Bora Pharmaceuticals Co. reported first-quarter earnings significantly below market expectations as the impact from a facility closure offset gains from its strategic investment initiatives.
The Taiwanese drugmaker posted a net income of NT$1.399 billion ($46.6 million) with earnings per share of NT$13.55 ($0.45), well short of analyst projections of NT$25-30 per share. Chairman Steven Sheng attributed the shortfall to the closure of its Plymouth, Minnesota operations, which negatively impacted EPS by NT$12.99.
Continuing operations actually delivered robust performance with basic EPS of NT$26.54, bolstered by NT$2.44 billion in non-operating income from its Taiphong Bioscience investment strategy.
Bora’s contract development and manufacturing (CDMO) business achieved record quarterly revenue, increasing over 50% year-over-year. The company has streamlined its U.S. generic product portfolio, eliminating 15 underperforming products.
Sheng indicated the company is investing millions in expanding its Maple Grove, Minnesota manufacturing capabilities for oral solid and sterile preparations. Bora is also in discussions with four pharmaceutical companies about potential co-investment opportunities.
The company plans to file its first self-developed epilepsy treatment with the FDA by year-end, accelerating its push into the lucrative rare disease market.
