Bora Pharmaceuticals (6472) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was NT$4,001 million, down 17.68% sequentially and 11% year-over-year, with basic EPS of NT$0.21; gross margin stabilized quarter-over-quarter.

• Major acquisitions included MacroGenics' CDMO business in Maryland and Weider Global Nutrition, expanding biologics and nutrition platforms.

• Temporary slowdown due to scheduled maintenance at the Maryland fill-and-finish facility and generics market variability; March saw a rebound in both businesses.

• The group operates in pharmaceuticals, CDMO, and healthcare, with recent expansion into the US and European markets.

• Consolidated financial statements for Q1 2026 reviewed with no material misstatements identified by independent auditors.

Financial highlights

• Q1 2026 revenue: NT$4,001 million, down 17.68% sequentially and 11% year-over-year.

• Gross margin stabilized at 36% quarter-over-quarter, down from 42% year-over-year.

• Basic EPS from continuing operations was NT$0.21, down 92% QoQ and 98% YoY.

• Operating profit dropped 27% QoQ and 40% YoY; net income from continuing operations was NT$40,287 thousand.

• Cash and cash equivalents at March 31, 2026 were NT$4,832,012 thousand.

Outlook and guidance

• Sequential recovery in revenue and profitability anticipated in Q2, with stronger growth in H2 2026; full-year outlook unchanged.

• MacroGenics and Weider acquisitions to contribute to consolidated financials starting May; full-year benefit in 2027.

• CDMO operations positioned for >15% CAGR, with a focus on scaling biologics and expanding global footprint.

• Pipeline and backlog growth expected to drive 2x–3x revenue growth over 3–5 years.

• Ongoing integration of recent acquisitions is expected to enhance revenue streams and operational capabilities.