13/08/2026 18:20
Bora Group Posts Record 2Q26 Revenue and Strong Profits as Margins expand and Operations Resume Demand-Driven Growth
HONG KONG SAR - Media OutReach Newswire – 13 August 2026 – Bora Pharmaceuticals ("Bora"; TWSE: 6472; OTCQX: BORAY) today announced its financial results and operational highlights for 2Q2026 and provides full year outlook update.
2Q26 Business and Financial Highlights
Mr. Bobby Sheng, Chairman of Bora Group, stated, "We are pleased to announce Bora Group's return to strong operating profits and double to triple-digit growth on all key margins sequentially, as well as demonstrate that our soft 1Q26 performance was anomalous rather than structural. Our impressive sequential improvement was driven entirely by strong demand from both our CDMO and Pharma Sales businesses, with 2Q26 manufactured batches reaching 0.38 billion doses, led by increased commercial production in Maple Grove and Zhunan sites and a full quarter of operations in the Maryland injectable facility, while our flagship products DLS and VIGAFYDE® in Pharma Sales continues to secure leading market share.
Our focus right now is execution. CAPEX investments in our mature sites, including facilities in Taiwan and in Canada, continue to deliver operational leverage driven by gross margin expansion, and our recently acquired oral solid dose facility in Maple Grove continues to show stellar and impactful demand as we sign more projects. Our 12-month rolling backlog is at historic high in almost all our sites, despite projected manufacturing delays at our Maryland injectable facility as we diligently respond to FDA audit observations from a recent audit. Bora Group's commitment to the fast-growing Biologics manufacturing industry took another big step as we look to integrate 12,000 liters of capacity, and 3 commercial products from our Rockville facility, as well as see revenue recognition from this acquisition starting Q3. As Bora's CDMO footprint expands in the US, we continue to capture durable, high-value demand as customers increasingly prioritize supply security and onshore capacity.
In addition, we are seeing sustained growth and improved gross margins in the Vigabatrin franchise, our most important, rare disease franchise, thanks to renegotiations with our partner vendors. Accelerated state and government orders for generics products increased 2Q26 revenues and 6 new generics launches have also supported a more diversified generics portfolio. Together, the advancement in rare disease franchise and generics business has positioned Bora's Pharma Sales business, operating under the name Upsher-Smith, in a far stronger state than it was just a quarter ago.
As announced in July, we are excited to be developing a group-wide AI in Manufacturing program, BORA AIM, aimed at improving process efficiency across sites, spanning engineering, quality and production. We also announced a partnership with Insilico Medicine to enhance our understanding of AI drug discovery and create more customized AI manufacturing platforms for AIDD small molecules. In the next 12 months, Bora Group will be ready to showcase some exciting AI-enabled CDMO platforms that will truly add value to our partners and sharpen the overall competitive advantages of Bora Group.
As our momentum carries Bora into the second half of the year, we expect margins of our flagship products in Pharma Sales and CHC businesses to hold steady on continuous revenue growth, and improved efficiencies in the CDMO business in addition to consolidation of new revenues from the Rockville facility."
2Q26 Operational Achievements & 2026 Outlook
Global CDMO Operations
Revenues increased 30.3% year-over-year and 29.0% quarter-over-quarter including internal orders, and 33.0% and 40.2% external orders only, or NT$2,116.4 million. The growth was primarily driven by a strong rebound in injectables following the semi-annual maintenance in 1Q26 and same period last year, and demand acceleration overall as we continue to meet the increasing backlog.
CDMO business also signed a record high US$378.2 million in total external wins. Highlighted by a 10+2-year, multi product commercial contract in our Maple Grove facility with a new top-20 pharma company, and 14 new molecules from pre-commercial programs from multiple new customers. Bora is confident in its mid- to long-term growth trajectory as pharma and biotech companies continue to look for US based CDMOs as a part of their efforts to onshore US production and improve supply chain resilience.
During the quarter, 0.38 billion doses, or 109 molecules, were developed and manufactured. Contribution from the top 20 global pharmaceutical companies stood at roughly 30% and should increase drastically in the next 8 quarters.
