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The global race to develop new medicines is entering a new phase, and the UAE is positioning itself as one of the regions investing heavily in that transformation. Biotechnology companies, artificial intelligence researchers, healthcare providers, and government institutions are increasingly working together to accelerate drug discovery, improve clinical research, and reduce the time it takes for promising treatments to reach patients. For decades, medicine development has been […]
2Q26 Business and Financial Highlights
Mr. Bobby Sheng, Chairman of Bora Group, stated, “We are pleased to announce Bora Group’s return to strong operating profits and double to triple-digit growth on all key margins sequentially, as well as demonstrate that our soft 1Q26 performance was anomalous rather than structural. Our impressive sequential improvement was driven entirely by strong demand from both our CDMO and Pharma Sales businesses, with 2Q26 manufactured batches reaching 0.38 billion doses, led by increased commercial production in Maple Grove and Zhunan sites and a full quarter of operations in the Maryland injectable facility, while our flagship products DLS and VIGAFYDE® in Pharma Sales continues to secure leading market share.
Our focus right now is execution. CAPEX investments in our mature sites, including facilities in Taiwan and in Canada, continue to deliver operational leverage driven by gross margin expansion, and our recently acquired oral solid dose facility in Maple Grove continues to show stellar and impactful demand as we sign more projects. Our 12-month rolling backlog is at historic high in almost all our sites, despite projected manufacturing delays at our Maryland injectable facility as we diligently respond to FDA audit observations from a recent audit. Bora Group’s commitment to the fast-growing Biologics manufacturing industry took another big step as we look to integrate 12,000 liters of capacity, and 3 commercial products from our Rockville facility, as well as see revenue recognition from this acquisition starting Q3. As Bora’s CDMO footprint expands in the US, we continue to capture durable, high-value demand as customers increasingly prioritize supply security and onshore capacity.
In addition, we are seeing sustained growth and improved gross margins in the Vigabatrin franchise, our most important, rare disease franchise, thanks to renegotiations with our partner vendors. Accelerated state and government orders for generics products increased 2Q26 revenues and 6 new generics launches have also supported a more diversified generics portfolio. Together, the advancement in rare disease franchise and generics business has positioned Bora’s Pharma Sales business, operating under the name Upsher-Smith, in a far stronger state than it was just a quarter ago.
As announced in July, we are excited to be developing a group-wide AI in Manufacturing program, BORA AIM, aimed at improving process efficiency across sites, spanning engineering, quality and production. We also announced a partnership with Insilico Medicine to enhance our understanding of AI drug discovery and create more customized AI manufacturing platforms for AIDD small molecules. In the next 12 months, Bora Group will be ready to showcase some exciting AI-enabled CDMO platforms that will truly add value to our partners and sharpen the overall competitive advantages of Bora Group.
As our momentum carries Bora into the second half of the year, we expect margins of our flagship products in Pharma Sales and CHC businesses to hold steady on continuous revenue growth, and improved efficiencies in the CDMO business in addition to consolidation of new revenues from the Rockville facility.”
2Q26 Operational Achievements & 2026 Outlook
Global CDMO Operations
Revenues increased 30.3% year-over-year and 29.0% quarter-over-quarter including internal orders, and 33.0% and 40.2% external orders only, or NT$2,116.4 million. The growth was primarily driven by a strong rebound in injectables following the semi-annual maintenance in 1Q26 and same period last year, and demand acceleration overall as we continue to meet the increasing backlog.
CDMO business also signed a record high US$378.2 million in total external wins. Highlighted by a 10+2-year, multi product commercial contract in our Maple Grove facility with a new top-20 pharma company, and 14 new molecules from pre-commercial programs from multiple new customers. Bora is confident in its mid- to long-term growth trajectory as pharma and biotech companies continue to look for US based CDMOs as a part of their efforts to onshore US production and improve supply chain resilience.
