Korea United Pharm유나이티드제약

Korea United Pharm trades near book value with solid H1 2026 profitability, but its share price has slipped over the past year.

Korea United Pharm, a specialty drugmaker focused on improved new drugs, reported trailing twelve-month revenue of ₩298B and net income of ₩75B to H1 2026, with a low debt load and a 3.6% dividend yield. The shares closed at ₩17,030 on 23 October 2026, down 10.3% over one year and sitting in the lower part of their 52-week range of ₩16,100 to ₩21,800. Revenue has grown only modestly in recent years, and full-year 2025 net income of ₩38B was below 2023 and 2022.

What stands out

• Trailing net income of ₩75B is well above full-year 2025 net income of ₩38B, but the filings provided do not explain the difference, so it should be checked against the half-year report.
• Trailing operating margin is 16.6%, down from 19.5% in 2024 and 19.7% in 2023.
• Valuation metrics are low: P/E of 3.6, P/B of 0.5, and EV/EBITDA of 4, against much higher multiples for the listed peers provided.
• Liabilities are 14.8% of equity and cash of ₩42B exceeds borrowings of ₩14B, while free cash flow over the trailing period was about ₩41B.
• Foreign ownership edged up to 8.6% from 8.4% sixty days earlier, while foreign and institutional investors were net sellers over the last 20 days.

What to watch

• The half-year report (filed 14 August 2026) and the preliminary earnings filing (30 July 2026) are the main sources for explaining the trailing profit figures.
• The change of largest shareholder and related holding changes reported on 11 August 2026; the data does not say what the change means for the business.
• Export progress, such as the recent anticancer drug shipments to the Philippines and Vietnam, and whether the business can keep revenue growing after the flat 2025 result.