Slide 1: Make Success More Certain
Make Success More Certain November 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
2.6+ 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 Nov. 2025 #1 Pharma Manufacturer in Taiwan 3
Slide 4: Bora Q3'25 Milestones
Bora Q3’25 Milestones Solid Execution In Record Expanding Strongest CDMO The Month In Profitability Specialty Sept for & Strong FCF Franchise CDMO and Generation Specialty Pharma • Successfully grew Vigabatrin Franchise impressive market share • CDMO business delivered its highest • Deflazacort bran
Slide 5: Q3'25 Financial Highlights
Q3’'25 Financial Highlights
Slide 6: Operating Profit On Track to Reclaim 2023 Peak
Operating Profit On Track to Reclaim 2023 Peak Reported in NT$mn, 3Q2025 2Q2025 QoQ% YTD2025 YTD2024 YoY% 3Q25 basic EPS from continued except for EPS operations reached NT$6.58, despite a Revenue 4,806 4,868 -1% 14,154 12,302 15% 20% share base expansion from stock COGS -2,635 -2,848 -7% -8,073 -
Slide 7: Optimizing Product Mix to Drive Cash Efficiency and Margin Quality
Optimizing Product Mix to Drive Cash Efficiency and Margin Quality Evolving Sales Mix NWC/Rev 53.14% • Breakdown includes internal CDMO orders 38.29% 43.86% 28.09% 23.69% 2% 52% 23.74% Pharma Sales 30% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 32% CDMO 16% CDMO: sterile CDMO: OSD & other small molecule Pharma s
Slide 8: Cash Deployment Goals: Focusing on Value-Accretive M&A and Deleveraging
Cash Deployment Goals: Focusing on Value-Accretive M&A and Deleveraging cash and cash equivalents net debt/EBITDA Operating cash inflow increased by ~NT$2,050mn 7,000 2.5 compared to same period last year Unit: NT$mn except for % 6,000 5,829 BVI vehicle for centralized overseas capital 2 5,000 2
Slide 9: Core EBITDA Reconciliation
Core EBITDA Reconciliation Integration Pace vs. Ambition - global multi-site integration proved more complex and resource- intensive than planned, impacting timing of synergy realization. Operational Alignment - Rapid expansion exposed gaps in process harmonization and site-level execution disci
Slide 10: Q3'25 Business Operations: Bora CDMO
Q3’25 Business Operations Bora CDMO
Slide 11: Bora Vision 2025: Strategic Reset Positions Bora for Profitability Expansion
Strategic Reset Positions Bora 2026 for Profitability Expansion Scale Integrate Record CAPEX CDMO backlog Leveraging a unified Synergize investments climbed to CDMO network to accompanied by US$296 million enhance cost rationalization of across 27 new competitiveness for Plymouth and legacy co
Slide 12: Q3'25 CDMO Business Progress Highlights
Q3’25 CDMO Business Progress Highlights • Fueled by expanded capacity and new dosage forms, Bora’s CDMO business, including internal orders, grew 56.6% compared to same period last year YTD, reaching >NT$7.30 billion and back to the sequential growth zone. External orders only, the business grew ~19
Slide 13: Investments In Aseptic Technologies For Maryland Site
Investments In Aseptic Technologies For Maryland Site Enhance customer retention and acquisition Liquid Products Batch Size Up to • ~20 near-term projects from new and existing clients waiting to onboard; Only 25,000 Units engineering batch estimated in 4Q26. • Expand capacity and capability for iso
Slide 14: High Performance Topical Products Filling Line Ready At Canada Site
High Performance Topical Products Filling Line Ready At Canada Site Enhance customer retention and acquisition Qualified for Capacity Up • The new Norden filler is the 3rd tube-filling line at more than 20 ~40% the site and can produce ~7-15mn units per year, markets increasing the site’s total prod
Slide 15: Zhunan To Add Liquid-Filled Hard Capsule (LFC) Capability
Zhunan To Add Liquid-Filled Hard Capsule (LFC) Capability For Technology Upgrade New Technology To Expand Client Base Expand Into Reinforce OSD • A new operational area has been designed at the facility to support the expansion, which will High Potency Leadership address the growing demand for stabl
Slide 16: Q3'25 Business Operations: Bora Pharma Sales
Q3’25 Business Operations Bora Pharma Sales
Slide 17: Accelerating Portfolio Shift Toward Profitability Driving Sustainable Growth
Accelerating Portfolio Shift Toward Profitability Driving Sustainable Growth • Decline in other generics was from discontinuation of 15 products under tremendous pricing pressure; US$mn optimization shall continue. 450 • DLS run rate decline stays within management 400 Specialty expectation with ~40
Slide 18: Ramping Up Specialty Infrastructure With Strong Channel Feedback
Ramping Up Specialty Infrastructure With Strong Channel Feedback “Excellent payor coverage and reimbursement with >80% coverage of top 50 accounts” 3 dosage form combined, “Continued strong uptake for both new starts and Vigabatrin franchise switches” secures “In-patient stocking at >15 hospitals” +
Slide 19: Star Specialty Products To Steer 4Q Pharma Sales Growth
Star Specialty Products To Steer 4Q Pharma Sales Growth Deflazacort Brand launch in Dec Strong momentum Market Unique since Sept Share 30% QoQ Patients >20% Consistent growth QoQ Strong momentum Total New since Aug Patients Breakthrough seen Patients in October >10% 19
Slide 20: Selective High Value Assets Tracking In-Line
Selective High Value Assets Tracking In-Line Cladribine launch simulations Generics Business Scenario Competitors Market Exclusivity Market Dynamics • GLP-1 project A limited field creates A Submitted under 2 indications. TAD in 4Q25. Apotex None favorable pricing and 2 Gx volume potential • Cyclosp
Slide 21: Bora 2026 Blueprint
Bora 2026 Blueprint Continued Rapid Growth in Growth of Expand on CDMO Scale Rare Disease Bora’s and Increase Portfolio and Competitive Global High Value Advantages Awareness Generics • Maximize opportunities to • Focus on Vigabatrin Franchise and • Global scale: Operating cost efficiency capture US
Slide 22: Bora and Community
Bora and Community
Slide 23: Focus On Sustainability
Focus On Sustainability Strong ESG performance across global and domestic benchmarks reflects our unwavering commitment to sustainable, world-class operations MSCI ESG EcoVadis A Ratings Committed level • The evaluation covers the three dimensions of Environment, Social, • Top 50 pharma all require
Slide 24: Focus On Sustainability
Focus On Sustainability Strong ESG performance across global and domestic benchmarks reflects our unwavering commitment to sustainable, world-class operations Taiwan Corporate Sustainability Awards Sustainalytics Corporate Comprehensive Performance Medium Risk Sustainability Report Award-Silver Leve
Slide 25: Thank You !
bora Pharmaceuticals Thank You ! Bora ‘oe