During the quarter, 0.38 billion doses, or 109 molecules, were developed and manufactured. Contribution from the top 20 global pharmaceutical companies stood at roughly 30% and should increase drastically in the next 8 quarters.
Looking at 3Q26, the Company is highly optimistic, with our backlog having climbed to an unprecedented level even after a strong quarter of manufacturing output. We do anticipate some timing shifts in revenue recognition related to scheduled semi-annual maintenance at our Maryland injectable site, alongside targeted quality-enhancement activities in connection with observations on passive RABS (Restricted Access Barrier System) line received from an FDA audit that took place 2Q26. However, there has been no reduction in total commercial batch productions in 2026 as we speak and several existing clients have initiated transfers to the FlexPro isolator filling lines. RFP activity has risen, with the first GMP PPQ campaign starting in August. On the newest, isolator-based AST lines, factory acceptance testing (FAT) is planned for Q326, with qualification to follow in 2027, expanding our ability to onboard small-scale isolator programs, including tech transfers.
On biologics, Rockville facility revenue recognition started in the first month of 3Q26 and the site has confirmed that it is on track to deliver batch production volumes ahead of last year’s run rate of around 13 batches for the remainder of 2026. We anticipate one-time transaction costs from this acquisition of approximately 3% of the purchase price including legal and FA fee and transition related expenses as stated in the Transition Service Agreement. The Rockville acquisition expands biologics capacity and brings integrated drug substance (DS) and drug product (DP) capabilities under one roof, strengthening our end-to-end service offering and attracting more inbound opportunities and higher value conversion with cross selling opportunities for our injectable business.
For our strategic investment in Tanvex Biopharma, the main Bora Biologics platform company, although the business still operates at a loss, Tanvex has built a strong presence in international conferences, especially Bio International in the US in June. We have seen a positive uptick in pipeline from leading biotechs and heavy weight biopharmas, and stable demand for early-stage PD programs in Zhubei. The Rockville acquisition is expected to orchestrate and accelerate opportunities for Tanvex in the coming quarters.
Pharma Sales Operations
Revenues decreased 2.7% year-over-year and increased 30.4% quarter-over-quarter, arriving at NT$2,934.04 million in 2Q26. The year-over-year decrease was mainly due to a product rationalization program in 2025 that lead to the withdrawal of a basket of legacy generics products.
During the quarter, specialty and brand came in strongly, up 58.8% for the quarter QoQ and displayed almost 50% growth against 2025 run rate. The rare-disease Vigabatrin franchise demand is robust, and our continuous investment in the segment has resulted in much broader patient access compared to when we acquired Upsher-Smith 28 months ago. On coverage, we are on track to achieve year-end formulary goal of >50%, supported by more regional plans and strong physician adoption as they gain experience with VIGAFYDE®. The Company has also renegotiated contracts with suppliers, leading to improved gross margins for the franchise during the quarter and expects full economic contribution starting 3Q26. Simultaneously, the Company out-licensed its non-core assets, Stiripentol generics and 505(b)(2), during the quarter, fully capturing the economic value of these drug assets to enable fueled and renewed focus on core specialty and brand business.
The generics business returned to stability as Upsher-Smith successfully defended flagship product DLS. High value generics advanced 20.6% sequentially from downstream restocking, narrowing the year-to-date YoY decline against 2025 run rate to high teens.
Having executed our way through specialty and brand business growth and generics portfolio optimization, we have returned to the 2023–2024 peaks of Pharma Sales performance but with healthier and more resilient operating profits. As of now, Upsher-Smith sees 6 ANDA pending approval.
