Bora Pharmaceuticals (6472 TT, NT$423)- CDMO platform value gradually emerging

研报英文原文证据摘录

Bora Pharmaceuticals (6472 TT, NT$423)- CDMO platform value gradually emerging

Taiwan Equity | Biotechnology

Company Snapshot

Establishment of large molecule CDMO platform to drive future growth trajectory

After Bora acquired the Rockville plant, its business scope expanded from small molecule

formulations further into the large molecule field, obtaining a US-based large molecule

facility with commercial-scale production experience. Rockville plant’s FY25 sales were

US$52.6mn, up 303% YoY, mainly benefiting from increased volume of existing products,

with operations close to breakeven. In terms of products, Zynyz’s indications expanded

from second-line treatment for skin cancer to first-line therapy for SCAC, significantly

boosting API production demand. Additionally, Bora was recently designated as the

second supplier of the US government’s public health Ebola virus drug, which has entered

the final PPQ stage. We forecast FY27 sales contribution of over NT$800mn for this

project, and expect multiple projects to boost the profitability of this plant in FY27.

Regarding integration benefits, Rockville is located in a biotech cluster on the US East

Coast, offering higher customer visibility and serving as Bora’s entry point into the US

large molecule CDMO market. Its proximity to the Maryland injectable facility creates a

one-stop DS-to-DP service, enhancing customer onboarding willingness and pricing

power, and is also expected to improve subsidiary Tanvex’s utilization rate, narrowing its

losses.

How are we different?

Our FY26/FY27 EPS forecasts are NT$26.31 and NT$45.12, compare to the Bloomberg

consensus of NT$20.29 and NT$37.28, respectively.

Valuation, risks

Bora has traded at 10-30x PE and currently trades at 16x FY26F PE, at the low end of its

historical range.