Bora Pharmaceuticals Co Ltd · TWSE:6472
Bora Pharmaceuticals — 44th Annual J.P. Morgan Healthcare Conference 2026
28 slides from Bora Pharmaceuticals's conference presentation, January 2026
Slide 1: Make Success More Certain
Make Success More Certain JP Morgan Healthcare Conference 2026
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 Dec. 2025 #1 Pharma Manufacturer in Taiwan 3
Slide 4: Journey to Becoming a Global Contender
Journey to Becoming a Global Contender Bora acquired Emergent Bora completed Bora Bora completed IPO Bora acquired Bora listed BioSolutions sterile f/f strategic Bora Pharmaceuticals on Taipei Stock Exchange GSK Mississauga on Taiwan Stock facility, expanding its US investment acquired Twi establish
Slide 5: 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 6: 2026: Cross Market Trading Starts
2026: Cross Market Trading Starts Continuing our efforts to become a truly global company by giving global investors access to participate in Bora’s growth Liquidity Access Global Visibility 7
Slide 7: 2025 Q1 – Q3 Performance: Structural Transitions
2025 Q1 – Q3 Performance: Structural Transitions NWC/Rev FY25 634 3Q25 195 53.14% 38.29% 43.86% 28.09% Revenue Gross Profit 23.69% 23.74% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 +2.7% 4.6% 200 2.5 180 1.9 160 2.0 2 3Q25 86 3Q25 129* 140 120 1.6 1.5 98 Net Income* 141 100 187 Net Income 80 1 from continued ope
Slide 8: Value Creation Through ROIC & EBITDA% Expansion
Value Creation Through ROIC & EBITDA%* Expansion 40.4% CDMO Business Scaling Phase CDMO Business Pharma Sales $617 Reinvestment Mix Optimization 28.8% 29.6% 24.7% 21.7% 20.7% 19.7% 17.5% 17.2% 15.8% $455 $336 11.2% 11.3% $157 10.8% 11.0% 4.4% 2.0% $44 $49 $11 $58 2017 2018 2019 2020 2021 2022 2023 2
Slide 9: CDMO Business: North America Based, Global Networked
CDMO Business North America Based, Global Networked
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: Well Positioned for US Manufacturing Surge
Well Positioned for US Manufacturing Surge Maple Grove, Minnesota, US • Oral Solids • hard-gelatin capsules (IR/MR) >70% Revenues Zhunan, Taiwan from North • tablets, coated/ uncoated (IR/DR/ER) Oral Solid • Powders (oral and topical) • Tablets American Sites • Liquids (solutions) • Capsules US Faci
Slide 12: 2025 CDMO Business Progress Highlights
2025 CDMO Business Progress Highlights • Fueled by expanded capacity and new dosage forms, Bora’s CDMO business, including internal orders, grew 53.8% compared 2024, reaching > US$340M. • CDMO backlog in the next 12mo, after a strong Q425 digestion, slightly decreased to US$264mn. More than 20 new m
Slide 13: Bora's Commitment to Investing in Capabilities
Bora’s Commitment to Investing in Capabilities CAPACITY INVESTMENTS: Aug 2025 Addition of high-potency liquid capsule technology (Zhunan, Taiwan) July 2025 Gerteis Macropactor and Packaging Lines (Maple Grove, Minnesota) July 2025 New Norden Filling Line (Mississauga, ON, Canada) May 2025 Installati
Slide 14: Investments In Aseptic Technologies For Maryland Site
Investments In Aseptic Technologies For Maryland Site • In Dec. 2025, site received city level lab permit; Filler cleanroom construction to start in 2Q26 Liquid Products Batch Size Up to Only 25,000 Units • ~20 near-term projects from new and existing clients waiting to onboard; Validation batches e
Slide 15: High Performance Topical Products Filling Line Adds High Value Capacity In Canada
High Performance Topical Products Filling Line Adds High Value Capacity In Canada Qualified for Capacity Up more than 20 • The new Norden filler is the 3rd tube-filling line at markets ~40% the site and can produce ~7-15mn units per year, increasing the site’s total production capability to >50mn un
Slide 16: Adding Liquid-Filled Hard Capsule (LFC) Capability
Adding Liquid-Filled Hard Capsule (LFC) Capability Technology Client Base Upgrade Expansion • A new operational area has been designed in Zhunan, Taiwan, to address growing demand for stable delivery of sensitive compounds and complex pharmaceutical ingredients, such as oncology or potent drugs. Glo
Slide 17: Pharma Sales Business In The USA: Continued Focus on Core Strengths
Pharma Sales Business In The USA Continued Focus on Core Strengths
Slide 18: Evolving Product Mix at Upsher-Smith
Evolving Product Mix at Upsher-Smith • Vigabatrin has spearheaded a surge in revenues and significantly strengthened our market position Unit: US$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 21
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 23
Slide 22: >10 Generics Launches Planned For 2026
>10 Generics Launches Planned For 2026 5 Confirmed launches in 2026 >US$800mn market size Mature & competitive market 2 Approved PIV pending launch 9 Pending approval Blockbusters included high-potential assets contingent on on- schedule approvals 1 In discussion to in-license ✓ Complex and/or 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: Vision 2026
Vision 2026
Slide 27: 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 opportunities to • Focus on Vigabatrin Franchise and • Global scale: Operating cost efficiency capt
Slide 28: Thank You
THANK YOU
Bora Pharmaceuticals — 44th Annual J.P. Morgan Healthcare Conference 2026 on 6ix