Slide 1: Making Success More Certain: FY25 Earnings Release
Making Success More Certain FY25 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
2.0+ Billion USD Market Cap* 2100+ Employees Bora by the 100+ Export Countries Numbers 10 Manufacturing Sites 634 Million USD FY2025 Revenue 95% Revenues outside of Taiwan *As of Mar. 2026 #1 Pharma Manufacturer in Taiwan 3
Slide 4: BORA 2025 Milestones
Re-signed numerous multi-year commercial product contracts with anchor clients. Solid execution in Largest CAPEX and Sales and growing specialty Marketing Investments for CDMO business, while free cash flow (FCF) of the business pharma business: remains its expansion trajectory Upsher-Smith demonstr
Slide 5: FY25 Income Statement: Necessary Changes and Results
FY25 Income Statement: Necessary Changes and Results Reported in NT$mn, What’s changed during the quarter? except for EPS 4Q2025 3Q2025 QoQ% 2025 2024 YoY% Following the completion of tech Revenue 4,861 4,806 1% 19,014 17,427 9% transfer of production transitions out of COGS -3,090 -2,635 17% -1
Slide 6: Cash Conversion Quality Greatly Improved…
Cash Conversion Quality Greatly Improved… OCF Margin 32.50% 30.00% 34.74% On A Larger, More Complex Platform! 25.20% 27.90% 19.20% Cash Efficiency by 4Q25 9.90% 5.10% 11.80% -4.00% OCF Margin NWC/Rev 2020 2021 2022 2023 2024 4Q24 1Q24 2Q25 3Q25 4Q25 Compared to same Compared to same period last year
Slide 7: Cash Deployment Goals: Focusing on Rev/EBITDA-Accretive M&A and Deleveraging
Cash Deployment Goals: Focusing on Rev/EBITDA-Accretive M&A and Deleveraging FY25 External Orders Only cash and cash equivalents net debt/EBITDA Rev Mix - CDMO 7,000 2.5 Unit: NT$mn except for % 2.3 6,000 5,829 2 40% • *23% sterile 5,077 • *77% non-sterile 5,000 1.6 1.9 1.5 4,000 Note: dosage form %
Slide 8: CDMO Business: North America Based, Global Networked
CDMO Business North America Based, Global Networked
Slide 9: 2025 CDMO Business Progress Highlights
2025 CDMO Business Progress Highlights • Another strong quarter in both revenues and gross margin. Supported by expanded capacity and dosage forms, revenues grew 53.8% YoY to NT$10.64 billion, including internal orders. Excluding internal orders, revenues reached NT$7.50 billion, a 19.53% increase.
Slide 10: Our Goal: One Stop Shop for all CDMO Needs
Our Goal: ”One Stop Shop” for all CDMO Needs Oral Ophthalmic Solids Semi- solids Sterile Fill/Finish Liquids Biologics Nasal Sprays Highly Specialized Analytical, Development, Manufacturing and Packaging Bora specializes in formulation development, clinical and commercial manufacturing and packaging
Slide 11: Bora's Commitment to Investing in Capabilities
Bora’s Commitment to Investing in Capabilities CAPACITY INVESTMENTS: 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 Line (Mississauga, ON, Canada) May 2025 Installati
Slide 12: Well Positioned for US Manufacturing Resilience
Well Positioned for US Manufacturing Resilience Plymouth + Maple Grove, Minnesota ➢ Oral Solids • hard-gelatin capsules (IR/MR) Nutraceuticals Oral Solid ➢ Ingredients ➢ Tablets • tablets, coated/ uncoated (IR/DR/ER) ➢ Packaging ➢ Capsules ➢ Powders (oral and topical) + Packaging & Serialization ➢ L
Slide 13: Favorable Growth Prospect For US Late-Stage Large Molecules CDMO
Favorable Growth Prospect For US Late-Stage Large Molecules CDMO (DS Capacity) • Renewed U.S. expansion momentum among stainless-steel leaders; single-use capacity remains underserved. Single-Use Shares Strong Market Dynamics • Improving funding environment for early-stage with Much Faster Turnaroun
Slide 14: Investments In Aseptic Technologies For Maryland Site
Investments In Aseptic Technologies For Maryland Site • In Dec. 2025, site received city level lab permit; Filler cleanroom construction to start in 2Q26 Liquid Products Batch Size Up to Only 25,000 Units • ~20 near-term projects from new and existing clients waiting to onboard; validation batches e
Slide 15: High Performance Topical Products Filling Line Adds High Value Capacity In Canada
High Performance Topical Products Filling Line Adds High Value Capacity In Canada Qualified for Capacity Up more than 20 • The new Norden filler is the 3rd tube-filling line at markets ~40% the site and can produce ~7-15mn units per year, increasing the site’s total production capability to >50mn un
Slide 16: Adding Liquid-Filled Hard Capsule (LFC) Capability
Adding Liquid-Filled Hard Capsule (LFC) Capability Technology Client Base Upgrade Expansion • A new operational area has been designed in Zhunan, Taiwan, to address growing demand for stable delivery of sensitive compounds and complex pharmaceutical ingredients, such as oncology or potent drugs. Glo
Slide 17: Pharma Sales Business In The USA Continued Focus on Core Strengths
Pharma Sales Business In The USA Continued Focus on Core Strengths
Slide 18: Evolving Product Mix at Upsher-Smith
Evolving Product Mix at Upsher-Smith • Vigabatrin has spearheaded a surge in revenues and significantly strengthened our market position Unit: US$mn “Excellent payer coverage and reimbursement with >80% coverage of generics specialty top 50 accounts” 450 Specialty Accounts “Continued strong uptake f
Slide 19: Well-Recognized and Trusted Brand
Well-Recognized and Trusted Brand Pharmaceuticals Since 1919 Market Penetration Brand and Community Aiming For Market Reach & Operational Efficiency Awareness 19
Slide 20: Ramping Up Specialty Infrastructure With Strong Channel Feedback
Ramping Up Specialty Infrastructure With Strong Channel Feedback 2025 Achievements Distribution network optimization KAM deployment across completed Academic Centers , Clinics & Top 50 Hospitals 3 dosage form combined, 2026 Highlights Vigabatrin franchise • Pursuing ▪ Enhanced customer segmentation
Slide 21: Generics Business From Stabilization, Transition to… Transformation!
Generics Business From Stabilization, Transition to… Transformation! • Refill pipeline from both internal & external resources • More aggressive investments in differentiated branded portfolio 21
Slide 22: >10 Generics Launches Planned For 2026
>10 Generics Launches Planned For 2026 7 Confirmed launches in 2026 >US$1bn market size Mature market 2 Approved PIV pending launch 8 Pending approval Blockbusters included High-potential assets contingent on on- schedule approvals 1+ In discussion to invest ✓ Complex generics ✓ Proprietary channels
Slide 23: Vision 2026
Vision 2026
Slide 24: Bora 2026 Blueprint
Bora 2026 Blueprint Continued Rapid Expand Growth in Growth of Competitive CDMO Scale Rare Disease Advantages and Increase Portfolio and in scale and Global High Value AI Awareness Generics • Maximize large molecule • Focus on Vigabatrin Franchise and • Global scale: Operating cost efficiency opport
Slide 25: Bora and Community
Bora and Community
Slide 26: 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 27: 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 28: Thank You
THANK YOU