Bora Pharmaceuticals Co Ltd · TWSE:6472
Bora Pharmaceuticals — Q1 2025 Earnings Presentation
30 slides from Bora Pharmaceuticals's earnings presentation, May 14, 2025
Slide 1: Making Success More Certain
Making Success More Certain May 2025
Slide 2: Disclaimer
Disclaimer Except for historical information contained herein, the matters set forth in this presentation are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are not based on historical fact
Slide 3: Bora by the Numbers
2.5+ Billion USD Market Cap* 2100+ Employees Bora by the 100+ Export Countries Numbers 10 Manufacturing Sites 600+ Million USD FY2024 Revenue 95% Revenues outside of Taiwan *As of May 2025 #1 Pharma Manufacturer in Taiwan 3
Slide 4: Bora Q1’25 Milestones
Bora Q1’25 Milestones CDMO Revenues Marked Historical High Completed Strategic Consolidation of US CDMO Capacity ahead of schedule Confirmed small molecule CDMO Offerings Expansion Executed structural transformation of VIGAFYDE go-to-market model Maintained Leadership Position of DLS In the US 4 4
Slide 5: Q1’25 Financial Highlights
Q1’25 Financial Highlights
Slide 6: Q1’25 Financial Highlights
Q1’25 Financial Highlights Reported in NT$mn, 1Q2025 4Q2024 QoQ% 1Q2024 YoY% The discontinued operation is defined except for EPS based on the Plymouth’s overhead, Revenue 4,480 5,746 -22% 2,857 57% direct labor, facility support functions, COGS -2,590 -3,869 -33% -1,352 92% all associated product
Slide 7: The Upsher-Smith Story Has Just Begun
The Upsher-Smith Story Has Just Begun: Transformational Investments as Enablers to Unlock Strategic Value Beyond Top-Line Growth “Streamline Integration Step by Step” – April, 2024 • OPEX efficiency – integration of 3 teams and S&M infrastructure 100% done • Pipeline ramp-up – jointly reviewed with
Slide 8: Minnesota Facility For CDMO: Scale Smart to Secure Projected Profits
Minnesota Facility For CDMO: Scale Smart to Secure Projected Profits • In discontinued operations, 31% of the negative Right Cost Profile impact was from regular overhead, displaying unfavorable cost profile of Plymouth Severance Machinery 10% Impairment 17% • To rationalize overhead, Plymouth will
Slide 9: Enabling Growth Through Improved Cash Flow Generation
Enabling Growth Through Improved Cash Flow Generation To unlock ~NT$600mn capital in 2025 Rebalance CDMO/Pharma Sales 38.93% With the consolidation and rebalance project completed in 1Q25, to Drive Sustainable Growth we expect to unlock ~NT$200mn capital each quarter from and NWC/Rev another ~NT$1
Slide 10: Bora Continues to Deliver Profitable Growth
Bora Continues to Deliver Profitable Growth We remain firmly focused on improving gross margin and free cash flow quality. As the successful, ahead of schedule phase-out of non-strategic products in 1Q’25, we enter 2Q’25 with a clear runway to focus on reallocating resources toward higher-value an
Slide 11: From Integration to Execution
From Integration to Execution 1Q’25 Sets The Course For Efficiency Gains Going Forward In 2024, Bora executed acquisitions aligned with 3 key rationales - entering new technology platforms for broader CDMO offerings, acquiring US capacities, and expanding specialty pharma footprints With signifi
Slide 12: Every Crisis Presents An Opportunity
Every Crisis Presents An Opportunity How Tariff Changes Bora’s Course of Competition Acquisitions done by Chinese companies in the US pharma/healthcare space on a downward spiral, presenting Chinese better strategic growth and accretive M&A opportunities Steel & AL Medicants Goods Bora’s dual-en
Slide 13: Investment in US CDMO specialized technologies
>200bn Investment DMO investments in specialized technologies and advanced dosage forms are increasingly critical © Leading global pharmaceutical companies are making significant moves to invest in US across adding CDMO partners, greenfield projects, brownfield expansions, and R&D initiatives »» Ind
Slide 14: Q1’25 Business Operations: Bora CDMO
Q1’25 Business Operations Bora CDMO
Slide 15: Continuing to Show Our Value Proposition and Leadership in The Industry
Continuing to Show Our Value Proposition and Leadership in The Industry Awarded Best CDMO, small molecule and Biologics 《Outsourced Pharma 2025》
Slide 16: Bora Vision 2025
