Welcome, everyone. Thank you for standing by for Bora Pharmaceuticals second quarter 2026 earnings conference call. Today, we have Bora Pharmaceuticals Group CEO and Chairman, Bobby Sheng, CFO Alice Wang with us. All participants are in a listen-only mode. After the speaker presentations, there will be a question and answer session. To ask a question during the session, please click on the Q&A button on the left, sorry, on the top bar, and type your question directly into the Q&A box. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our annual and financial reports, including the risk factors. We undertake no obligation to update any forward-looking statements. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of the IFRS to non-IFRS measures are included in today's presentation, which is distributed and available to the public through our website. We will now begin our conference call. Bobby, the floor is yours. Okay. Thank you, everybody, and thank you all the shareholders and investors for coming to this call. I will be doing the summary of the 2026 Q2 earnings this year. I think Nadiya went over some of the disclaimers here, so we will move past this slide. Bora by the numbers. Our market cap is $1.7 billion U.S. We are the number one pharma manufacturer in Taiwan. We have now currently 11 manufacturing sites. We have over 2,240 employees worldwide, and we export to over 100 countries. You can see on our footprint map here, our footprint in the U.S. is increasing, especially with the recent acquisition of the Rockville, Maryland biologics facility. Our footprint in the U.S. is getting bigger, and the names of all the facility locations here are on the left. Now I will go into the summary of our 2022 second quarter milestones, some key achievements, and some financials. After some pullback in quarter one, as we expected, due to a scheduled site shutdown for maintenance and some supply chain issues, we have come back strong in the second quarter of 2026 for double digit to triple digit growth quarter-over-quarter on all of our key metrics. Some summaries here on the demand-driven recovery. Revenues were at TWD 5.889 billion, a growth of 47% quarter-over-quarter. Gross profits are at TWD 2.4 billion at a 69% quarter-over-quarter growth profit. We have an EPS of TWD 4.36, which is a quarter-over-quarter growth of 1,786%. Net income pre-tax of TWD 812 million, which is a 269% quarter-over-quarter growth. Some really strong numbers. Back to strong growth for us as a company in the quarter 2. Some highlights on the CDMO business. Obviously, the Maryland injectable facility is back to a full quarter of operations. We also see a lot of record highs in our demand and RFPs that have resulted in quarterly revenue for CDMO business of TWD 2.116 billion and a growth of 40% quarter-over-quarter. Pharma sales business, we see strong growth in that business as well, especially the specialty pharma and that quarterly revenue of TWD 2.934 billion, a growth of 30.4%, once again, led by our specialty rare disease franchise market. We also see strong visibility in the second half of 2026, a record high in our 12-month rolling backlog of $317 million U.S. dollars. That's $317 million U.S. dollars. A record high of newly signed contracts in the number of $378 million U.S. dollars. A really, really strong quarter for us, also showing strong visibility into 2026 second half, as well as future 2027. Some operational milestones in second quarter 2026. We signed a top 20 pharma company for a 10-year plus 2-year commercial contract. The tech transfer has started. Want to highlight that is for the Maple Grove facility. The Maple Grove facility is one of the largest oral solid dose and one of the newest oral solid dose facilities in the United States. We're seeing a record demand in contracts for that site and it took a while, and I think we gave some indication for that last year that it will take a while for us to sign these larger pharma companies. It is coming to fruition. A commercial contribution should be seen in the third quarter of 2027. We are starting tech transfers into that facility in the second half of 2026. Exciting news there. Of course, because of that, we will still continue to make strong CapEx investments to increase the capacity of that facility. Our Maryland injectable site, the clients are transferring over to the FlexPro isolator line. That site actually has a lot of older technologies that we've installed and transferred into newer technologies into isolator lines. We did that in all of 2025. We are seeing our first client transfer into the FlexPro line, which is a higher quality, higher efficacy, and a better cost for us as well. We're excited about that, and we expect a lot more clients to transfer into the FlexPro facility, which will also give us increased compliance with the FDA, U.S. FDA, and other regulatory bodies around the world. On