Corporate Governance

Letter from Chairman

Dear Shareholders,

We are pleased to present Bora Group’s 2024 Annual Consolidated Business Report to provide an overview of our progress and strategy.

2024 was a year marked by market uncertainty and challenges globally. And yet, Bora Group’s profitability was protected and increased, pinned by milestones of all-time high market cap in the course of 2024 and nearly NT$20 billion in consolidated revenues. Notably, our monthly reported revenue surpassed NT$2 billion for the first time. Through efficiency brought forth by our “dual engine” strategy – CDMO and global commercial, we have been proven resilient in market turmoil and able to unlock above-industry average growth potential. The active execution of portfolio management despite severe competition for our flagship product DLS in the commercial space, and a sharp and adaptive focus on operational excellence across all manufacturing sites in the CDMO category have been pivotal. These efforts have collectively strengthened our position for sustained growth.

While 2024 presented challenges, it was also a year of significant achievements. We acquired Upsher-Smith, a century-old U.S. pharmaceutical company, gaining access to domestic drug sales and specialty pharmacy distribution channels. Additionally, the acquisition of Pyros brought us the patent-protected rare disease drug VIGAFYDE™, reinforcing our foothold in the specialty pharmacy sector. These acquisitions have accelerated our transition towards high-margin branded and patented products. Meanwhile, our CDMO business also made remarkable strides, with the acquisition of a sterile injectable facility in Baltimore, Maryland, expanding both our technological capabilities (Scope) and production capacity (Scale) to meet diverse industry demands. In response to the U.S. Biosecurity Act, we successfully executed a strategic merger between Bora Biologics and Tanvex, achieving a win-win synergy that strengthens our large-molecule development to mass production service capabilities. We also initiated CDMO business model harmonization within the group – our subsidiary, TWi Pharma, completed the spinoff of the Zhongli plant to our CDMO arm of the business, further laying a solid foundation for long-term growth.

Our unique competency to secure capital has been a key enabler of growth. In 2024, Bora became the first Taiwanese biotech company to raise funds through an internationally listed Euro Convertible Bond (ECB), setting a new benchmark for the industry. We also remain committed to ESG initiatives geared toward sustainable development, setting net-zero targets across multiple facilities and integrating Science-Based Targets Initiative (SBTi) methodologies to our CDMO operations. In addition, the 盛維恩基金會 continues to focus on making the world a healthier and better place. The foundation continues to support adolescent mental health and parenting. In a addition, Bora actively supports World Parkinson’s Day, the TSC Alliance in the US, Red Nose Doctor Theater in Taiwan, and the group joined Hualien Earthquake relief efforts in the aftermath of the tragedy.

In a rapidly evolving global pharmaceutical landscape, Bora Group has successfully captured current and future customer demands and advanced through organic business expansion and targeted, accretive M&A, integrating our CDMO technology platforms and optimizing our global commercial portfolio. Our record-breaking financial results in 2024 demonstrate our operational strength, outstanding management capabilities, and unwavering dedication as a team. These accomplishments lay the foundation for sustainable growth as we continue striving towards our goal of becoming one of the world’s top 10 CDMOs, creating long-term value for our shareholders.