Q3 Revenue Hits Record High, EPS NT$4.79
Bora Pharmaceuticals reported 2026 Q3 results, with consolidated revenue of NT$6.453 billion, up 9.6% QoQ, a single-quarter record high; gross profit was NT$2.529 billion, gross margin 39%, operating profit NT$1.09 billion, operating margin about 17%, net profit after tax NT$654 million, EPS NT$4.79, up 9.9% QoQ. Core business growth was mainly driven by specialty drugs reaching the full-year market share target early in Q3, as well as contributions from mature CDMO sites in Canada, Jhunan and others. Excluding one-time expenses from the Rockville plant and Weider Global Nutrition in the past 2 quarters, Q3 operating profit increased by about NT$140 million from the previous quarter.
CDMO External Orders NT$2.085 Billion, Order Backlog US$340 Million
For the CDMO business, Q3 revenue including internal orders was up 14.9% YoY and down 0.5% QoQ; external order revenue was NT$2.085 billion, up 16.9% YoY and down 1.5% QoQ. The QoQ decline was mainly due to quality and technology platform upgrades at the Maryland injectables plant and the September semi-annual maintenance schedule, which delayed some production schedules, with affected orders expected to ship starting in Q1 next year. A total of 440 million doses were produced in the quarter, and internal capacity freed up from the previous streamlining of generic drug items has been filled by external orders, bringing overall utilization back to a healthier level. Cumulative new CDMO signings in the first 3 quarters reached a record high of US$437 million on contributions from major long-term customer contracts, with 24 new molecules expected, including 5 innovative molecules covering preclinical to validation stages, expanding to the current scale of about 110 molecules per quarter under development and manufacturing; some contracts extend supply periods to more than 5 years. As of the end of Q3, orders on hand for the next 12 months reached US$340 million.
Focus on North America Capacity, New Tech-Transfer Projects in 2027
Chairman Sheng Pao-Hsi said Bora, combining local North America capacity with specialty process capabilities, will now focus on commercial order tech transfers and delivering on quality commitments. New isolator aseptic filling capacity has completed 4 batches of process performance qualification, with 3 additional tech-transfer projects expected in 2027. With cumulative capital expenditure of US$55 million in recent years, nearly half invested in North America-specific processes, contributions to profit are expected to gradually emerge from H2 2027, with new orders converting to mass-production revenue over the next 3 to 5 years. For large-molecule CDMO, Tanvex's Jhubei and San Diego sites together with the group's Rockville plant form a golden triangle connecting cell-line development, process development to commercial supply capability, and Tanvex's new management integration plan is expected to be completed in the next 1 to 2 quarters, expected to substantially improve cash outflow. Considering slower-than-expected market acceptance of San Diego new capacity, the focus will subsequently be on onboarding small- and mid-sized biotech new-drug customers and improving capacity utilization.
Specialty Branded Drugs Account for 47%, Health Business Turns Stronger
Global pharmaceutical sales revenue in Q3 was NT$3.302 billion, up 9.3% YoY and up 12.5% QoQ, including one-time licensing income from Megestrol Acetate outside the China market. For key products, specialty and branded drug revenue grew 22.4% from the average 2025 quarterly level, accounting for 47.0% of pharmaceutical sales revenue. Among them, insurance coverage for the anti-epilepsy specialty drug Vigabatrin product line reached its target ahead of schedule, exceeding the year-end target in September, and with continued expansion of hospital channels and supply contract adjustments, profit contribution further increased. After returning to market-share leadership, the GERD generic drug DLS performed steadily, with Bora's CDMO network in Taiwan supporting more ample supply. For the保健 business, Chenhui's Q3 revenue was NT$1.063 billion and operating profit was NT$72.88 million, both exceeding H1, with operating margin improving, net profit in the first 3 quarters of this year increased 22-fold from last year, Weider has become the core business, and it will further cultivate the European market and brand direct-to-consumer business.