Bora Pharmaceuticals (6472) Q4 2025 earnings summary

Executive summary

• Achieved FY2025 revenue of $634 million (NT$19,014 million), with 95% generated outside Taiwan and a market cap exceeding $2 billion as of March 2026.

• Expanded global CDMO capabilities through strategic investments and acquisitions, including Tanvex Biopharma and Upsher-Smith.

• Specialty pharma business grew, with Upsher-Smith's Vigabatrin franchise becoming a market leader in infantile spasm.

• Revenue for 2025 reached NT$14,261 million, up 60% year-over-year from NT$8,916 million in 2024.

• Net income for 2025 was NT$2,021 million, an 83% increase from NT$1,105 million in 2024.

Financial highlights

• FY2025 revenue reached NT$19,014 million, up 9% year-over-year; gross profit was NT$7,851 million, up 1%.

• Operating profit declined 11% year-over-year to NT$3,294 million; net income fell 23% to NT$3,046 million.

• Basic EPS dropped 24% year-over-year to NT$23.90.

• Operating profit rose to NT$2,389 million in 2025, up from NT$1,178 million in 2024.

• Cash and cash equivalents at year-end 2025 were NT$1,645 million, down from NT$3,000 million in 2024 due to increased inventory and capital expenditures.

Outlook and guidance

• Plans for over 10 generics launches in 2026, including complex generics and blockbusters, with high-potential assets pending approval.

• Focus on expanding rare disease and specialty portfolios, maximizing large molecule opportunities, and leveraging AI for operational efficiency.

• Continued investments in capacity, technology, and M&A to drive growth and margin accretion.

• The Board resolved to distribute 2025 earnings with a cash dividend of NT$16.90 and stock dividend of NT$0.20 per share.

• Management expects continued growth in industrial storage and memory module markets, with ongoing investment in R&D and capacity expansion.