BORA PHARMACEUTICALS Business Summary

Bora Pharmaceuticals Ltd (6472.TW) operates a high-growth "Dual Engine" business model that integrates a global Contract Development and Manufacturing Organization (CDMO) with a robust commercial specialty pharma division. The company generates revenue through long-term manufacturing contracts for complex oral solid doses, liquids, and semi-solids, as well as the direct sale of branded, generic, and rare disease medications following its strategic acquisitions of Upsher-Smith Laboratories and Pyros Pharmaceuticals. Its primary business segments are divided into CDMO services, which saw a 53.8% year-over-year revenue increase in late 2025, and Commercial Sales, which remains the largest revenue contributor following the integration of its U.S.-based distribution networks. Bora competes directly with global CDMO giants like Lonza and Catalent, as well as regional pharmaceutical peers such as Lotus Pharmaceutical and Cipla; it distinguishes itself as the largest pharmaceutical manufacturer in Taiwan with a rapidly expanding footprint in the North American biologics and sterile injectables markets. The company was founded and is currently led by Bobby Sheng (Pao-Shi Sheng), who serves as both Chairman and Group CEO. A graduate of UC Berkeley with over 25 years of industry experience, Sheng has overseen a massive expansion of Bora’s market capitalization and its transition into a global entity. Key members of the executive team include J.D. Mowery, President of the CDMO Business, who brought extensive leadership experience from Genentech and Lonza, and Alice Wang, who serves as CFO for the HQ and APAC regions. The leadership is supported by a seasoned Board of Directors, including notable members such as Shen Shang-Hung and independent director Lin Hsin-I, a former Vice Premier of Taiwan. The company has historically attracted institutional backing from investors like Taya Venture Capital and maintains a strategic partnership with Tanvex BioPharma, where Sheng also serves as Chairman, further solidifying Bora's dominance in the biopharmaceutical supply chain.