SK Bioscience: Revenue Rebounded in 2025 but Losses Continue Through H1 2026

Thesis

The data supports a sharp revenue recovery: 2025 revenue was ₩651.4B, up 143.5% from ₩267.5B in 2024, and trailing revenue to H1 2026 is ₩659.3B. It does not yet show a return to profit. Trailing operating income is -₩131.3B (margin -19.9%) and net income is -₩84.7B. Free cash flow is -₩134.7B. The balance sheet looks moderate, with liabilities to equity of 48.6%, but cash of ₩130.2B is small next to the cash burn. Data on investor flows, foreign ownership, short balance and news is not available, so sentiment cannot be assessed from this data.

Business overview

SK Bioscience is a KOSPI-listed biotech and pharma company founded on 2018-07-01 and listed on 2021-03-18, led by CEO 안재용. It has 78,369,145 listed shares and a market cap of ₩2,856.6B. Revenue history has been volatile: ₩929.0B in 2021 (operating margin 51.0%), ₩456.7B in 2022, ₩369.5B in 2023, ₩267.5B in 2024 and ₩651.4B in 2025. The data does not describe its products or segments.

Financial analysis

All figures come from filed financial statements (DART). Operating income went from ₩474.2B in 2021 to ₩115.0B in 2022, then -₩12.0B in 2023, -₩138.4B in 2024 and -₩123.5B in 2025. The operating margin improved from -51.7% in 2024 to -19.0% in 2025 and is -19.9% on a trailing basis to H1 2026. Net income was ₩355.1B in 2021 and ₩22.3B in 2023, but was -₩53.9B in 2024, -₩57.4B in 2025 and -₩84.7B trailing. Trailing ROE is -4.8%. Borrowings data is not available.

Valuation

A P/E and EV/EBITDA are not meaningful because earnings are negative. The price-to-book ratio is 1.6 now, versus 2.1 at the end of 2025. Price-to-sales is 4.3 and enterprise value is ₩2,726.3B. No dividend yield is reported. Peers trade on higher book multiples: Samsung Biologics 10.2, Celltrion 2.2, Alteogen 23.1, Hanmi Pharm 4.3 and HLB 16.9. Peer P/Es range from 25.5 to 64.1 for those with positive earnings. Those peers are profitable and much larger, apart from HLB, which has no P/E, so comparability is limited.

Catalysts

• Half-year results were filed on 2026-08-13, after preliminary earnings on 2026-08-10, and showed continued losses with revenue near ₩659B on a trailing basis.
• A major sales or supply contract was disclosed on 2026-06-23, though the data gives no details on its size.
• A treasury share acquisition result report was filed on 2026-06-16, which indicates share buyback activity.
• IR events were held on 2026-05-06, 2026-07-29 and 2026-08-10, around earnings releases.
• The next quarterly report would show whether the operating margin keeps improving from -19.9%.

Risks

• Operating losses have persisted for three straight years, and the trailing operating loss is ₩131.3B.
• Trailing free cash flow of -₩134.7B exceeds year-end cash of ₩130.2B, so funding needs could arise.
• Revenue has swung widely, from ₩929.0B in 2021 to ₩267.5B in 2024, so the 2025 rebound may not be steady.
• The share price is 20.8% lower than a year ago and sits 40.5% below its 52-week high of ₩61,300.
• Missing data on investor flows, short interest and news limits visibility into market positioning.

Closing view

The filings show a company whose revenue has recovered strongly from the 2024 low but which has not yet turned profitable, with margins improving only modestly. Its price-to-book of 1.6 is low next to most listed peers, but those peers have positive earnings, so the comparison says little on its own. The balance sheet is not highly leveraged, though cash burn is notable. Whether losses narrow further is the key open question, and the data supplied cannot answer it.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationSK Bioscience: Revenue Rebounded in 2025 but Losses Continue Through H1 2026