Looking at 3Q26, the Company is highly optimistic, with our backlog having climbed to an unprecedented level even after a strong quarter of manufacturing output. We do anticipate some timing shifts in revenue recognition related to scheduled semi-annual maintenance at our Maryland injectable site, alongside targeted quality-enhancement activities in connection with observations on passive RABS (Restricted Access Barrier System) line received from an FDA audit that took place 2Q26. However, there has been no reduction in total commercial batch productions in 2026 as we speak and several existing clients have initiated transfers to the FlexPro isolator filling lines. RFP activity has risen, with the first GMP PPQ campaign starting in August. On the newest, isolator-based AST lines, factory acceptance testing (FAT) is planned for Q326, with qualification to follow in 2027, expanding our ability to onboard small-scale isolator programs, including tech transfers.
On biologics, Rockville facility revenue recognition started in the first month of 3Q26 and the site has confirmed that it is on track to deliver batch production volumes ahead of last year's run rate of around 13 batches for the remainder of 2026. We anticipate one-time transaction costs from this acquisition of approximately 3% of the purchase price including legal and FA fee and transition related expenses as stated in the Transition Service Agreement. The Rockville acquisition expands biologics capacity and brings integrated drug substance (DS) and drug product (DP) capabilities under one roof, strengthening our end-to-end service offering and attracting more inbound opportunities and higher value conversion with cross selling opportunities for our injectable business.
For our strategic investment in Tanvex Biopharma, the main Bora Biologics platform company, although the business still operates at a loss, Tanvex has built a strong presence in international conferences, especially Bio International in the US in June. We have seen a positive uptick in pipeline from leading biotechs and heavy weight biopharmas, and stable demand for early-stage PD programs in Zhubei. The Rockville acquisition is expected to orchestrate and accelerate opportunities for Tanvex in the coming quarters.
Pharma Sales Operations
Revenues decreased 2.7% year-over-year and increased 30.4% quarter-over-quarter, arriving at NT$2,934.04 million in 2Q26. The year-over-year decrease was mainly due to a product rationalization program in 2025 that lead to the withdrawal of a basket of legacy generics products.
During the quarter, specialty and brand came in strongly, up 58.8% for the quarter QoQ and displayed almost 50% growth against 2025 run rate. The rare-disease Vigabatrin franchise demand is robust, and our continuous investment in the segment has resulted in much broader patient access compared to when we acquired Upsher-Smith 28 months ago. On coverage, we are on track to achieve year-end formulary goal of >50%, supported by more regional plans and strong physician adoption as they gain experience with VIGAFYDE®. The Company has also renegotiated contracts with suppliers, leading to improved gross margins for the franchise during the quarter and expects full economic contribution starting 3Q26. Simultaneously, the Company out-licensed its non-core assets, Stiripentol generics and 505(b)(2), during the quarter, fully capturing the economic value of these drug assets to enable fueled and renewed focus on core specialty and brand business.
The generics business returned to stability as Upsher-Smith successfully defended flagship product DLS. High value generics advanced 20.6% sequentially from downstream restocking, narrowing the year-to-date YoY decline against 2025 run rate to high teens.
Having executed our way through specialty and brand business growth and generics portfolio optimization, we have returned to the 2023–2024 peaks of Pharma Sales performance but with healthier and more resilient operating profits. As of now, Upsher-Smith sees 6 ANDA pending approval.
CHC Operations
Bora Group has increased holdings of Sunway Biotech to 42.27% through a private placement at $NT 596 million. Subsequently, Sunway completed the acquisition of Weider Global Nutrition (WGN), a global nutritional supplements company with offices in the US, Spain, and Germany and products sold in over 60 countries. Benefitting from the consolidation of WGN that started in May, Consumer Health business totaled NT$824.76 million in 2Q26, a 354.4% increase QoQ and 234.3% YoY. Focusing on longevity and sports nutrition, WGN's distribution strength is expected to meaningfully contribute to the CHC business in 2026 and beyond and shall deliver vertical-integration synergies to Sunway's existing ingredients' manufacturing operations. Together, the WGN acquisition is expected to catapult Sunway Biotech into a leading global nutritional supplements company and substantially accelerate top and bottom-line improvements in the future.
