Bukwang Pharmaceutical IND부광약품

Bukwang Pharmaceutical's revenue has recovered and it returned to profit, but the shares have fallen over the past three months and cash flow is negative.

Bukwang is a Korean pharma company whose trailing twelve-month revenue is about ₩215B, with operating income of ₩11.7B and net income of ₩8.8B through H1 2026. Its 2025 full-year results were stronger, with revenue of ₩200.7B and net income of ₩12.6B, but the 2024 and 2023 figures were loss-making. The share price is ₩3,660, well below its 52-week high of ₩9,890 but above its low of ₩3,580.

What stands out

• Trailing revenue of ₩215B is up from ₩160B in 2024, and the company returned to net profit after losses in 2022 to 2024.
• Trailing operating margin is 5.4%, below the 7.1% reported for 2025, and return on equity is 3%.
• Free cash flow is negative at about -₩1.5B on a trailing basis, and borrowings of ₩79.8B exceed cash of ₩104B only modestly, with liabilities at 39.7% of equity.
• Preliminary consolidated results for Q3 showed operating profit of ₩2.2B, up 120% year on year, according to news reports.
• Shares are down 6.9% over one month and 10.2% over three months, while foreign ownership fell from 7.6% to 6.8% over the past 60 days.

What to watch

• The next full-year and half-year filings, to confirm whether the Q3 profit improvement holds and whether free cash flow turns positive.
• Management comments that CP-012 trial costs will continue into next year, as well as the growth outlook led by Latuda.
• The outcome of the August filing on the rehabilitation and bankruptcy procedures of an invested company, whose financial impact is not described in the data.