Pharmaceutical Company, Bora Pharma, Achieves Highest Operating Profit Margin
Bora Pharmaceuticals, a leading clinical-stage biopharmaceutical company, has reported encouraging results for Q2 2025, signalling a positive outlook for the rest of the year.
In Q2 2025, the company reported a basic EPS of NT$5.95, with Global CDMO Operations revenue (excluding internal orders) reaching NT$1.59 billion, up 14.8% YoY and accounting for approximately 32.7% of total revenue. Excluding FX impact, core EPS would have reached approximately NT$8.08.
The company manufactured a total of 548 million doses in Q2 2025, while CDMO business growth, including internal orders, increased by 69.5% compared to the same period last year. Including internal orders, CDMO revenue in Q2 2025 reached NT$5.01 billion.
Bora is seeing encouraging momentum in securing long-term strategic partnerships with clinical-stage clients. Discussions remain active with potential anchor clients for small molecule packaging line build-out. The CDMO business growth at the San Diego site, which is now active, is primarily driven by US clients, with half of the potential deals for the ongoing 2,000L expansion originating from the US.
The company's operational expenses were 15% below guidance in Q2 2025. Bora's operational expenses are expected to remain manageable, contributing to its strong financial position.
Bora Pharmaceuticals is actively investing to expand its manufacturing capacity and capabilities. The company recently acquired a drug product facility in Baltimore-Camden, and is investing in expanding its Maple Grove, Minnesota site, acquired in 2024 from Upsher-Smith Laboratories. This includes installing a high-performance filling line and adding 100,000 square feet of manufacturing space with on-site quality control labs.
The CDMO market is experiencing rapid and sustained growth, driven by pharmaceutical companies increasingly outsourcing manufacturing to specialized CDMOs. Market projections indicate a nearly doubling of CDMO market size over the next decade with a compound annual growth rate around 7-9%.
Bora appointed Jean-Baptiste Agnus as Chief Commercial Officer in May 2025 to spearhead commercial strategy focused on sterile injectables and complex small molecules, along with M&A and strategic partnerships. This leadership addition will likely accelerate business development and sales growth.
Bora expects to capture sizable opportunities of approximately US$ 10 billion in the next 3 to 5 years in the DEE market. The company will host an English online earnings call at 6:00 p.m. Taiwan time on Aug. 8, 2025, and an investor conference hosted by Taishin Securities at the Grand Hyatt Taipei at 2:30 p.m. on Aug. 12, 2025, to discuss these developments in more detail.
The outlook for Bora Pharmaceuticals' CDMO and Pharma Sales operations for the rest of 2025 appears very positive, with strong expansion and strategic growth underway. The company's strategic investments, favorable market conditions, and strengthened leadership position it well for continued growth in the CDMO and Pharma Sales sectors.
[1] Source: Bora Pharmaceuticals press release, link [2] Source: Bora Pharmaceuticals press release, link [3] Source: Grand View Research report, link [4] Source: Bora Pharmaceuticals press release, link [5] Source: Bora Pharmaceuticals press release, link
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