Bora Pharmaceuticals Co Ltd · TWSE:6472
Bora Pharmaceuticals — Q2 2023 Earnings Presentation
16 slides from Bora Pharmaceuticals's earnings presentation, August 2023
Slide 1: Second Quarter 2023 Results
SECOND QUARTER 2023 RESULTS August 2023
Slide 2: Agenda
Agenda Recent Development & Operational Updates Financial Highlights 2023 Strategic Deliverables & YTD Progress Q&A
Slide 3: Q2'23 Operational Updates
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Slide 4: Q2'23 GM Surged to 55%, Leading 1H'23 EPS Over NT$22
Q2’23 GM Surged to 55%, Leading 1H’23 EPS Over NT$22 • 雙引擎策略持續發酵，2023年第2季合併營收達新台幣31.4億元，年成長近132% • 積極整合內部資源、實現併購效益，如加計安成藥併購後之集團內轉單，則全球CDMO業務本季較去年同期增長約5% • 原安成藥旗下所有產品之包裝皆已轉由竹南廠區負責；量產製造之技轉持續依計畫進行中 • 旗下眼藥製造廠區亦正式更名為Bora Pharmaceuticals Ophthalmic Inc.，所有管理流程與品質系統將統一由集團全球代 工CDMO管理團隊掌舵規劃、大幅提升製造效率；已有數個國際客戶
Slide 5: Global CDMO Operations – Promising Potentials from Fast-growing Ophthalmic Demand
Global CDMO Operations – Promising Potentials from Fast-growing Market Demand from Ophthalmic 廠區規模/產能 製劑/製程能力 目標市場 主要客戶 Sterile Ophthalmic • Solution, Suspension • 6,891 Sq. Meters • Nano-suspension • 100L, 200L, 600L, • Taiwan • Nano-emulsion 100L, 600L; all • Ointment • US • Several global equippe
Slide 6: Global Commercial Sale Operations – Growing with More Diversified Portfolio
Global Commercial Sale Operations – Growing with More Diversified Portfolio - Dicyclomine HCL Tablet 1 ANDA Approval 截至2023年2月止之前12個月於全美之銷售金額約為美金3,390萬元* US 1. Dicyclomine HCl Capsules Market • 較原訂計畫提前3個月上市 2 Product Launch 2. Potassium Chloride ER Tablets (KCL) • 較原訂計畫提前6個月由安成接手銷售 Prescription Drug
Slide 7: Global Commercial Operations – More to Come from Robust R&D Pipeline
Global Commercial Operations – More to Come from Robust R&D Pipeline 研發中品項之潛在目標市場規模* 近期進度更新 Oral Project 2 (Dicyclomine Tablet) ~US$32mn Approved in 2023/06 Oph Project 1 ~US$2,300mn CRL to reply by 2023 Q3 Oral Project 1 ~US$530mn CRL to reply by 2023 Q3 Majority of them 6 Oph Project 2 ~US$420mn C
Slide 8: 1st NDA Acquisition to Boost Global Commercial Sales' Growth
1st NDA Acquisition to Boost Global Commercial Sales’ Growth Transaction Summary 安成藥業擬向Almatica Pharma/Alvogen Group購買6項產品美國品牌藥(NDA)藥證、商標及相關製程技術 併購標的 • 根據IQVIA的市場數據，6項藥品2022年度的美國市場銷售總額約為美金2.2億元 • 6項產品皆已上市超過5年以上，品牌產品市佔仍維持穩定，且獲利能力優於保瑞集團現有學名藥產品組合平均 併購價金 美金3,850萬元 • 安成/保瑞董事會通過後簽署合約，隨即接手現有合約及存貨 預計時程 • 預計
Slide 9: More Synergies to be Realized for a Win-Win for Both CDMO & Commercial Sales
More Synergies to be Realized for a Win-Win for Both CDMO & Commercial Sales ✓ 潛在轉廠效益貢獻，利用集團內部技術、改善生產/供 應鏈流程，進而改善整體成本結構 ✓ 提升集團內部產能利用率、分攤固定成本，進而降低 同一廠區生產之所有產品單位成本，提升CDMO獲利率 ✓ 增加CDMO代工業務、將原須付給第三方CMO之現金轉 化成內部資金 ✓ 待轉廠成功、使得產品成本降低，亦有助於安成銷貨 ✓ 擴大產品組合，分散過度集中於學名藥產品之風險 成本之下降、提升銷售毛利，進而提升保瑞集團整體 ✓ 利用既有銷售平台、提升獲利能力
Slide 10: Q2'23 Financial Highlights
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Slide 11: Strong Growth Momentum by "Dual-Engine" Strategies
Strong Growth Momentum by “Dual-Engine” Strategies Growth Engine for Q2’23 Revenue Composition for Q2’23 Commercial Sale, Q2’23 = 63% CDMO, NT$3,139mn 37% Q2’22 = NT$1,355mn US TW, 7% Others, 10% KCL, 3% DTC, 4% DLS, 75% 11
Slide 12: Q2'23 Financials
Q2’23 Financials Financial Highlights Key Financials YoY QoQ • 由於TWi從2023/01下旬起上市 (in NTD millions, except for EPS) Q2'23 Q2'22 % Q1'23 % 之自有ANDA藥證產品DLS營收及 Revenue 3,139 132% -34% 1,355 4,781 獲利皆遠優於收購時所預估之金 COGS (1,416) (827) (2,855) 額，故根據與賣方所簽訂之購買 Gross Profits 1,723 528 226% 1,926 -11% 協議中”依照特定約定項
Slide 13: Another Record Year Expected with Outperforming 1H'23 Results
Another Record Year Expected with Outperforming 1H’23 Results Revenue (NT$’mn) Gross Profits (NT$’mn) 10,494 3,650 2,913 7,919 1,672 4,900 704 1,800 2020 2021 2022 1H'23 GM (%) 39% 34% 28% 46% 2020 2021 2022 1H'23 Operating Income (NT$’mn) Net Profits (NT$’mn) 2,894 1,744 1,922 1,402 1,046 578 750 2
Slide 14: 2023 Strategic Deliverables & YTD Progress
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Slide 15: Realizing M&As Synergies by All Strategic Deliverables
Realizing M&As Synergies by All Strategic Deliverables Global Global CDMO Commercial Sale 毛利續創新高、獲利成長可期 有效運用現有業 持續投資產品與 併購後業務與團隊 2023年度全年營運展望 務平台、持續拓 技術、強化永續 之積極整合、加速 優於原先預期 展各項成長動能 成長之穩固基石 實現併購效益 併購效益持續發酵、 - 10+ 個新客戶 - 5+ 個美國市場之產品上市 雙引擎成長策略win-win ✓ YTD 7個新客戶 ✓ YTD 已上市6項產品 • CDMO團隊之技術經驗持續改善製程及供應 -
Slide 16: Bora Group as the Leading Taiwan-based Pharma
Largest CDMO pharma company in Taiwan with well-established infrastructure Duel-engine growth strategy covering the major fast-growing segments in global pharma industry with competitive edge Superior execution of delivering the M&A synergies to maximize shareholders’ value State-of-the-art manufact