the rare disease specialty pharma franchise, especially the migavancin franchise, we see increased demand and solid demand for that franchise as well. 58% specifically for the specialty quarter-over-quarter growth. We're on track to achieve over 50% formulary coverage, which was our target, with more regional plans, and strong physician adoption. We renegotiated some terms with value chain, supply chain partners. Because of our growth, we've been able to have stronger positions with our supply chain partners, and we renegotiated some contracts to increase our gross margins. We've also, in an effort to focus our efforts into our specialty rare disease, we've also out-licensed some of our other 505(b)(2)s that we didn't feel were core to the specialty franchise, one of them being stiripentol, to one of our strategic partners, and we see some growth in that in 2027-2028 for that product with our partner, of course. We also see a demand-driven growth for our pharma sales, which is primarily our generics. As well as a new introduction into some of our reporting for our quarter is the consumer health contribution, led by our investment into Sunway Biotech. We'll talk a little bit more about that. Sunway Biotech, we've increased our investment into that consumer health company from 30-some percent to 40-some percent. Subsequently, they've acquired a nutritional company, a global nutritional company called Weider Global Nutrition. Some of you may know it. It's a very, very well-known brand in the U.S. as well as in Europe for sports nutrition and global health. That is starting to see some great synergies. Sunway Biotech acquired them in May of 2026, so we're seeing some contribution there, and that's definitely a strong foundation for growth and we're really looking forward to increased contribution from that company and from our investment into that company in the near future. Some details into our income statement for the second quarter. Once again, highlighting our back to profitable growth trajectory. Revenues are TWD 5.8 billion versus TWD 4.0 billion quarter-over-quarter. Gross profits increased 69%, from TWD 1.4 billion to TWD 2.4 billion. Operating profits have almost doubled from TWD 400 million to TWD 986 million. Our net income is highlighted here at the bottom from 2026 quarter one, TWD 32 million, all the way now up to TWD 597 million in net profits for second quarter. Finally showing the EPS of TWD 4.36 versus TWD 0.21 in second quarter. On the right, I will show you a waterfall of some of the things that have happened over from quarter one into quarter two to give some further detailed explanation of the growth. CDMO, obviously with the full quarter operations for the Maryland facility, and some increase in demand, obviously from the onshoring, a lot of other activities which I will talk about. We see a big jump back from the quarter one numbers. Albeit generics, a good bounce back from there, but really highlighted by our specialty and brand jump up from the first quarter of 2026. Obviously with the Sunway acquisition of Weider, there is a strong contribution from them as well. As you can see, the growth in the second quarter is stable growth, and it's continual growth for our operations and we look forward to more contributions, and more growth in 2023 for third quarter and fourth quarter. We want to do also a year-over-year just to show that we are back into our growth mode compared even to last year. I won't focus on the numbers on the left. I'll just focus on some of the numbers on the right here. Revenues year-over-year for the second quarter is increased by 21%, from TWD 4.8 billion to TWD 5.8 billion. Our gross profits have increased 20% from TWD 2 billion to TWD 2.4 billion. Our net income before tax has increased 46% year-over-year of roughly TWD 4.8 billion to TWD 6 billion. Our net income from continued operations, the previous number was from TWD 550 million to TWD 813 million net income before tax. Now also the final net income from continued operations at TWD 448 million all the way up to now TWD 600 million in 2026. We not only show quarter-over-quarter growth, we are back to also showing year-over-year growth as well. Also have another nice balance for our revenue mix. Our CDMO revenue represents 36% of our revenues, increase again quarter-over-quarter and year-over-year. Our pharma sales represents 50%. We also did some product rationalization last year as well. Top line revenues year-over-year are a little bit off, but quarter-over-quarter, of course, as we have shown before, 30% quarter-over-quarter. Also a more prominent position of specialty within the pharma sales division here. Finally, also because of our increased investment in Sunway and their acquisition of Weider, they have really jumped in their revenue representation within the Bora Group. They now represent about 14% of our total top line revenues. We