CHC Operations
Bora Group has increased holdings of Sunway Biotech to 42.27% through a private placement at $NT 596 million. Subsequently, Sunway completed the acquisition of Weider Global Nutrition (WGN), a global nutritional supplements company with offices in the US, Spain, and Germany and products sold in over 60 countries. Benefitting from the consolidation of WGN that started in May, Consumer Health business totaled NT$824.76 million in 2Q26, a 354.4% increase QoQ and 234.3% YoY. Focusing on longevity and sports nutrition, WGN’s distribution strength is expected to meaningfully contribute to the CHC business in 2026 and beyond and shall deliver vertical-integration synergies to Sunway’s existing ingredients’ manufacturing operations. Together, the WGN acquisition is expected to catapult Sunway Biotech into a leading global nutritional supplements company and substantially accelerate top and bottom-line improvements in the future.
Recent Investor Conference
Bora will host English online earnings call at 8:00 a.m. Taiwan time on Aug. 14th, 2026. The event will cover the Company’s 2Q26 financial and business results and 2H26 outlook.
English Online Earnings Presentation Link: https://teams.microsoft.com/meet/225504163505748?p=UyyncWl1CnOzjBCNKD
Bora will participate in Goldman Sachs 2026 CDMO day in Singapore in Sept. For 1:1 meetings with management, please contact your GS representative.
Bora 2026 Earnings Schedule
Q3 2026: Expected in the 2nd week of Nov 2026
Q4 2026: Expected in the 2nd week of Mar 2027
Hashtag: #BoraGroup
The issuer is solely responsible for the content of this announcement.
Founded in 2007, Bora Pharmaceuticals (“Bora” or “the Company”, 6472.TW and BORAY.OTCQX) is a leading pharmaceutical services company with a vision and goal of “Contributing to Better Health All Over the World”. Operating under a “Dual Engine” model that integrates CDMO and commercial expertise, we empower pharmaceutical and biotech partners to optimize product development, accelerate launches, and scale supply to meet global patient needs. At the same time, we actively broaden R&D and sales infrastructure, focusing on niche and rare disease markets to improve patients’ quality of life.
By investing in talent, infrastructure, and biologics expansion, Bora continues to transform operations and achieve sustainable growth. Committed to making success “certain,” Bora sets new standards in the pharmaceutical and CDMO industries.
For more, please visit:
https://www.bora-corp.com
https://www.boracdmo.com
Disclaimer:
This document and the accompanying information may contain forward-looking statements. All statements regarding the company’s future business operations, potential events, and prospects (including but not limited to forecasts, targets, estimates, and operational plans) are considered forward-looking statements unless they refer to factual occurrences. Forward-looking statements are subject to various factors and uncertainties that may cause significant differences from actual results, including but not limited to price fluctuations, actual demand, exchange rate variations, market share, competitive conditions, changes in the legal, financial, and regulatory framework, international economic and financial market conditions, political risks, cost estimates, and other risks and variables beyond the company’s control. These forward-looking statements are based on current predictions and assessments, and the company disclaims any responsibility for future updates.
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These include eight awards under the Sustainable Cities and Human Settlements Awards (SCAHSA) series issued by the Global Forum on Human Settlements (GFHS), as well as a 2024 Certificate of Honor from GFHS; LEED for Core and Shell (LEED-CS) Gold pre-certification from the U.S. Green Building Council; GreenRE Gold ratings for Forest City Island and its international school; GEO Certified status for both golf courses from Scotland’s GEO Foundation; and a seven-year consecutive ranking for Forest City Golf Resort’s Classic Course among the Top 100 Golf Courses in Asia. In 2026, the Classic Course was ranked No. 1 in Malaysia and No. 36 in Asia.
The awards and certifications documented here address a specific set of criteria: design quality, sustainability standards, and operational assessments by independent institutions. This release provides a transparent account of the institutions that have assessed Forest City, the areas reviewed, and the limits of what such recognition can reasonably prove.
Sustainability and Green-Building Recognition
LEED-CS Gold pre-certification has been secured from the U.S. Green Building Council (USGBC) for multiple buildings, demonstrating that environmental performance was embedded in project planning from the outset. LEED pre-certification represents verified design intent and a formal commitment to sustainable performance criteria, including energy modelling, water efficiency, materials selection, and indoor environmental quality.
