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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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The 15th Canon x McDull Inter-school Ink Cartridge Recycling Award Presentation Ceremony Advancing Environmental Education with Collective Efforts
Adhering to Canon’s corporate philosophy “Kyosei”, Canon Hong Kong has spared no effort to promote environmental conservation and sustainable development, injecting green elements into different kinds of corporate activities. Since the launch of “Ink Cartridge Recycling Program” in 2009, Canon Hong Kong has invited the beloved local cartoon character, McDull, to serve as the program ambassador. With the ambition of cultivating the environmental awareness of the next generation, the program was extended to the education sector in 2011, calling on support from primary and secondary schools in the annual competition. Now in its 15th year, the program has reached an important milestone and received overwhelming responses from more than 300 organizations, housing estates, shopping malls, supermarkets and schools, all helping to set up recycling boxes to encourage the public to recycle used inkjet printer cartridges of all brands. To deepen students’ understanding and engagement with environmental issues, Canon Hong Kong has organized over 230 environmental seminars for participating schools, reaching over 70,000 students with messages about recycling and sustainable development. As of June 2026, over 295,000 ink cartridges were collected. Recycled ink cartridges were dismantled, while the metals and plastics were being recycled into raw materials for other products.
In the welcome speech at the ceremony, Ms. Candy Mau, Director of Corporate Communications and General Administration Division of Canon Hong Kong, affirmed the winning schools for their exemplar dedication in promoting recycling. A total of 8 schools were recognized in the category of “Highest No. of Recycled Ink Cartridges”. Ms. Mau noted that the escalating threat of global warming and climate change has sounded an alarm for the Earth, reminding us of the need to protect the environment together. She emphasized the importance of promoting environmental protection to the young generation from an early age and urged schools to build a better and sustainable society together by continuously promoting environmental education.
After the ceremony, Canon Hong Kong arranged a “Build Your Own Camera” STEAM parent-child workshop for the students and parents. The activity allowed them to assemble and build their own handcraft camera models, thereby learning basic optical principles. Through interactive demonstrations and disassembling camera structures, participants gained a deeper understanding of the science behind imaging while enjoying the joy of creativity, technology and photography. The workshop added a memorable learning experience to the ceremony and brought the event to a successful close.
Hashtag: #Canon #McDull
The issuer is solely responsible for the content of this announcement.
About Canon Hongkong Company Limited
Canon Inc. (TSE:7751) was founded in 1937 in Japan. Its predecessor, Precision Optical Instruments Laboratory, produced Japan’s first 35 mm focal-plane-shutter camera “Kwanon” in 1934. From there, Canon Inc. expanded into the photocopying and printing industries, launching Japan’s first plain paper copier NP-1100 in 1970 and the world’s first inkjet printer BJ-80 in 1985. Through the years, Canon Inc. has acquired in-depth experience in digital imaging product manufacturing, research and development. Pioneering in innovative product development, Canon Inc. holds the most technology patents in the imaging industry. Canon Inc. also makes significant contributions to promote photography. Today, Canon Inc. has a strong global presence, representing one of the most important market players in the imaging, office and industrial product categories. As of 31 December 2025, Canon’s global revenue was US$30 billion.
In 1971, Canon Hongkong Co., Ltd. (Canon Hong Kong) was established as one of the first Canon offices in Asia. Canon Hong Kong is a Total Imaging Solution provider, providing professional pre-sales, marketing and after-sales services for all Canon products and solutions in Hong Kong and Macau. With the solely owned subsidiary Canon Business Solutions (Guangdong) Co., Ltd. established in 2018; the company continues to deliver intelligent total business solutions and professional services to Greater Bay Area. Canon Hong Kong adheres to Canon’s corporate philosophy of “Kyosei”, encouraging the company and staff to engage in social, charitable and environmental activities for the community. Implementing an internationally recognized management system, Canon Hong Kong has achieved ISO 9001, ISO 14001, ISO 45001 and ISO 27001 (Canon Digital Production Center) certifications.
For more information about Canon Hong Kong, please visit our website: 
https://hk.canon.
Media OutReach
Booster Pack 09 “Here He Comes! Our Hero!” & Starter Deck 04 “Ultraman & Ultraman Cosmos” To Be Released on Friday, October 23! The Showa Ultraman Series Makes Its First Appearance!
BP09″Here He Comes! Our Hero!”／SD04 “Ultraman & Ultraman Cosmos”
BP09 “Here He Comes! Our Hero!” and SD04 “Ultraman & Ultraman Cosmos” introduce Ultraman Cosmos, one of the heroes most requested by players, alongside the original Ultraman, who makes his long-awaited debut from the Showa Ultraman series in the Ultraman Card Game.
These products also commemorate the 2nd Anniversary of the Ultraman Card Game, making them a special milestone release.