want to highlight them and give the investors understanding of the products and the revenue mix within Bora Group. We have also been able to maintain a strong net debt to equity ratio while increasing our cash position. That is primarily for the acquisition of the Rockville facility, so you see a big jump in cash there. We also continue to be diligent in our cash flow management to continue to decrease our net working capital over revenue usage as well. To give you some highlights into our CDMO business in Q2. Once again, I will say that we have a record high of a backlog of $317 million U.S. dollars. That is roughly 90% of our last year's revenue. Definitely strong growth there in our backlog or orders on hand. Also a record high of new business in the first half of 2026 in the sum of $378 million U.S. dollars. We also see a record high in new molecules signed, 14 new molecules signed for our business, and they are all development stage, commercial stage. As you know, as you can see with our Mississauga facility, with our Zhubei facilities and our mature facilities, these new molecules being signed eventually turn into commercial revenue for the sites. We are really excited about these new molecules being signed. We see an increased prioritization of supply chain security and U.S. onshoring demand. As you can see now, we have four sites within the U.S., five sites in North America, including our Canadian facility. We are seeing a huge, huge uptick in demand for onshoring, reshoring back into the U.S. and really having a huge advantage with our large U.S. footprint. Finally, I will highlight the top 20 big pharma tenure multi-drug contract within our Maple Grove facility and starting phase I product transfer in the second quarter of this year. We've also highlighted that to become a full service CDMO facility and a top 10 CDMO facility worldwide, we definitely need to have a larger presence in biologics. We were able to do that. We announced an acquisition of MacroGenics, a biologic facility in Rockville, Maryland. To give you some more highlights here as we've integrated them in parts of Q3, we want to give you a highlight. It's a 12,000 liter, 5 times 2,000 and 4 times 500 liter FDA facility with 3 already commercial products being produced from that Rockville facility. Revenue recognition will be starting in Q3 of this year. We've confirmed already in 2026, back half of 2026 to have 13 batches already committed, which is actually moderately ahead of the 2025 run rate. Definitely positive momentum and positive uptake. On the right here, I will show you that we already see about TWD 60 million of 12-month rolling backlog for the site, which brings in a significant near-term commercial value and top line revenue contribution into our Bora Group. Finally, we expect higher value opportunities. I explained this in our last quarter, that we expect a lot of synergies with Tanvex BioPharma, which is our San Diego facility, as well as our Zhubei facility in Taiwan. As well as finally, our Maryland injectable facility to offer a real end-to-end biologic solution all the way from cell line development to drug substance, and then drug product for the injectable facilities. Some outlook for the second half. Obviously, we see record backlog. One highlight is our Zhongli facility in Taiwan is starting to produce for a market in China and starting to expand in the China market as well. As we expand our Asia CDMO footprint, that's a real highlight and we expect high contributions from the China market in our Zhongli facility in Taiwan. Our back end has intensified our marketing efforts, so our marketing efforts to really lean in on the tailwinds for the U.S. CDMO demand when we see record high demands for that. Also, our Rockville facility, once again, will be contributing to revenues in Q3, and we see that continuing forward into second half of 2026 and also into 2027. We'll continue to invest in the future. Once again, our Maple Grove facility looks really, really strong. We expect that to have a more prompt presence in our CDMO contribution for the whole group. The Maryland facility we want to address here is that we've started to address a lot of the FDA issues from one of our inspections in Q2. The FDA inspection showed some, obviously, things that we needed to improve on. Obviously, they wanted us to get into the isolator lines, which we are doing with our customers in Q3 and Q4. We see that being addressed in a timely manner. Also we see, even though we are dealing with some of these adjustments, we see the same time production and batch releases for the remainder of 2026. We don't see a lot of disruption in batch release and production for the remainder of 2026, and we also see volumes increasing in 2027 as well. On the right here, we will also highlight that our qualified leads, we already see 400 marketing qualified leads, which really has