Recent Investor Conference
Bora will host English online earnings call at 8:00 a.m. Taiwan time on Aug. 14th, 2026. The event will cover the Company's 2Q26 financial and business results and 2H26 outlook.
English Online Earnings Presentation Link: https://teams.microsoft.com/meet/225504163505748?p=UyyncWl1CnOzjBCNKD
Bora will participate in Goldman Sachs 2026 CDMO day in Singapore in Sept. For 1:1 meetings with management, please contact your GS representative.
Bora 2026 Earnings Schedule
Q3 2026: Expected in the 2nd week of Nov 2026
Q4 2026: Expected in the 2nd week of Mar 2027
Hashtag: #BoraGroup
2Q26 Business and Financial Highlights
- Bora delivered historically record-high quarterly revenues of NT$5,889 million in 2Q26, up 47.2% quarter-over-quarter driven by broad-based operational momentum, with basic EPS of NT$4.36.
- CDMO revenue growth and increased site utilization rates, along with strong growth in the rare disease business and a return to growth for generics business of the Pharma Sales operations lifted group profitability, with gross margin expanding to 41.3% from 36.0% and operating margin reaching 16.8% from 10.2% in 1Q26. Excluding one-time costs related to the Weider Global Nutrition transaction, operating margin was approximately 18%.
- CDMO's strong backlog of US$317 million as of end of 2Q26, another historical high following a strong quarter, signals that Bora's core business continued to perform with higher demand.
- Pharma Sales' rare disease franchise continues to show double digit sequential growth and the increased demand from government channels during the quarter with stabilized pricing in DLS has lifted the generics business back to normal.
- Reflecting Bora's recent increase in investment in Sunway Biotech, from 35.97% to 42.27% and subsequent acquisitions of Weider Global Nutrition's, the Company has introduced "Consumer Healthcare (CHC)" as a new segment in its revenue mix disclosure beginning this quarter. In 2Q26, revenues from CHC were NT$824.76 million in 2Q26, a 354.4% increase QoQ and 234.3% YoY, and contributed to 14% of the Bora Groups consolidated revenues, an all-time high.
- Cash-on-hand reached an all-time high of NT$8,431 million as the Company was preparing for MacroGenics Inc.'s Rockville facility acquisition.
- The Company has kicked off a group-wide AI in Manufacturing, BORA AIM, program aimed at improving process efficiency across sites, spanning engineering, quality and production. Bora has also signed a partnership with Insilico Medicine for AI drug discovery. The first 6 months will focus on beta version testing of the Bora AIM agents and AI champions to drive process consolidation.
- Share capital increased 0.3% during the quarter from employee stock option exercise.
Mr. Bobby Sheng, Chairman of Bora Group, stated, "We are pleased to announce Bora Group's return to strong operating profits and double to triple-digit growth on all key margins sequentially, as well as demonstrate that our soft 1Q26 performance was anomalous rather than structural. Our impressive sequential improvement was driven entirely by strong demand from both our CDMO and Pharma Sales businesses, with 2Q26 manufactured batches reaching 0.38 billion doses, led by increased commercial production in Maple Grove and Zhunan sites and a full quarter of operations in the Maryland injectable facility, while our flagship products DLS and VIGAFYDE® in Pharma Sales continues to secure leading market share.
Our focus right now is execution. CAPEX investments in our mature sites, including facilities in Taiwan and in Canada, continue to deliver operational leverage driven by gross margin expansion, and our recently acquired oral solid dose facility in Maple Grove continues to show stellar and impactful demand as we sign more projects. Our 12-month rolling backlog is at historic high in almost all our sites, despite projected manufacturing delays at our Maryland injectable facility as we diligently respond to FDA audit observations from a recent audit. Bora Group's commitment to the fast-growing Biologics manufacturing industry took another big step as we look to integrate 12,000 liters of capacity, and 3 commercial products from our Rockville facility, as well as see revenue recognition from this acquisition starting Q3. As Bora's CDMO footprint expands in the US, we continue to capture durable, high-value demand as customers increasingly prioritize supply security and onshore capacity.
