Whanin Pharm환인제약

Whanin Pharm's trailing profits have recovered from 2025 but remain well below its 2021 to 2023 peak.

Whanin Pharm is a Korean drugmaker that sells mainly psychiatric and neurological medicines to hospitals, with those drugs making up over 80% of sales. Trailing twelve-month revenue to H1 2026 is about ₩273.5B with net income of about ₩20.5B, up sharply from 2025 but below 2021 to 2023 levels. The shares closed at ₩10,400 on 2026-10-15, near the middle-to-lower part of their 52-week range of ₩9,160 to ₩12,140.

What stands out

• Trailing net income of about ₩20.5B compares with ₩13.6B for full-year 2025 and ₩29.8B in 2023, so earnings have rebounded but not returned to prior peaks.
• Operating margin has eased from 17.6% in 2021 to 8.2% on a trailing basis, and annual revenue fell 1.7% in 2025 after growing in earlier years.
• The balance sheet looks conservative, with liabilities at 13.4% of equity, cash of about ₩56.6B and no borrowings reported.
• Valuation metrics are low: P/E of 9.5, P/B of 0.5 and dividend yield of 2.9%; the company's DCF model gives a base value of ₩34,236, a bear value of ₩22,729 and a bull value of ₩53,087, though these are model outputs, not forecasts.
• Recent filings include preliminary and half-year results for 2026 and a corporate value-up plan from March 2026; the data contains no news headlines for the period.

What to watch

• The next quarterly and annual results, to see whether margins and revenue growth continue to recover from 2025.
• Any further filings on the corporate value-up plan or changes to shareholder returns, such as dividends.
• Foreign ownership, investor flow and short-selling figures are not in the data, so these cannot be assessed.