matched our full year of qualified leads in 2025. Really 60%+ of inbound searches and also Bora-branded searches surging 3x above our expectations as well. Bora Biologics, we see synergies there from Tanvex, and we see a strong uptake. Really, the commercial capabilities of our Rockville facility now is also generating more demand from our other facilities in San Diego and Zhubei. Some updates into our pharma sales business, obviously led by the brand name of Shire Smith Group. We continue to see an increase in our highly focused franchise into the specialty pharma side of the business. What I want to highlight here is you can see our year-over-year values in pharma sales have increased up to 2026. We did some product rationalization through 2024 and 2025. I really want to highlight, this is the first quarter and the first half of the year where our specialty rare disease business has increased and is now over 50% of our total pharma sales business. That was a strategic initiative for us starting in 2023. We went from 2.9% in 2023 to 26.9% in 2024, 42% in 2025, and now for the first half of 2026, specialty and rare disease represents 54.2%. Why do we do that? I want to highlight again, larger growth, gross margins, more stability, increase in demand, also patent-protected pricing, and really a very different financial profile for these drugs to have. Definitely our investment into specialty pharma, as you can see by our top line, by our gross margins, and by our net income, has paid off dividends for us, and will continue to do so in the future as well. I also want to highlight here that we have seen an increase in demand from government channels, from our DLS and our other high-value generics. We definitely see a stabilization to small growth in that generics division. A little bit more detail into our specialty business. It is really firing on all cylinders. Like I said, our revenues have grown 58.7% quarter-over-quarter and 47% over our 2025 numbers for the quarter. Obviously, it is highlighted by VIGAFYDE, but there are six other products within the specialty branded division that are all growing, that are all contributing to the revenue growth and the quarter-over-quarter growth for the year and for the quarter and for year-over-year. We are expected to unlock up to 60%, specifically focusing on vigabatrin franchise here. We are now hitting about 60% of the SABRIL peaks. SABRIL, which is the original branded drug that we have reformulated into the 505(b)(2) for VIGAFYDE, and we definitely see some growth there as well. Sorry about that. Moving here. We also see unique patients displayed quarter-over-quarter, and for second consecutive quarters in a row. New patients coming into using VIGAFYDE, we have seen them increase quarter-over-quarter for seven quarters in a row. Finally, we have outlicensed stiripentol to refocus our attention into the franchises that we have been investing in. For our generics, as you can see, our high-value generics are increasing. Once again, focusing on our high-value, high-growth, gross profit, gross margin products. We have six new launches in those categories supporting more diverse generic portfolio. We expect pending approvals. We expect six more for the second half of 2026 and all the way up to 2030 launches. For this quarter, I will be talking more about our consumer healthcare business, through our investment into Sunway Biotech. We have increased our investment into Sunway Biotech from 35.97% to 42%, because of Sunway's acquisition into Weider Global Nutrition. We did a fundraising and we have increased our position into Sunway. We are really pleased with the management team there, and we are really pleased with their acquisition, similar to what Bora has done in their previous growth, into acquiring a global brand, becoming a global powerhouse now in consumer healthcare. Some highlights here. Their core business is ingredients and CDMO sales. That represents roughly about 7% of their total revenues. Quarter over quarter, we have seen that grow 40%. Obviously dominated by the red yeast rice demands in Europe, and now with the U.S. market through Weider Global Nutrition. Brands now with Weider represent 73% of the total revenues for Sunway. As you can see, it is a monumental transformational acquisition for Sunway Biotech, and we see them really growing that division. Finally, for the domestic market, represents 20% now. We still see domestic market meaning domestic in Taiwan. That legacy business still has growth of 14%, representing about 20% of Sunway. For the second half of 2026, we see Weider Global Nutrition, which is WGN. We expect them to start improving on their synergies and deliver meaningful revenues, profits, and realize synergies into the second half of 2026. A little bit into our BORA AIM, which is our AI manufacturing platform that we did an announcement with Insilico, a JV with Insilico, and