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JONBUR Research · Initiation

GC Biopharma · 006280 · Biotech & Pharma

GC Biopharma: Revenue near ₩2.0T, thin operating margin and net losses, shares at 1.2x book

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

GC Biopharma (KOSPI: 006280) closed at ₩128,100 on 2026-10-12, for a market cap of about ₩1.5T, with trailing revenue of ₩1.96T but a net loss of ₩49.9B. The model estimate is well above the share price, but the range between bear and bull cases is very wide.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a company with large and growing sales but weak profitability. Revenue rose 18.5% in 2025 to ₩1.99T, and operating income was positive in every year shown. Net income, however, was negative in 2023, 2024 and 2025 and in the trailing twelve months to H1 2026 (₩-49.9B), so ROE is -4.0%. Free cash flow was positive at ₩87.8B, which partly offsets the weak earnings. The shares are 1.6% lower over one year and 6.3% higher over three months, and trade 30.3% below the 52-week high of ₩183,800. Data on investor flows, foreign ownership and short balance is not available, so the picture of market positioning is incomplete.

Business overview

GC Biopharma (녹십자) is a KOSPI-listed biotech and pharma company, founded in 1969 and listed in 1989, led by CEO 허은철. It has 11,686,538 listed shares and a market cap of about ₩1.5T. Revenue grew from ₩1.54T in 2021 to ₩1.99T in 2025, with a dip of 4.9% in 2023. Recent news headlines concern an IgE antibody detection method for patients receiving Hunterase. The data does not give a breakdown of revenue by product or region.

Financial analysis

Figures come from filed financial statements (DART). Revenue was ₩1.54T in 2021, ₩1.71T in 2022, ₩1.63T in 2023, ₩1.68T in 2024 and ₩1.99T in 2025. Operating income was ₩73.7B, ₩81.3B, ₩34.4B, ₩32.1B and ₩69.1B in those years, a margin of 3.5% in 2025. Net income went from ₩123.2B in 2021 and ₩65.5B in 2022 to losses of ₩26.6B, ₩26.3B and ₩4.7B in 2023 to 2025. For the trailing twelve months to H1 2026, revenue was ₩1.96T, operating income ₩47.3B (2.4% margin), net income ₩-49.9B (-2.5% margin) and ROE -4.0%. Liabilities to equity were 112.4%. Cash was ₩41.7B against borrowings of ₩500.7B. Free cash flow was ₩87.8B.

Valuation

The stock trades at 1.2x book value and 0.8x sales, with a dividend yield of 1.3%. P/E and EV/EBITDA are not meaningful because of the losses. Year-end 2025 P/B was 1.5x, so book multiples are somewhat lower now. Enterprise value is about ₩1.96T. Listed peers trade at much higher book multiples: Samsung Biologics 10.2x, Celltrion 2.2x, Alteogen 23.0x, Hanmi Pharm 4.3x and HLB 16.9x, though these are larger or differently profiled companies. The DCF model (5-year discounted cash flow, rate 4.9%, TTM to H1 2026) gives a model estimate based on the assumptions shown of ₩218,033 per share in the base case, ₩65,441 in the bear case and ₩582,379 in the bull case, compared with the ₩128,100 share price. The wide spread shows how sensitive the estimate is to assumptions. It is not a target or a reason to buy or sell.

Catalysts

  • The half-year report filed on 2026-08-14 and preliminary earnings on 2026-07-31 set the latest earnings baseline.
  • Filings on 2026-07-09 and 2026-07-10 amended a decision to transfer shares in another company, which could change the asset base and cash position.
  • A new facility investment disclosure on 2026-07-16 points to capital spending plans.
  • Changes in the largest shareholder's holdings were filed on 2026-06-22 and 2026-07-01, along with a 5%+ holding report.
  • Mid-October news on an IgE detection method for Hunterase patients relates to patient safety management for an existing product.

Risks

  • Net income has been negative for three straight years and in the trailing twelve months, with ROE at -4.0%.
  • Operating margin is thin at 2.4%, leaving little room for cost or pricing pressure.
  • Borrowings of ₩500.7B are far larger than cash of ₩41.7B, and liabilities are 112.4% of equity.
  • The model range of ₩65,441 to ₩582,379 per share shows high uncertainty in any estimate of value.
  • Investor flow, foreign ownership and short interest data are not available, so shifts in market positioning cannot be assessed.

Closing view

The evidence is mixed. Sales have grown and free cash flow is positive, but earnings after interest and other items are negative and leverage is meaningful. The 1.2x book multiple is low next to the listed peers shown, and the base-case model estimate is above the current price, but the bear case is far below it and the model depends heavily on assumptions. Whether margins recover enough to turn net income positive is the central question visible in the data.

Model estimate of fair value

Bear
₩65,441
-49%
Base
₩218,033
+69%
Bull
₩582,379
+351%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 4.9%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)GC Biopharma: Revenue near ₩2.0T, thin operating margin and net losses, shares at 1.2x book

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information