This design-stage commitment is reflected across the master plan, which dedicates over 60% of the total land area to non-built space, equivalent to 2.86 million m² of green infrastructure. This includes two golf courses, public parks, landscaped residential zones, and mangrove corridors extending along the Johor coastline — green space that, as of 2026, supports more than 400 officially documented species.
At the national level, Forest City Island and its international school have received GreenRE Gold ratings under Malaysia’s green real-estate framework, reinforcing the project’s alignment with recognised sustainability benchmarks at both international and domestic levels. Beyond building-level certifications, Forest City has received eight awards under the SCAHSA, issued by the GFHS, an international non-profit organisation in special consultative status with the United Nations Economic and Social Council. The documented recognition spans planning and design, green-building industrial development, city-industry integration, green smart city development, coastal ecological protection, low-carbon city planning, and green and intelligent construction, with awards recorded from 2016 to 2023. In 2024, Forest City also received a Certificate of Honor at the 19th Global Forum on Human Settlements from GFHS for its contribution to promoting sustainable cities and human settlements for all.
| Award / Certification | Issuing Body | What It Certifies | Status as Reported by Forest City |
| SCAHSA series, including green and intelligent construction recognition | Global Forum on Human Settlements (GFHS, UN ECOSOC consultative status) | Sustainable city planning and green construction | Eight awards and a 2024 Certificate of Honor, with documented recognition from 2016 to 2023 |
| LEED-CS Gold pre-certification | U.S. Green-Building Council | Core and shell sustainable building design | Multiple buildings |
| GreenRE Gold | GreenRE, Malaysia | Green real-estate design and operation | Forest City Island and international school |
| GEO Certified | GEO Foundation, Scotland | Sustainable golf-course operations | Both golf courses |
Golf and Hospitality Recognition
Forest City’s leisure and hospitality assets have also received external recognition, led by the continued performance of Forest City Golf Resort’s Classic Course in regional rankings. The Classic Course has maintained its position among the Top 100 Golf Courses in Asia for seven consecutive years, ranking No. 1 in Malaysia and No. 36 in Asia in 2026, a rise of 14 places from the previous year. The ranking is assessed by an independent panel co-hosted since 2016 by the Chinese and Korean editions of Golf Travel magazine and was reported by The Star on 26 April 2026 following the awards ceremony at Hillview Golf Club on 14 April 2026.
The hospitality component of the resort has also received platform-based recognition. Forest City Golf Hotel earned the Agoda Gold Circle Award 2025 based on service ratings and operational performance on the booking platform. Forest City regards the award as an encouraging indicator of its commitment to guest experience and service consistency, while noting that it reflects day-to-day hospitality performance rather than a measure of the wider development.
Additionally, both golf courses have earned GEO Certified status from Scotland’s GEO Foundation, which evaluates sustainable golf-course operations. GEO Certified is described by the GEO Foundation as “golf’s most comprehensive and widely recognised eco-label”, and is awarded following successful completion of the OnCourse programme and an independent audit. Collectively, these accolades attest to quality across golfing excellence, hospitality service, and environmental stewardship — recognition reflected in visitor engagement, with the resort welcoming more than 100,000 golfers in 2025.
Economic and Community Contribution
Forest City’s recognition record is supported by reported economic and social contribution figures. Internal records indicate that, as of November 2025, the development had contributed over RM790 million in taxes to the Malaysian government, alongside more than RM50 million in employee-related taxes.
More than RM53 million has been invested in charity and community programmes, including support for local schools and villages, and more than 10,000 direct and indirect jobs have been created.
According to Forest City’s internal records as of November 2025, the development has engaged more than 190 local enterprises, attracted property owners from over 20 countries and territories, and contributed to attracting an estimated 300,000 international visitors to Malaysia.
