Bora Pharmaceuticals (6472) Q2 2026 earnings summary

Executive summary

• Achieved double- and triple-digit quarter-over-quarter growth across key metrics in Q2 2026, driven by demand recovery, operational leverage, and core business performance after a Q1 pullback.

• Expanded U.S. footprint with 11 manufacturing sites, including the acquisition and integration of the Rockville, Maryland biologics facility, which has 12,000 liters FDA-approved capacity.

• Signed a major 10+2 year commercial contract with a top 20 pharma company for the Maple Grove facility, with tech transfer underway.

• Increased investment in Sunway Biotech, which acquired Weider Global Nutrition, introducing consumer health as a new segment and boosting segment growth.

• Full quarter of Maryland injectable facility operations improved utilization and revenue; rare disease franchise and market expansion accelerated pharma sales.

Financial highlights

• Q2 2026 revenues reached TWD 5.889 billion, up 47% quarter-over-quarter and 21% year-over-year.

• Gross profit rose to TWD 2.43 billion, a 69% quarter-over-quarter and 20% year-over-year increase; gross margin steady at 41%.

• Net income before tax was TWD 812 million, up 269% quarter-over-quarter and 46% year-over-year; net income was TWD 597 million, up 1766% quarter-over-quarter but down 6% year-over-year due to higher S&M and R&D expenses.

• EPS surged to TWD 4.36, a 1,786% quarter-over-quarter increase.

• Operating profit nearly doubled to TWD 986 million from TWD 400 million sequentially; operating margin reached 17%.

Outlook and guidance

• Record backlog of $317 million and newly signed contracts of $378 million provide strong visibility into H2 2026 and 2027.

• Expect continued momentum in CDMO and specialty pharma, with double-digit growth and increased site utilization.

• Rockville facility to contribute revenue in Q3 2026, with 13 batches already committed for the back half of the year; Maryland injectable site expected to resolve FDA issue and increase production.

• Sunway Biotech and Weider synergies expected to deliver meaningful revenue and profit in H2 2026 and expand global presence.