance, the continued expansion of its global localized service network, and the accelerated integration of solutions supporting Chinese enterprises’ overseas expansion, Linklogis’ cross-border and international business is expected to enter a phase of exponential growth in both asset volume and revenue in 2026, embarking on a new chapter of high-quality and sustainable development.
Advancing the “AI-powered Industrial Finance” Strategy: From Internal Empowerment to Industry Value Co-Creation
Linklogis remains committed to its “AI-powered Industrial Finance” strategy and continues to promote the deep integration of AI with supply chain finance across the entire value chain. Built on years of technological expertise and scenario-based refinement, its AI capabilities have evolved from internal productivity tools into a sophisticated intelligence engine that empowers the entire industrial ecosystem. By deeply integrating leading domestic large language models with its proprietary supply chain finance scenario knowledge graph and multimodal business elements, the company has systematically advanced the ongoing iteration and capability enhancement of its self-developed vertical model, LDP-GPT. Building on this foundation, Linklogis has developed the “BeeLink AI Agent” product matrix, covering more than ten core scenarios including intelligent trade document checking, intelligent PBOC registration, intelligent KYC, and intelligent risk management.
In 2025, BeeLink AI Agent continued to deliver breakthroughs in market penetration and commercialization. The number of customers served rose to 42, including domestic and overseas financial institutions and industry leaders such as Standard Chartered Bank, Bank of Hangzhou, and China Electrical Equipment Finance. Processing efficiency improved by 20 times, while accuracy in key processes reached 99%. As AI continues to evolve toward an agent-based paradigm, Linklogis will take “AI Agent+” as a strategic lever to comprehensively upgrade BeeLink AI Agent from functional tools to intelligent collaboration. It will prioritize breakthroughs in advanced capabilities such as cross-system task coordination, natural-language interactive decision-making, and adaptive workflow optimization, enabling customers to move from point intelligence to enterprise-wide intelligence, and from business insights to intelligent decision-making, thereby delivering end-to-end value across the entire value chain.
Linklogis actively responded to China’s “dual carbon” strategy and high-quality development agenda by embedding ESG principles into product innovation and the entire service lifecycle, leveraging technology to advance green finance, inclusive finance, and sustainable development. In 2025, the volume of sustainable supply chain assets served by the company exceeded RMB66.8 billion, representing a year-on-year increase of 80%, with its share of total serviced assets rising from 9% in 2024 to 13% in 2025. During the year, SMEs that obtained financing through Linklogis Supply Chain Multi-tier AR Transfer Platform benefited from an average financing cost of only 2.85%. The company continued to deepen its presence in four key sectors—renewable energy, rural revitalization, environmental protection, and public health—while further expanding into sustainable sectors such as the new energy vehicle supply chain, green buildings, and the circular economy. Through these initiatives, it directed financial resources more precisely to key segments that generate both green and low-carbon benefits and strong social impact, gradually building a broader and more influential sustainable development ecosystem that integrates industry and finance.
Expanding Full-scenario Deployment, Enhancing the Smart Industrial Finance Treasury Product Matrix
Through the acquisition of Bytter Technology, Linklogis made a strategic entry into the corporate treasury management sector. By synergizing management teams and business operations, the company successfully established the Treasury Cloud product line, providing diverse customers with end-to-end treasury management services covering settlement operations, cash planning, financing management, risk monitoring, and intelligent decision-making. As a key component of Linklogis’ “Smart Industrial Finance Treasury” strategy, Treasury Cloud is anchored by a dual-engine approach powered by AI and data, and has established a comprehensive product matrix, including the F1 treasury management system and T6 cash management system for anchor enterprises, the bank treasury system for financial institutions, and the Yingzilian SaaS platform for SMEs.
Since September 11, 2025, Bytter Technology has been consolidated into the group’s financial statements. The integration of the Treasury Cloud business has been fully completed. Linklogis will continue to deepen resources integration and business collaboration between Treasury Cloud and the group’s other supply chain finance technology businesses in areas such as product R&D, channel expansion and customer service. The company will accelerate the development of an integrated, intelligent and scalable Smart Industrial Finance Treasury platform, providing customers with one-stop digital solutions covering treasury management and industrial-finance collaboration.
Charles Song, founder, Chairman and CEO of Linklogis, said: “The year 2026 marks the tenth anniversary of Linklogis. As we stand at the threshold of a new decade, we will remain firmly committed to a core strategy of being technology-driven and globally connected, while steadfastly advancing our dual-engine approach of deepening domestic industrial finance and expanding global digital trade. We will seize opportunities amid transformation and strengthen our competitive advantages through innovation. In the domestic market, we will continue to advance the “AI-powered Industrial Finance” strategy. Anchored by the comprehensive upgrade of BeeLink AI Agent, we will accelerate AI’s evolution from scenario-based enablement to ecosystem-level collaboration. At the same time, leveraging our full-stack capabilities in Smart Industrial Finance Treasury solutions, we will continue to refine our integrated one-stop solutions, consolidate our market leadership, and ensure the steady growth of our core business. In international markets, we will accelerate the expansion of global cross-border digital trade networks through Unloq and roll out the SC+ Platform along key global trade corridors. We aim to become a key builder and connector in the ongoing digital and intelligent transformation of global trade finance. The future is already unfolding. Only the adaptable can prevail, and only the persistent can go the distance. With technology as our oar and industry as our vessel, Linklogis will continue to join forces with our partners, embarking together on the magnificent journey toward a digital and intelligent future for global industrial finance.”