They also introduce the new “Color System” and the all-new “Boost Card” category. These additions expand strategic possibilities and offer greater deck-building diversity, delivering even more exciting and dynamic battles.
- Promotional Video
- Image: BP09 Booster Pack & SD04 Package
- View image: https://bit.ly/4h10Bj4
Feature 1: Ultraman and Ultraman Cosmos Join the Game!
The original Ultraman and Ultraman Cosmos finally make their debut in the Ultraman Card Game.
Build decks and experience gameplay that faithfully recreates the unique abilities, fighting styles, and identities of these legendary heroes.
- Ultraman also appears as a serial-numbered card in BP08.
To celebrate this milestone, Ultraman is also featured as a serial-numbered card in Booster Pack 08: Converging Bonds, released on Friday, July 10.
- Image: Ultraman and Ultraman Cosmos
- View image: https://bit.ly/3SNXSzy
Feature 2: Introducing the New Card Category – “Boost Cards”
A brand-new card category, Boost Cards, joins Character Cards and Scene Cards as a new card type.
Boost Cards are inspired by iconic elements from across the Ultraman series, including Defense Teams and memorable items used throughout the franchise.
More details on Boost Cards, including gameplay mechanics and previewed card effects, will be revealed at a later date.
- Image: Boost Card
- View image: https://bit.ly/4y8EOMD
Feature 3: New Gameplay Mechanic – “Color System”
BP09 introduces the new Color System.
Under this system, every Character Card belongs to one of five colors:
- Red
- Blue
- Purple
- Yellow
- Green
Cards released before the introduction of the Color System, along with cards that do not have a color attribute, are treated as Colorless, allowing them to remain fully playable.
Combined with Boost Cards, the Color System adds greater deck-building depth, strategic decision-making, and exciting comeback opportunities.
More details on the Color System will be announced soon.
- Image: Colour System
- View image: https://bit.ly/4vt4h0Q
Official Accessories
Two new official card sleeve designs and a new playmat will also be available to help protect and showcase your collection.
1. Ultraman Card Game Official Card Sleeves (Beta Capsule)
Features the Beta Capsule, Ultraman’s transformation device, together with its iconic Ultra Sign.
2. Ultraman Card Game Official Card Sleeves (Cosmo Pluck)
Features Ultraman Cosmos’ transformation device, the Cosmo Pluck, together with its Ultra Sign.
3. Ultraman Card Game Official Playmat (Ultraman)
A playmat featuring the iconic debut scene of Ultraman as its design.
It also includes a newly added Boost Card Area, supporting the latest game rules.
- Image: Accessories (Sleeves, Playmat)
- View image: https://bit.ly/4eON4d3
Booster Pack 09 “Here He Comes! Our Hero!”
- Release Date：October 23rd, 2026 (Friday)
Contents
- 12 cards per pack
- 24 packs per display box
※Box Topper is not included in this release
Starter Deck 04 “Ultraman ＆ Ultraman Cosmos”
- Release Date: October 23rd, 2026 (Friday)
Contents
- 1 50 card pre-constructed deck (20 card types)
- 1 pack of BP09「Here He Comes! Our Hero!」
- 1 playsheet
Ultraman Card Game Official Sleeves 2 types (Beta Capsule/Cosmo Pluck)
- Release Date: October 23rd, 2026 (Friday)
Ultraman Card Game Official Playmat (Ultraman）
- Release Date: October 23rd, 2026 (Friday)
Regarding Ultraman Card Game
The Ultraman Card Game is a trading card game designed based on the Ultraman Universe and combines collectability with playability that appeals to both adults and children.
Official Name: Ultraman Card Game
Distribution Areas: Retail, toy stores, and trading card shops in distribution countries
Official Website:
https://ultraman-cardgame.com/
Official Social Media:
https://x.com/ucg_en (English X)
https://linktr.ee/ultramancardgame (List)
Hashtag: #UltramanCardGame #BP09 #SD04
https://ultraman-cardgame.com/https://linktr.ee/ultramancardgame
https://x.com/ucg_en
The issuer is solely responsible for the content of this announcement.
Media OutReach
Ancient Port, New Voyages: Ningbo’s Smart Manufacturing Expands Global Trade Footprint via Maritime Silk Road
Separated by thousands of miles, the two millennia-old port cities reconnected, leveraging their ports as a bond and cultural exchanges as a cohesive force to hold in-depth talks on integrated port-city development and bilateral economic and trade connectivity.
This cross-Indian Ocean dialogue echoes the ancient Maritime Silk Road while charting a brand-new outbound development path. As a pivotal starting port of the ancient Maritime Silk Road, Ningbo is building a new global trade landscape powered by smart manufacturing.
