Yuhan유한양행

Yuhan's first-half 2026 profit rose sharply on a much larger net income, while the share price is still well below its 52-week high.

Yuhan, a 100-year-old Korean pharma company, reported trailing twelve-month revenue of ₩2.28T and net income of ₩237B to H1 2026, with operating margin of 5.4%. The shares closed at ₩81,700 on 2026-10-26, up 13.5% over three months but down 28.4% over one year and about 37% below the 52-week high of ₩129,200.

What stands out

• Revenue grew 5.7% in 2025 to ₩2.19T, and trailing revenue is now ₩2.28T, so top-line growth has been steady rather than fast.
• Operating margin is thin at 5.4% trailing, although it is up from 2.7% in 2024 and 4.8% in 2025.
• Net income of ₩237B is well above operating income of ₩124B, but the data does not explain the gap, so the drivers should be checked in the filings.
• Cash of ₩428B sits against borrowings of ₩311B, and trailing free cash flow is ₩27B.
• Valuation is high on earnings at a P/E of 25.4 and EV/EBITDA of 33.2; the internal DCF base value of ₩9,075 is far below the share price, and the data gives a bull value of ₩24,653 and a bear value of ₩1,117, which are wide and not forecasts.
• Recent headlines centre on lazertinib royalties, a Daiso skincare launch and the company's centenary, and filings include a major sales or supply contract in September.

What to watch

• The next half-year or full-year results and whether operating margin improves beyond the trailing 5.4%.
• Further major sales or supply contract filings and any update on lazertinib royalties, which one headline says may rise 30%.
• The serious accident at a consolidated subsidiary reported on 2026-08-25, and any follow-up on its financial or operational impact.