Bora Pharmaceuticals (6472) Q1 2026 earnings summary

Executive summary

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

• Significant operational challenges included revenue declines and scheduled maintenance, but March saw a rebound and two major acquisitions: MacroGenics CDMO business in Maryland and Weider Global Nutrition.

• Focus on scaling biologics CDMO platform, expanding specialty pharma and generics portfolios, and integrating new acquisitions.

• 12-month CDMO backlog increased 19.31% to TWD 314 million; healthy order book entering Q2.

• Over 95% of revenues generated outside Taiwan; 11 manufacturing sites globally.

Financial highlights

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

• Gross margin stabilized at 36% quarter-over-quarter; gross profit fell 19% QoQ and 24% YoY.

• Operating profit dropped 27% QoQ and 40% YoY; net income declined 91% QoQ and 98% YoY.

• Basic EPS from continued operations was TWD 0.21, down 92% QoQ and 98% YoY.

• OpEx down 14.87% quarter-over-quarter and 14.41% year-over-year.

Outlook and guidance

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

• Sequential recovery in revenue and profitability anticipated in Q2, with stronger growth in H2 2026.

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

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

• Emphasis on operational efficiencies, capacity utilization, and AI-driven cost advantages.