The Significance Behind These Awards
In 2018, Forest City was profiled by Forbes as one of the “5 new cities that are set to shake up the future”. While the coverage is now nearly eight years old, it underscores the project’s long-standing visibility in global urban development conversations, rather than serving as an endorsement of present-day investment returns.
Green-building certifications relate primarily to design and operational standards; the SCAHSA recognitions focus on planning and sustainability; and golf-course rankings evaluate course quality and related criteria.
For prospective residents and investors, the awards should therefore be treated as evidence of build quality, institutional engagement and assessed sustainability credentials, to be considered alongside current data on occupancy, demand, connectivity and market liquidity. Questions relating to the Special Financial Zone framework and connectivity — including the Johor Bahru–Singapore Rapid Transit System Link scheduled to open for passenger service on 1 January 2027 — should be assessed through dedicated materials, current market data and, where relevant, Forest City’s investment overview.
The Broader Impact of Awards and Recognitions
The relevance of Forest City’s awards and certifications varies by audience. For ESG-minded investors and institutions, the most relevant credentials are Forest City’s LEED-CS Gold pre-certification, GreenRE Gold ratings, and GFHS recognition. These are issuer-named credentials aligned with green-investment screening and can be reviewed alongside Forest City’s broader investment framework. For enterprises operating within the SFZ, this integrated environment — where land and marine ecosystems are carefully preserved — enhances environmental performance and strengthens sustainability credentials.
For prospective residents and families, the GreenRE rating for the international school and the golf and hospitality recognition for the resort may be more directly relevant to daily living than city-planning awards. These credentials point to quality — but prospective residents should also assess schools, amenities, transport, community facilities, and the broader facts about Forest City on the ground.
For Malaysia-market watchers, Forest City’s SCAHSA record and reported RM790 million tax contribution mark the development as a recognised case study in green development and city-industry integration. This recognition is a data point on the development’s institutional standing, not a forecast of its commercial outcome.
Conclusion
What the awards record does establish is something more specific. Forest City reports nearly 40 awards and certifications across named institutions, including the U.S. Green Building Council, the Global Forum on Human Settlements, the GEO Foundation, and the Top 100 Golf Courses in Asia panel. This is accompanied by reported contributions of more than RM790 million in taxes and the creation of more than 10,000 direct and indirect jobs. Prospective residents and investors should also consider Forest City’s position as the financial-services flagship within the Johor–Singapore Special Economic Zone, along with its duty-free island and Malaysia Digital Status.
The strongest claim the awards support is also the most modest one: that Forest City has been built and planned to a standard that named international institutions have repeatedly chosen to certify — which is a starting point for due diligence, not a substitute for it.
Hashtag: #ForestCity #SFZ #ForestCityAchievements #Malaysia
The issuer is solely responsible for the content of this announcement.
Located in Iskandar Puteri, Johor, Forest City Special Financial Zone (FCSFZ) is Malaysia’s first designated special financial zone and a key financial-services component of the Johor–Singapore Special Economic Zone. It is positioned to attract financial institutions, multinational corporations, high-net-worth individuals and businesses operating in wealth management, financial technology and global business services.
Its incentive framework includes a 0% income tax rate for qualifying Single Family Office Vehicles for up to 20 years, a preferential 5% corporate tax rate for approved qualifying activities, and a special 15% personal income tax rate for eligible knowledge workers, subject to the applicable conditions, regulatory approvals and prevailing legislation. Forest City also holds duty-free island status, further strengthening its appeal as a regional investment, business and wealth-management destination near Singapore.
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Resilience must be central to data center operations
The sector’s biggest constraints are increasingly physical rather than financial. Competitive advantage is increasingly determined by access to electricity, grid connections, permitting, specialized equipment and skilled labor. In the US alone, the construction industry faces a shortage of around 439,000 skilled workers, while an estimated 349,000 additional workers may be needed in 2026. Climate resilience is increasingly a strategic consideration rather than an operational afterthought. Around 79% of global data center capacity is already located in areas exposed to heightened natural catastrophe risk, while 54% is exposed to chronic heat and drought stress. Some of the fastest-growing AI infrastructure markets are also among the most climate-exposed, including Northern Virginia, US, Johor in Malaysia, and Marseille, France. Acute flood, wildfire and wind exposure is highest in the Americas, affecting 86% of capacity, while chronic heat and drought stress is greatest in Asia Pacific, where 89% of capacity is exposed.