2025 Margin Profile to Improve As Synergies of High Value Assets Emerge Scale Up Maple Grove’s 1st CDMO business began in March. >3 heavy weight potential clients to sign when sterile technologies CAPEX plan approved by Bora Board. ~10 molecule projected to onboard onto the new sterile platform. A
Slide 17: We Continue to Execute Synergistic M&A
We Continue to Execute Synergistic M&A 2018 Feb 2020 Dec 2022 Sept 2024 April 2024 Aug Production site of Production site of Sterile Ophthalmic Manufacturing site Upsher-Smith CDMO arm of Impax GSK site of TWi and lab of TWi Emergent Rationale • acquire large-scale • increase scale in FDF • acquire
Slide 18: Investments In Aseptic Technologies For Maryland Site
Investments In Aseptic Technologies For Maryland Site Enhance customer retention and acquisition Liquid Products Batch Size Up to • ~20 near-term projects from new and existing clients waiting to onboard. Only 25,000 Units • Expand capacity and capability for isolator- based aseptic filling, directl
Slide 19: Maple Grove: One of the Largest OSD Sites in the US
Maple Grove: One of the Largest OSD Sites in the US Well Positioned for On-shoring Capacity Needs Maple Grove is 612,396 sqf in space, 6x of Plymouth; Built in 2003 and expanded once by Sawaii in 2022 Bora is moving forward with a phased investment of tens of millions of USD to unlock the untapp
Slide 20: Strength in Capability and Quality Across Global Markets
Strength in Capability and Quality Across Global Markets Servicing 100+ Markets Without Disruption A Broad Range of Dosage Forms A Global Network of 10+ Sites A Unique Competitive Advantage • OSD • Large Pharma quality with • Nasal Spray Small Bio attention • Ophthalmic • Capability > capacity as a
Slide 21: Q1’25 CDMO Business Progress Highlights
Q1’25 CDMO Business Progress Highlights Always Committed To • Output came in below the 2024 quarterly run rate, but YoY growth SCALE in OSD ASP reflects improving customer mix and positive traction • Top 20 pharma continues to represent our largest and most strategic client base, a token of strong p
Slide 22: Q1’25 Business Operations: Bora Pharma Sales
Q1’25 Business Operations Bora Pharma Sales
Slide 23: Revenue Shifts To Show Qualitative Upgrades Driving Quantitative Growth
Revenue Shifts To Show Qualitative Upgrades Driving Quantitative Growth To Exceed • Decline in other generics during the quarter against 20 by 2027 2024 quarterly run rate was from discontinuation of 15 products under tremendous pricing pressure other generics DLS DTC+DTS PAC KCL specialty • DLS sta
Slide 24: Solid Pipeline With Both Strategic Long Term Investments & Opportunistic Blockbusters
Solid Pipeline With Both Strategic Long Term Investments & Opportunistic Blockbusters ANDA approvals: • Difluprednate for eye pain and redness • Deflazacort oral solution: 1. ~20% of Deflazacort market. Approved in May, 2025. Specialty Business Generics Business 2. Brand name application 505(b)(2) •
Slide 25: Consolidating US Commercial Brands Under “Upsher-Smith”
Consolidating US Commercial Brands Under “Upsher-Smith” Pharmaceuticals Since 1919 Market Penetration Brand and Community Aiming For Market Reach & Operational Efficiency Awareness 25
Slide 26: Impressive Market Share in New Patient Segment Achieved
Impressive Market Share in New Patient Segment Achieved Vigabatrin 505(b)(2) • Revolutionary vigabatrin franchise product in the IS market with Vigabatrin Trio • VIGAFYDE obtained Orphan Drug Designation, awaiting ODE discussion meeting with FDA in Q2’25 Portfolio • Preparing to submit application f
Slide 27: Bora and Community
Bora and Community
Slide 28: Bora’s Commitment to Governance, People & Society
Bora’s Commitment to Governance, People & Society Our Achievements TWSE’s Corporate MSCI ESG Ratings Bora’s North American Governance Evaluation Grade A CDMO operations Ranking improved to top recognized as “Committed” by Ecovadis 6%–20% among listed companies, demonstrating our determination to de-
Slide 29: Operational Excellency and Sustainability Drive Mutual Success
Operational Excellency and Sustainability Drive Mutual Success Establish Board-level Achieve Net-Zero by 2050 Commitment to Sustainability Committee Sustainability Conduct Employee Human Rights Conduct Social Care Through a Due Diligence Survey Healthcare-Centered Approach Adopt predictive analytics
Slide 30: Thank You !
bord Pharmaceuticals Thank You ! Bora oe