some information on our sustainability profiles. We continue to maintain our sustainability rankings. EcoVadis, we are at a committed level. Our FTSE is at 3.8 out of 5, and our Taiwan Stock Exchange, we are in the 60 to 20th percentile of the Taiwan Stock Exchange for sustainability rankings. In quarter 2, we are excited to introduce BORA AIM, and this is our own internal developments, but also an announcement with one of the global leading AI drug development companies, drug discovery companies, Insilico. We are really happy to accelerate in our BORA AIM platform. We want to give you more announcements in the future. We do believe that this will be a huge competitive advantage for Bora, going into next year. Some highlights, though, I want to update you on. We have a beta version testing going live in the next six months for our CDMO business. Some highlights of what the beta testing will do. Instead of reacting to failures in manufacturing, we are proactively identifying failure points before they occur, that will save bad batches, saving tens of millions of TWD, potentially in the future. We are going to beta test AI to reduce deviations. Deviations are very time-constraining and very difficult to deal with. They take about 30 to 45 days once a deviation comes up in manufacturing, and then we have to produce CAPAs, which are corrective actions and preventive actions for those deviations. We see AI really advancing us, going from 30 to 45 days of an investigation to now about 3 to 7 days. Finally, CMC documentation is really cumbersome in regulatory and really cumbersome for admissions and approval times. We want to reduce 50% of the CMC documentation, obviously, which will increase the time to market for these drugs once they are after getting out of phase III. We do see roughly about TWD 180 million opportunity here. Obviously, some highlights here. According to McKinsey, about the amount of leading pharmaceutical companies now file for regular submission, they want to do it 3 times faster. According to Bourne Partners, the pharma sponsors now explicitly request digital capabilities from CDMO partners during contract negotiations. That is literally almost all of our partners are asking for now, so 92%, roughly 100%. Filings, we do see through AI, a 2 to 12-week earlier after database lock can generate about TWD 180 million in net present value for some of these assets. We definitely see BORA AIM, or Bora now aims to become one of the forward-looking CDMOs capturing big pharma demand. Finally, to give you a strong look into 2026 second half, we definitely are bullish and we see continuing momentum from our Q3 numbers. We see continued demand for our CDMO, continued demand for the onshoring and demand for our U.S. facilities and site utilization is increasing, which will also increase our gross margin profiles. On the specialty pharma, we see continued growth, double-digit growth in that as well. Also stability in our generics platform over there. Also, because of our investment in our acquisition of the Rockville facility, we see an increase in biologics impact and starting with revenue contribution, but also gross margin increase and net income increase with the valued synergies that we will have with Tanvex and the rest of the group. Finally, Sunway Biotech's consumer healthcare business will continue to realize synergies from the Weider acquisition as it establishes a global presence in the consumer healthcare space. So overall, we are very positive from our Q2 earnings that we are positive that they will continue to bring strong growth momentum into Q3 and Q4 for the year. Thank you very much. That is the summary of our Q2 earnings for this year. Thank you, Bobby Sheng. As a reminder, to ask a question, please click on the Q&A button on the top and type your questions directly into the box. We will wait for roughly 2 minutes before we take the first question. We now have the first question on the acquisition of the Rockville facility. Bobby, if you could just paint a bit more color on its pipeline, and where the synergies will come from. Do you expect it to benefit from Incyte's commercial products, or how are the signings looking like at the moment? Okay, apologies. I don't see the Q&A questions come up on my right. Can you restate the question again, Nadiya? The question is on the acquisition of Rockville facility. Can you paint more colors around this pipeline if we're benefiting from the commercial product of Incyte and also how are signings, BD signings looking like right now? Yeah. Rockville's really exciting. The single-use bioreactor is a technology that is really being highly utilized by the industry. 