SK biopharmaceuticals: Profits Have Climbed Since 2023 While the Share Price Sits Near Its 52-Week Low

Thesis

The data supports a clear turnaround in reported results. Revenue rose from ₩246.2B in 2022 to ₩706.7B in 2025, and trailing twelve-month revenue to H1 2026 is ₩861.3B. Operating income went from a loss of ₩131.1B in 2022 to a profit of ₩303.2B on a trailing basis.

The market has not rewarded this recently. The stock is down 10.6% over one month, 10.5% over three months and 31.7% over one year, and it trades 50.7% below its 52-week high of ₩144,100. The data does not explain the decline. No news headlines are provided, and investor flow, foreign ownership and short balance data are not available.

Trailing net income (₩401.0B) is higher than operating income (₩303.2B), so non-operating items appear to contribute. The data does not say what they are. Recent filings include two major sales or supply contract disclosures in September 2026, but their terms are not in the data.

Business overview

SK biopharmaceuticals is listed on KOSPI in the Biotech & Pharma sector. It was founded on 2011-04-01 and listed on 2020-07-02, with 78,313,250 listed shares. The CEO is listed as 이동훈. Market capitalisation is ₩5.56T and enterprise value is ₩5.18T.

The revenue history is uneven. Revenue was ₩418.6B in 2021, fell 41.2% to ₩246.2B in 2022, then grew 44.2% in 2023, 54.3% in 2024 and 29.1% in 2025. Product and segment detail is not available in the data.

Financial analysis

All figures come from filed financial statements (DART). Annual operating margin moved from -53.2% in 2022 to -10.6% in 2023, 17.6% in 2024 and 28.9% in 2025. Trailing margins to H1 2026 are 35.2% operating and 46.6% net.

Net income was ₩267.0B in 2025 and ₩240.7B in 2024, against losses of ₩35.4B in 2023 and ₩139.4B in 2022. ROE was 39.3% in 2025 and 58.0% in 2024, and is 51.1% on a trailing basis.

The balance sheet looks light on leverage. Liabilities to equity is 38.9%, and cash is ₩380.0B. Borrowings are not available. Trailing free cash flow is ₩240.7B.

Valuation

On trailing figures the stock trades at a P/E of 13.9, a P/B of 5.4 and a P/S of 6.5. EV/EBITDA and dividend yield are not available. At the end of 2025 the P/E was 36.6 and the P/B was 12.0, so both multiples are well below that year-end level. Earlier year-end multiples are not available.

Among the listed peers, P/E ratios are 43.1 for Samsung Biologics, 26.4 for Celltrion, 64.1 for Alteogen and 28.0 for Hanmi Pharm. HLB has no P/E. P/B ratios are 10.2, 2.3, 23.1, 4.3 and 17.0 respectively. SK biopharmaceuticals has a lower P/E than all four peers with a P/E, and its P/B is above only Celltrion's and Hanmi Pharm's. Part of the low P/E may reflect trailing earnings that include non-operating items.

Catalysts

• A major sales or supply contract was disclosed on 2026-09-23, and another on 2026-09-14, though the terms are not in the data.
• Filings on 2026-09-10 and 2026-09-17 were labelled major management matters relevant to investors, with no detail provided.
• An investor relations event was held on 2026-09-10, which may have given the market more information.
• Changes in the largest shareholder's holdings were filed on 2026-08-31 and 2026-09-15, alongside insider shareholding reports.

Risks

• The share price is near its 52-week low after a 31.7% one-year fall, and the data gives no cause for it.
• Net income exceeds operating income, so trailing profit may depend on items that may not recur.
• Revenue fell 41.2% in 2022 before recovering, which shows earnings have been volatile.
• Investor flows, foreign ownership and short interest are not available, so positioning cannot be assessed.
• Revenue by product, contract terms and company guidance are not in the data, which limits how far the growth can be judged as durable.

Closing view

The filed financials show a strong improvement in revenue, margins and cash generation, with low leverage and a trailing P/E of 13.9 that is below its peers and its 2025 year-end level. Against that, the share price has fallen sharply, and the data does not say why. Non-operating profit, the lack of segment detail and missing flow data leave real gaps. The evidence shows solid reported results alongside a weak market reaction, and the data is not enough to explain the difference.

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 biopharmaceuticals: Profits Have Climbed Since 2023 While the Share Price Sits Near Its 52-Week Low