Pharmaceutical company Bora Pharma accomplishes unprecedented peak in operating profit margin.
Bora Pharmaceuticals, a leading global contract development and manufacturing organisation (CDMO), is experiencing significant growth in its CDMO business, particularly in the United States.
In the first half of 2025, Bora's global CDMO operations demonstrated a robust 69.5% increase compared to the previous year. This growth was driven by expanded capacity and new dosage forms, with the U.S. Maple Grove, Minnesota site ramping up operations with positive momentum.
The Maple Grove facility, formerly Upsher-Smith, is undergoing expansion, focusing on oral solid dose (OSD) products, including dermatologic formulations. The site is expected to introduce a new roller compactor by Q3 2025, targeting complex formulations and biologics transitioning into OSD formats.
Bora has secured several multi-million-dollar contracts for advanced OSD programs and is seeing clinical-stage clients moving into long-term partnerships, especially valuing U.S.-based manufacturing. The company's commitment to resilience and supply security for essential medicines was highlighted during a July 2025 visit by Iowa Governor Kim Reynolds to the Maple Grove site.
In addition to the Maple Grove facility, Bora has launched large molecule CDMO operations at its San Diego site, including a 2,000L bioreactor expansion. This move has garnered strong interest from late-stage clients, about half of whom are U.S.-based.
Looking ahead, Bora plans to continue expanding manufacturing and packaging capabilities at the Minnesota site, build out a small molecule packaging line, and increase strategic partnerships with pharmaceutical companies focusing on U.S. supply chain resilience.
The CDMO business posted a 26.6% sequential decline during the second quarter due to slower momentum navigating through a transitional integration phase. However, the business grew to more than NT$5.01 billion in the first half of 2025, a 69.5% increase compared to the same period last year.
Bora Pharmaceuticals is also making strides in other areas. For instance, the company reported a quarterly basic EPS of NT$5.95 in 2Q2025. Operational expenses (OPEX) were 15% below guidance in the same quarter. Excluding foreign exchange (FX) impact, core EPS would have been approximately NT$8.08.
The company has a strong pipeline, with the small molecule and sterile CDMO pipeline adding US$138 million in backlog in the first half of 2025, marking a historic high. Bora expects to capture sizable opportunities of approximately US$ 10 billion in the next 3 to 5 years in the DEE market, building a sound pipeline with Ready-to-Use 505(b)(2) such as Stiripentol, USL551, and at least 2 more compounds.
Bora 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. Both events will cover the company's Q2'25 financial and business results and outlook.
In conclusion, Bora Pharmaceuticals is accelerating its CDMO growth by expanding U.S.-based manufacturing capacity and capabilities, investing heavily in advanced technology and infrastructure, and cultivating long-term partnerships with pharmaceutical companies focused on domestic supply and advanced dosage forms, including dermatologic applications.
- The growth of Bora Pharmaceuticals in the CDMO business has extended into the finance sector, with the company securing multi-million-dollar contracts for advanced oral solid dose programs.
- As part of its expansion into technology, Bora Pharmaceuticals has introduced a new roller compactor at its Maple Grove facility, targeting complex formulations and biologics transitioning into oral solid dose formats.
- Bora Pharmaceuticals has demonstrated a strong commitment to the sports industry, particularly in the United States, by focusing on supply chain resilience and ensuring essential medicines are readily available.
