Bora Pharmaceuticals September sales: Record month with CDMO resilience evident; 4Q26 set-up improving

Bora reported September revenue of NT$2.33bn, up 35.1% YoY, marking a record monthly high. 9M26 revenue reached NT$16.304bn, up 9.4% YoY. We estimate inorganic YoY growth is potentially at mid-teens, suggesting organic growth could be the growth driver. We think the key message is the quality of the print, not just the headline number. Despite a semi-annual maintenance shutdown at the Maryland injectable facility, its CDMO network continued to work through an elevated backlog, with Canada and Taiwan Zhunan making steady contributions, which management framed as evidence that its Taiwan/North America manufacturing footprint is reducing revenue volatility. Global Sales also contributed in addition to CDMO;