Hashtag: #Linklogis
The issuer is solely responsible for the content of this announcement.
Media OutReach
CK Life Sciences’ Sequencio Therapeutics Presents the Latest Vaccine Research Advancements at the American Association for Cancer Research Annual Meeting
These presentations mark Sequencio’s first major scientific unveiling since its formation and showcase significant advancements in next‑generation cancer vaccine technologies based on Sequencio’s proprietary TrueHLA™ Epitope‑to‑Efficacy™ translational design framework, which enables rational, data‑driven vaccine development across circRNA, mRNA, peptide, and protein‑based platforms.
Collectively, Sequencio’s five AACR 2026 presentations highlight a consistent theme: rationally designed cancer vaccines that demonstrate robust immunogenicity and compelling anti‑tumour activity across multiple targets and modalities in preclinical models. These data underscore the strength of Sequencio’s approach to translating antigen selection into functional immune responses and tumour control. Building on this foundation, Sequencio is prioritizing its most promising programs for IND‑enabling studies, with the goal of accelerating select vaccine candidates into early‑stage clinical development through strategic partnerships and global collaboration.
Dr Melvin Toh, Vice President & Chief Scientific Officer of CK Life Sciences, expressed, “Sequencio’s cancer vaccine pipeline continues to advance with strong momentum. Our AACR 2026 presentations underscore both the scientific promise of our vaccines and the disciplined execution driving their progress. We look forward to building on this foundation as we advance next‑generation immunotherapies for patients.”
The AACR Annual Meeting is a gathering central to the global cancer research community, bringing together scientists, clinicians, other healthcare professionals, survivors, patients and advocates every year to share the latest breakthroughs and developments in cancer science and medicine. Last year, the 2025 Annual Meeting attracted 22,100 in-person participants from 85 countries.
Scientific Poster Presentations by Sequencio Therapeutics at AACR 2026
All five posters will be presented on 21 April 2026.
1. p53 Modified Shared Neoantigen Vaccine (Poster Number: 4361)
Title: Single amino acid residue substitution to improve immunogenicity of HLA peptides targeting p53 neoantigen
Authors: Chi Han Samson Li, Hong Wang, Kin Tak Chan, Genwei Zhang, Zhenghui Wang, Lipeng Lai, Melvin Toh
2. IGF1R Cancer Vaccine (Poster Number: 4368)
Title: Vaccine targeting IGF1R induces neutralizing antibody and robust anti‑tumor activity in a syngeneic mouse colon cancer model
Authors: Kenneth Nansheng Lin, Melvin Toh, Hong Wang
3. B7‑H3 Cancer Vaccine (Poster Number: 4369)
Title: B7-H3 vaccine induces robust humoral and cellular immunity and inhibits tumor growth in mice
Authors: Kenneth Nansheng Lin, Melvin Toh, Hong Wang
4. TROP2 circRNA + IL‑7 Combination Vaccine (Poster Number: 4370)
Title: TROP2‑circular RNA vaccine and IL7 synergistically inhibit TROP2+ tumor growth in mouse models
Authors: Zirong He, Yanan Li, Antong Li, Xiaoxuan Liu, Kenneth Nansheng Lin, Fan Yan Meng, Melvin Toh, Hong Wang
5. Claudin‑6 Cancer Vaccine (Poster Number: 4375)
Title: Claudin 6 vaccines effectively inhibit tumor growth in a syngeneic mouse colon cancer model
Authors: Na Wang, Lam Chow, Melvin Toh, Hong Wang
Hashtag: #CKLifeSciences #Sequencio #CancerVaccines #R&D #Pharmaceutical #AACR
The issuer is solely responsible for the content of this announcement.
CK Life Sciences Int’l., (Holdings) Inc.
CK Life Sciences Int’l., (Holdings) Inc. (stock code: 0775) is listed on the Stock Exchange of Hong Kong. With a mission of improving the quality of life, CK Life Sciences is engaged in healthcare research and development, with operating businesses that enable its R&D sustainability. Regarding pharmaceutical research and development, CK Life Sciences’ operations are focused on conducting research and development into cancer vaccines, RNA therapeutics and pain management solutions. CK Life Sciences is a member of the CK Hutchison Group. For additional information, please visit www.ck-lifesciences.com.
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