In addition, we are seeing sustained growth and improved gross margins in the Vigabatrin franchise, our most important, rare disease franchise, thanks to renegotiations with our partner vendors. Accelerated state and government orders for generics products increased 2Q26 revenues and 6 new generics launches have also supported a more diversified generics portfolio. Together, the advancement in rare disease franchise and generics business has positioned Bora's Pharma Sales business, operating under the name Upsher-Smith, in a far stronger state than it was just a quarter ago.
As announced in July, we are excited to be developing a group-wide AI in Manufacturing program, BORA AIM, aimed at improving process efficiency across sites, spanning engineering, quality and production. We also announced a partnership with Insilico Medicine to enhance our understanding of AI drug discovery and create more customized AI manufacturing platforms for AIDD small molecules. In the next 12 months, Bora Group will be ready to showcase some exciting AI-enabled CDMO platforms that will truly add value to our partners and sharpen the overall competitive advantages of Bora Group.
As our momentum carries Bora into the second half of the year, we expect margins of our flagship products in Pharma Sales and CHC businesses to hold steady on continuous revenue growth, and improved efficiencies in the CDMO business in addition to consolidation of new revenues from the Rockville facility."
2Q26 Operational Achievements & 2026 Outlook
Global CDMO Operations
Revenues increased 30.3% year-over-year and 29.0% quarter-over-quarter including internal orders, and 33.0% and 40.2% external orders only, or NT$2,116.4 million. The growth was primarily driven by a strong rebound in injectables following the semi-annual maintenance in 1Q26 and same period last year, and demand acceleration overall as we continue to meet the increasing backlog.
CDMO business also signed a record high US$378.2 million in total external wins. Highlighted by a 10+2-year, multi product commercial contract in our Maple Grove facility with a new top-20 pharma company, and 14 new molecules from pre-commercial programs from multiple new customers. Bora is confident in its mid- to long-term growth trajectory as pharma and biotech companies continue to look for US based CDMOs as a part of their efforts to onshore US production and improve supply chain resilience.
During the quarter, 0.38 billion doses, or 109 molecules, were developed and manufactured. Contribution from the top 20 global pharmaceutical companies stood at roughly 30% and should increase drastically in the next 8 quarters.
Looking at 3Q26, the Company is highly optimistic, with our backlog having climbed to an unprecedented level even after a strong quarter of manufacturing output. We do anticipate some timing shifts in revenue recognition related to scheduled semi-annual maintenance at our Maryland injectable site, alongside targeted quality-enhancement activities in connection with observations on passive RABS (Restricted Access Barrier System) line received from an FDA audit that took place 2Q26. However, there has been no reduction in total commercial batch productions in 2026 as we speak and several existing clients have initiated transfers to the FlexPro isolator filling lines. RFP activity has risen, with the first GMP PPQ campaign starting in August. On the newest, isolator-based AST lines, factory acceptance testing (FAT) is planned for Q326, with qualification to follow in 2027, expanding our ability to onboard small-scale isolator programs, including tech transfers.
On biologics, Rockville facility revenue recognition started in the first month of 3Q26 and the site has confirmed that it is on track to deliver batch production volumes ahead of last year's run rate of around 13 batches for the remainder of 2026. We anticipate one-time transaction costs from this acquisition of approximately 3% of the purchase price including legal and FA fee and transition related expenses as stated in the Transition Service Agreement. The Rockville acquisition expands biologics capacity and brings integrated drug substance (DS) and drug product (DP) capabilities under one roof, strengthening our end-to-end service offering and attracting more inbound opportunities and higher value conversion with cross selling opportunities for our injectable business.
For our strategic investment in Tanvex Biopharma, the main Bora Biologics platform company, although the business still operates at a loss, Tanvex has built a strong presence in international conferences, especially Bio International in the US in June. We have seen a positive uptick in pipeline from leading biotechs and heavy weight biopharmas, and stable demand for early-stage PD programs in Zhubei. The Rockville acquisition is expected to orchestrate and accelerate opportunities for Tanvex in the coming quarters.
Pharma Sales Operations
Revenues decreased 2.7% year-over-year and increased 30.4% quarter-over-quarter, arriving at NT$2,934.04 million in 2Q26. The year-over-year decrease was mainly due to a product rationalization program in 2025 that lead to the withdrawal of a basket of legacy generics products.