A thousand years ago, merchant vessels from Mingzhou Port set sail southward loaded with Yue Kiln celadon porcelain, passing through Ceylon to deliver Oriental crafts across the Indian Ocean coasts. Precious gemstones and spices traveled the same sea route back to regions south of the Yangtze River, laying the groundwork for the earliest cultural exchange between the two ports through trade. Today, the cargo carried by giant cargo ships has undergone a dramatic transformation. Beyond traditional daily necessities, intelligent equipment, digital home appliances and industrial robots now dominate shipments.
Official statistics show that Ningbo’s exports of intelligent equipment, including mechanical arms and industrial robots, hit 440 million yuan in 2025, surging more than 40% year-on-year. From January to May this year, Ningbo’s exports of mechanical and electrical products maintained steady growth, reaching 247 billion yuan, a 4.1% year-on-year increase and accounting for 58.0% of the city’s total export volume. The new energy foreign trade sector saw explosive growth, with exports of new energy vehicles, lithium batteries, and photovoltaic products jumping 138.4% year-on-year, with electric vehicle exports skyrocketing 215.9%. Smart manufactured goods are continuously expanding the scope of Ningbo’s foreign trade.
Complementing the Colombo forum, an exhibition highlights Ningbo’s outstanding going-global enterprises and their products, vividly illustrating the profound shift in Ningbo’s trade structure.
Alongside time-honored Maritime Silk Road staples such as celadon porcelain and silk, Ningbo’s smart manufactured products—including AI translation glasses, intelligent outdoor gear and digital small home appliances—occupy prominent display spaces across the venue. In Sri Lanka, Ningbo smart water meters are widely adopted nationwide, while handheld cooling fans and intelligent kitchen appliances have entered ordinary households.
Leveraging Colombo Port’s transshipment advantages, massive volumes of Ningbo smart manufactured goods are distributed onward to Europe, the Middle East and beyond. What Ningbo exports today is no longer mere commodities, but a complete outbound solution integrating technology, brand value and after-sales services.
Faced with mounting challenges including homogeneous global market competition and rising trade barriers, Ningbo’s manufacturing sector has abandoned the old model of low-cost OEM production, relying on intelligent transformation to consolidate its competitive edge in overseas markets.
Over more than a decade of digital transformation efforts, Ningbo has achieved full digital upgrading of all industrial enterprises above designated size. A large number of local factories have built unmanned black-light workshops and flexible production lines, escaping vicious price competition through continuous technological iteration. Represented by five specialized, sophisticated, distinctive and innovative enterprises dubbed Ningbo’s “Five Little Tigers”—famous for their core proprietary technologies, including highly sophisticated visual inspection equipment, heat-resistant materials, sun-proof coatings, puncture-proof materials and self-drilling fasteners—these niche manufacturers have developed differentiated technical routes and full-spectrum production capacity, cementing irreplaceable competitiveness for Ningbo smart manufacturing on global markets.
Beyond trade expansion, Ningbo has built a supporting cultural communication system to ensure “products go global, accompanied by local culture”.
The launch of Sri Lanka’s first “One-Meter Cultural Space” cultural station during the Colombo event marks a tangible milestone of Ningbo’s go-global initiative. Built on enterprises’ overseas outlets, these miniature cultural exhibition halls integrate intangible cultural heritage crafts, urban stories and smart products, enabling overseas clients to experience cutting-edge manufacturing while gaining insight into Ningbo’s profound cultural heritage.
During the twin-city story-sharing session, Ningbo entrepreneurs based in Sri Lanka and local designers blending Chinese and Sri Lankan aesthetics shared stories of bilateral exchanges. Economic and trade ties have evolved into a bond for people-to-people communication, bridging divides in cross-cultural trade.
From Tang-dynasty celadon porcelain sailing across the Indian Ocean to intelligent equipment shipping to every corner of the globe, Ningbo, the ancient Maritime Silk Road port, has preserved its enduring gene of openness. Where exchanges once relied purely on commodity trade, today smart manufacturing underpins a stable, diversified and high-value-added global trade network.
The Ningbo-Colombo dialogue stands as a vivid microcosm of this transformation: the port still links lands and seas, yet the core of its trade has undergone a full intelligent upgrade.
Rooted in its historical legacy as a key Maritime Silk Road hub, Ningbo has consolidated its industrial foundation through a decade of digital development, expanded global market reach via worldwide port networks, and softened trade cooperation through cultural exchanges. This brand-new outbound shipping route forged by smart manufacturing has not only reshaped the city’s foreign trade landscape, but also delivered a replicable port-city development model for Chinese manufacturing to go global.
Hashtag: #NingboSmartManufacturing #MaritimeSilkRoad #GlobalTrade
The issuer is solely responsible for the content of this announcement.