20% growth year over year in that industry, especially with the single-use bioreactors. There are three commercial products already being manufactured there. I think if you look into some of the records of Rockville, of MacroGenics, they're partnered with Incyte. We have two other products there that we don't really like to mention our customers, but Incyte is one of them. It's a great commercial product. They have actually three great commercial products there. Strong regulatory track record there. There are also six programs already in development there with existing customers. We're really positive. The first couple of months with that facility, very happy with their technology, extremely satisfied with the amount of talent that is there, the amount of talent that's available in Maryland. The Maryland Biotech facility is something we're really proud to be a part of as well. The capacity for that site is roughly 60 to 70 batches with the current facility, with the current bioreactors. We can continue to grow that within the current footprint. Even within the current footprint, we can add more capacity as well. But just with the current capacity that is there and the current CapEx that was invested into that facility, we can go up to about 60 batches, like I said, right? Looking forward, we see TWD 60 million in rolling 12-month revenues. That doesn't fully reflect the TWD 30 million that is currently being earmarked to produce there. Definitely some positive numbers. Now we can look into our pipeline that we already have for our business development, and that was going to the San Diego facility. Now we have an optionality for them to also put product into the Rockville facility as well. We definitely see a real added value for our customers when they see that we can do cell line development extremely fast with extreme high quality at a very efficient, effective price within our Zhubei facility in Taiwan, now seamlessly tech transferring into development and commercial manufacturing within Rockville, in our drug substance. And also now right down the street, 45 minutes, we can produce drug product in our injectables facility. So really offering end-to-end, it is extremely valuable and we are seeing upticks in demand from our injectable facility and our development facility in Zhubei just because of the additional commercial capacity we have. Also, really leveraging the current customers they have now. Their current customers, including now Incyte, have now also started discussions with us in our other capabilities. MacroGenics is starting to have strong discussions with us on some of the cell line development and other things that we have within our Bora network. The scalability and the product offerings are being of added value into this acquisition as well. We are really excited about it. But I want to highlight again, quality track record, high compliance within that facility. Already very seasoned team with multiple years of producing a large-scale commercial manufacturing is a huge plus for us now within the Bora Group. Thank you. We have another question on CHC. What is the majority synergy between CHC and generic drug sales and your CDMO business? Why does not the company invest more into CDMO, but instead invest into CHC? I would say CHC was really a spinoff of a business that we had acquired in 2018 and that business continued to grow. We often acquire businesses because of the CDMO capabilities, but then there is other business units that continue to grow. That business was merged into Sunway, and as Sunway continued to grow, we have always maintained an equity position into that company. That company just continues to grow. I will say it is not really a core of our growth that we are investing in, but they had an equity requirement that they were fundraising. We thought it was a great investment for us. We do see synergies in the manufacturing base of it. So they do have a CDMO business that is continuing to grow. We do see synergies in our clients having, if they have a consumer health division and they need some manufacturing. We do see additional growth there, but also some of their manufacturing requirements really benefit from our knowledge in the CDMO base. I will say we are including the reports of those earnings because they do represent roughly 14% of our revenue. So we do want to report them. We want to report that part of the business. However, I will say it is not core of our dual engine. It is not a large investment we're continuing to reinvest in. But they've done so well and that's such a big acquisition for them that we wanted them to include them and update our investors in. When you look at our earnings, if you see 14% of our earnings happening somewhere else within the group, we want to make sure you have visibility of that. We want to make sure that you see what they are doing. Also, I think it's a great question. We don't see it as a core focus we are continuing to invest in. But it is a growth business. It is contributing to our top line and our bottom line, and we want to just make sure that the investors are aware of that.