Bora Pharmaceuticals Co Ltd · TWSE:6472
Bora Pharmaceuticals — Q1 2026 Earnings Presentation
27 slides from Bora Pharmaceuticals's earnings presentation, May 2026
Slide 1: Making Success More Certain: 1Q26 Earnings Release
Making Success More Certain 1Q26 Earnings Release
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
1.7 Billion USD Market Cap* 2100+ Employees Bora by the 100+ Export Countries Numbers 11 Manufacturing Sites 634 Million USD FY2025 Revenue 95% Revenues outside of Taiwan #1 Pharma Manufacturer in Taiwan *As of May 2026 3
Slide 4: BORA 1Q26 Milestones
⚫ Advanced Maple Grove site ramp-up significantly, with several multi-year CDMO agreements signed or progressing across emerging biotech and top-20 global pharma client. ⚫ Bora Board approved the acquisition of CDMO business of MacroGenics in BORA Maryland, Rockville to scale up its biologics CDMO p
Slide 5: Past the Reset: Clear Runway for Improvement
Past the Reset: Clear Runway for Improvement Reported in NT$mn, 1Q26 revenues came in at NT$4,001 million, except for EPS 1Q2026 4Q2025 QoQ% 1Q2026 1Q2025 YoY% down 17.68% sequentially, with basic EPS of Revenue 4,001 4,861 -18% 4,001 4,480 -11% NT$0.21. GM stabilized QoQ. COGS -2,560 -3,090 -17%
Slide 6: 1Q26 Was An Eventful And Challenging Quarter
1Q26 Was An Eventful And Challenging Quarter NT$mn Channel cash and cash equivalents net debt/equity External Orders Only destocking/demand 7,000 84.0% 5,829 82.0% volatility & Site 6,000 5,077 4,832 80.0% Rev Mix - CDMO maintenance: 5,000 78.0% 76.0% Inventories ↑ & NWC 4,000 82.3% 74.0% and CF pre
Slide 7: CDMO Business: North America Based, Global Networked
CDMO Business North America Based, Global Networked
Slide 8: 1Q26 CDMO Business Highlights
1Q26 CDMO Business Highlights • Revenues declined 24.62% YoY and 30.15% QoQ including internal orders, primarily due to scheduled • +19.31% 12mo rolling maintenance at fill and finish facility in Maryland and seasonality at Canada backlog QoQ site. • And yet strong visibility underway: • +75% pre-cl
Slide 9: Our Goal: One Stop Shop for all CDMO Needs
Our Goal: ”One Stop Shop” for all CDMO Needs Maple Grove, Minnesota, US Zhunan, Taiwan Xizhi, Taiwan >70% Rev Nutraceutical ingredients Sunway from Biotech cGMP MHRA North America Mississauga, Ontario, Canada Taoyuan, Taiwan PMDA San Diego, California, US Zhongli, Taiwan Tanvex Biopharma Baltimore,
Slide 10: Building A Capabilities & Resilience Engine
Building A Capabilities & Resilience Engine Pharma market growth 5-8% Increased ~15% for biologics outsourcing 8-10% for small molecules • >US$520mn Invested In The High growth 13-23% Past 30 Months areas estimated CAGR till 2030 • >10% CAPEX/Rev In 2025 Source: Statista 10
Slide 11: CDMO Business 2026 Mission & Vision
CDMO Business 2026 Mission & Vision Economies of Scale Investment In The Future Canada site, Tainan site, Baltimore F/F site, Taoyuan site, Zhunan site, Zhongli site MG site, Biologics platform Note: In alphabetical order • Strong gross margin profile • Build US footprint • Continue to invest for cl
Slide 12: The MacroGenics carve-out deal at US$122.5 million
The MacroGenics carve-out deal at US$122.5 million Rockville, Maryland Frederick, Maryland • Biologics GMP manufacturing • Warehouse operations 140 FTE • 17,000 sqft. (leased) • 122,600 sqft. (leased) 4 6 3 5 2 Programs in Commercial-stage 500 L SUB Active customers 2000 L SUB portfolio products 3 “
