Bora Pharmaceuticals (6472 TT, NT$403) - Carrying burden forward

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Bora Pharmaceuticals (6472 TT, NT$403) - Carrying burden forward

momentum to continue to strengthen,

with the 12-month backlog after 1Q26 to grow 19.3% QoQ to US$314mn. Its Canada,

Source: CMoney

Tainan, Zhunan, and Zhongli plants have completed phased adjustments, with utilization

What's changed rates exceeding 70% and achieving economies of scale. With existing client projects

New Old %

ramping up, we forecast its CDMO business sales will grow 15% YoY. In global

Rating Neutral Buy

pharmaceutical sales, specialty drugs now account for 49%, with Vigafyde’s uniqueTarget price 404 720 -44

EPS forecast 26.94 36.02 -25 patient count up 141% YoY and having captured over half the market share from the

Target PE 15 20 original brand drug. High-margin branded drugs will gradually become the company’s

sales focus. For generics, DLS market share and shipments have stabilized, but product

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F prices declined by double digits. We conservatively estimate its pharmaceutical sales will

Net sales 19,014 23,527 29,444 grow 7% YoY. In M&A, the company acquired MacroGenics’ Rockville large-molecule

YoY growth (%) 9.1 23.7 25.1 CDMO site, which includes commercialized products such as Zynyz and Margenza and six

Op profit 3,294 5,126 7,128

development projects, expected to contribute to sales starting July. We forecast FY26 salesYoY growth (%) -11.2 55.6 39.1

Net profit 2,981 3,438 5,603 contribution of NT$600mn. Its subsidiary SunWay acquired international health brand

YoY growth (%) -22.6 15.3 63.0 Weider, expected to contribute NT$2bn to Bora’s sales this year, with equity method EPS

EPS (NT$) 23.90 26.94 43.91

contribution of about NT$1. In sum, we forecast FY26 sales of NT$23.5bn, up 23.7% YoY,

DPS (NT$) 10.0 10.0 10.0