Bora Pharmaceuticals Co., Ltd. reported a significant decline in its first-quarter 2024 financial performance compared to the same period in 2023. The company’s net income for the three months ended March 31, 2024, fell to NT$743.7 million (US$24.2 million), down from NT$1.04 billion (US$33.9 million) in the first quarter of 2023. This drop in profitability reflects a combination of decreased revenue and increased operating expenses.
Operating revenue dropped by 40% year-over-year to NT$2.86 billion (US$93.2 million) from NT$4.78 billion (US$156.1 million). This decline was partly due to a slowdown in demand across key markets and intensified competition. Meanwhile, operating expenses surged by 62% to NT$613.9 million (US$20.0 million), driven by higher sales and marketing, general and administrative, and research and development costs.
The company’s gross profit margin improved slightly to 53%, up from 40% in the previous year, but this was not enough to offset the overall decline in profitability. Earnings per share (EPS) decreased to NT$7.07 (US$0.23) from NT$10.48 (US$0.34) in Q1 2023, reflecting the challenging business environment.
Bora Pharmaceuticals will need to address its rising costs and declining revenues to regain investor confidence and improve its financial standing in the coming quarters.