Slide 13: Bora Group Biologics CDMO Team Strengths and Differentiation
Bora Group Biologics CDMO Team Strengths and Differentiation Complementary skill sets • Investment and Project • A coherent operating team with full • Strong brand and BD presence: 5 management: antibody value chain experience: 5 people covering US, APAC and technical executives, 10+ years Europe •
Slide 14: Pharma Sales Business In The USA: Continued Focus on Core Strengths
Pharma Sales Business In The USA Continued Focus on Core Strengths
Slide 15: Specialty Franchise Now A Backbone
Specialty Franchise Now A Backbone >50% Sabril Market Unlocked Unit: US$mn Specialty Accounts 450 400 350 For ~49% Compared to same time last year 300 And yet, high 250 value generics Unique Patients 141% down to historical Steady New Patient + 200 150 low of <30% 100 While Vigadrone unique patient
Slide 16: Generics Business From Transition to Transformation
Generics Business From Transition to… Transformation! • Refill pipeline from both internal & external resources to form a sales and marketing company • More aggressive investments in differentiated branded portfolio 7 Confirmed launches in 2026 3 Launched YTD 16
Slide 17: When Science Meets A 90-Year Global Brand!
When Science Meets A 90-Year Global Brand! 17
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Slide 19: Global Office Network
GLOBAL OFFICE NETWORK OUR FOOTPRINT ACROSS THE WORLD *——— (me HAMBURG, NORTH 6 GERMANY AMERICA ¢@° SEOUL, *% SOUTH KOREA MADRID, SPAIN fy TAIPEI, Ls GILBERT, AZ TAIWAN AFRICA SOUTH AMERICA AUSTRALIA
Slide 20: Vision 2026
Vision 2026
Slide 21: Bora 2026 Outlook: Unwavering Commitment
Bora 2026 Outlook: Unwavering Commitment Rapid Continued Expand Growth of Growth in Competitive Rare Disease CDMO Scale Advantages Portfolio to and Increase in scale and Become the Global AI New Awareness Backbone • Scale biologics CDMO one- • Focus on Vigabatrin franchise and • Global scale: Operat
Slide 22: Bora 2027 Blueprint: Setting The Stage
Bora 2027 Blueprint: Setting The Stage +94% Marketing Qualified Leads MacroGenics based on 12mo run rate WGN CDMO • CDMO backlog and new signs continue to drive double digit organic growth generics • Steady expansion of specialty pharma franchise market share • Inorganic growth from high value/brand
Slide 23: Bora and Community
Bora and Community
Slide 24: Bora's Commitment to Governance, People & Society
Bora’s Commitment to Governance, People & Society Our Achievements MSCI ESG EcoVadis A Ratings Committed level • The evaluation covers the three dimensions of Environment, • Top 50 pharma all require EcoVadis ratings from outsourced Social, and Governance partners • Reflecting Bora's performance in
Slide 25: Bora's Commitment to Governance, People & Society
Bora’s Commitment to Governance, People & Society Our Achievements Sustainalytics Medium Risk • Moving towards the lower zone of "Medium Risk" • Industry PR value of 81 in the global pharmaceutical sector Business Weekly Taiwan Corporate Sustainability Awards 2025 Carbon Competitiveness Corporate Co
Slide 26: Thank You
THANK YOU
Slide 27: Recent Investments To Unlock Next Chapter
Recent Investments To Unlock Next Chapter May 2026 Acquisition of US Biologics CDMO Facility in Baltimore (Rockville) Aug 2025 Addition of high-potency liquid capsule technology (Zhunan, Taiwan) July 2025 Gerteis Macropactor and Packaging Lines (Maple Grove, Minnesota) July 2025 New Norden Filling L