HLB PharmaceuticalHLB제약

HLB Pharmaceutical's revenue is growing fast but profit margins remain very thin, and the share price has swung sharply over the past year.

Trailing twelve-month revenue to H1 2026 is about ₩251.9B, with operating income of roughly ₩1.9B and net income of about ₩2.8B, so margins are around 1%. Free cash flow is negative at about -₩4.3B, and borrowings of ₩15B exceed cash of ₩4.5B. The share price closed at ₩10,790 on 2026-10-20, well below its 52-week high of ₩22,250 but up 73.8% over one month.

What stands out

• Revenue rose from ₩137.1B in 2024 to ₩205.6B in 2025, a growth rate of about 50%, but operating margin was only 0.5% in 2025.
• Net income in 2025 (₩4.6B) was well above operating income (₩1.1B), which the data does not explain.
• Valuation is high at a P/E of about 170 on trailing figures, against peers such as Yuhan at 26.8 and SK biopharmaceuticals at 14.6.
• Filings in September and October 2026 cover a rights offering, securities issuance results and a new facility investment, and the data does not give full detail on them.
• Foreign ownership is 0.7%, and 20-day flows show retail buying of about ₩13.1B against foreign and institutional net selling.
• No dividend is paid (yield 0%), and the news list in the data is empty.

What to watch

• Upcoming full-year 2026 results and whether operating margin improves from roughly 1%.
• Details of the rights offering and new facility investment, including dilution and how the funds will be used.
• Free cash flow and debt levels, since free cash flow is negative and borrowings exceed cash.