During the quarter, specialty and brand came in strongly, up 58.8% for the quarter QoQ and displayed almost 50% growth against 2025 run rate. The rare-disease Vigabatrin franchise demand is robust, and our continuous investment in the segment has resulted in much broader patient access compared to when we acquired Upsher-Smith 28 months ago. On coverage, we are on track to achieve year-end formulary goal of >50%, supported by more regional plans and strong physician adoption as they gain experience with VIGAFYDE®. The Company has also renegotiated contracts with suppliers, leading to improved gross margins for the franchise during the quarter and expects full economic contribution starting 3Q26. Simultaneously, the Company out-licensed its non-core assets, Stiripentol generics and 505(b)(2), during the quarter, fully capturing the economic value of these drug assets to enable fueled and renewed focus on core specialty and brand business.
The generics business returned to stability as Upsher-Smith successfully defended flagship product DLS. High value generics advanced 20.6% sequentially from downstream restocking, narrowing the year-to-date YoY decline against 2025 run rate to high teens.
Having executed our way through specialty and brand business growth and generics portfolio optimization, we have returned to the 2023–2024 peaks of Pharma Sales performance but with healthier and more resilient operating profits. As of now, Upsher-Smith sees 6 ANDA pending approval.
CHC Operations
Bora Group has increased holdings of Sunway Biotech to 42.27% through a private placement at $NT 596 million. Subsequently, Sunway completed the acquisition of Weider Global Nutrition (WGN), a global nutritional supplements company with offices in the US, Spain, and Germany and products sold in over 60 countries. Benefitting from the consolidation of WGN that started in May, Consumer Health business totaled NT$824.76 million in 2Q26, a 354.4% increase QoQ and 234.3% YoY. Focusing on longevity and sports nutrition, WGN's distribution strength is expected to meaningfully contribute to the CHC business in 2026 and beyond and shall deliver vertical-integration synergies to Sunway's existing ingredients' manufacturing operations. Together, the WGN acquisition is expected to catapult Sunway Biotech into a leading global nutritional supplements company and substantially accelerate top and bottom-line improvements in the future.
Recent Investor Conference
Bora will host English online earnings call at 8:00 a.m. Taiwan time on Aug. 14th, 2026. The event will cover the Company's 2Q26 financial and business results and 2H26 outlook.
English Online Earnings Presentation Link: https://teams.microsoft.com/meet/225504163505748?p=UyyncWl1CnOzjBCNKD
Bora will participate in Goldman Sachs 2026 CDMO day in Singapore in Sept. For 1:1 meetings with management, please contact your GS representative.
Bora 2026 Earnings Schedule
Q3 2026: Expected in the 2nd week of Nov 2026
Q4 2026: Expected in the 2nd week of Mar 2027
Hashtag: #BoraGroup
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About Bora
Founded in 2007, Bora Pharmaceuticals ("Bora" or "the Company", 6472.TW and BORAY.OTCQX) is a leading pharmaceutical services company with a vision and goal of "Contributing to Better Health All Over the World". Operating under a "Dual Engine" model that integrates CDMO and commercial expertise, we empower pharmaceutical and biotech partners to optimize product development, accelerate launches, and scale supply to meet global patient needs. At the same time, we actively broaden R&D and sales infrastructure, focusing on niche and rare disease markets to improve patients' quality of life.
By investing in talent, infrastructure, and biologics expansion, Bora continues to transform operations and achieve sustainable growth. Committed to making success "certain," Bora sets new standards in the pharmaceutical and CDMO industries.
For more, please visit:
https://www.bora-corp.com
https://www.boracdmo.com
Disclaimer:
This document and the accompanying information may contain forward-looking statements. All statements regarding the company's future business operations, potential events, and prospects (including but not limited to forecasts, targets, estimates, and operational plans) are considered forward-looking statements unless they refer to factual occurrences. Forward-looking statements are subject to various factors and uncertainties that may cause significant differences from actual results, including but not limited to price fluctuations, actual demand, exchange rate variations, market share, competitive conditions, changes in the legal, financial, and regulatory framework, international economic and financial market conditions, political risks, cost estimates, and other risks and variables beyond the company's control. These forward-looking statements are based on current predictions and assessments, and the company disclaims any responsibility for future updates.
source: Bora Pharmaceuticals