Global data center insurance market will more than double by 2030
Insurance is evolving alongside the sector. As data centers assume a more critical role in infrastructure, comprehensive insurance cover has become a prerequisite for financing many large-scale AI infrastructure projects. Construction costs for a single AI campus can exceed US$20bn, with insured values rising substantially once high-performance computing equipment is installed. The global data center insurance market is projected to grow from around US$11bn today to more than US$24bn by 2030, reflecting rapid capacity expansion, rising insured values and increasing operational complexity. Demand is expected to extend beyond traditional property cover towards integrated solutions spanning construction, engineering, property, business interruption, cyber and liability, while also creating new opportunities in areas such as energy resilience, operational continuity, and technology risk.
Risk and claims trends: fire drives severity; water damage frequency
Allianz Commercial analysis of insurance industry data center-related claims shows that fire is the leading driver of loss severity, accounting for well over 50% of around €700mn (US$800mn) worth of losses. Natural catastrophe activity ranks second, followed by willful acts, which include crime and cyber incidents, followed by power failure. Water damage is the most frequent cause of data center claims, followed by willful acts, fire, and equipment breakdown. Business interruption is the primary driver of claims severity by line of insurance, highlighting the significant financial impact of operational downtime.
The data center risk profile is changing as facilities become larger, more complex, and more increasingly interdependent. Hyperscale and colocation of campuses can bring together multiple tenants, construction works, servers, supporting utilities and on-site infrastructure in one physical or operational space. A single event can therefore trigger claims across property, construction, business interruption, liability, cyber, and financial lines. Real-life claims case studies show that in hyperscale facilities, damage to external cooling systems, hot works-related fire damage, and a delay in start-up caused by power disturbances have each resulted in losses in the US$50mn to US$100mn range.
“For insurers, the key question is not only the value of the building, but the concentration of value and dependency inside and around it. Power, cooling, batteries, fiber routes, testing and commissioning, and business continuity planning are all part of the same risk picture. Effective risk mitigation must begin early and continue throughout the data center lifecycle. Resilience must be designed in from the earliest planning stage,” explains Christian Kolbe, Global Head of Construction Claims at Allianz Commercial.
Clarity between policies essential to avoid ambiguity
Data center projects encompass different project phases with several stakeholders and interests involved, which can create complications. During the construction phase, stakeholders include the owner, developer, contractor, and subcontractors, whereas in the operational phase, the stakeholders include the owner-operator, and potentially multiple tenants or end users. For example, different policies could respond to a hot works-related fire resulting in damage to a data center nearing completion, and this would impact different stakeholders.
“Clarity is critical with an insurance claim,” says Charlotte Field, Regional Head of Short-tail Claims, Asia, at Allianz Commercial. “Clearly documented handovers are essential between your construction all-risk policy and operational policy. There must be no ambiguity about practical completion, in order to avoid disputes over which policy responds to a particular event and the extent of cover.”
Hashtag: #AllianzCommercial
https://commercial.allianz.com/
https://www.linkedin.com/company/allianz-commercial/
The issuer is solely responsible for the content of this announcement.
Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy. We also cover unique risks such as offshore wind parks, infrastructure projects or film productions. Powered by the employees, financial strength, and network of the world’s #1 insurance brand, we work together to help our customers prepare for what’s ahead: They trust us in providing a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services as well as seamless claims handling. Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2025, the integrated business of Allianz Commercial generated around €17.3 billion in gross premium globally. https://commercial.allianz.com/
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