CMG PharmaceuticalCMG제약

CMG Pharmaceutical is loss-making at the operating level on trailing figures, with its share price down sharply over the past year.

The company, a KOSDAQ-listed pharma firm focused on oral disintegrating film (ODF) drugs, reported trailing twelve-month revenue of ₩115.7B for H1 2026 but an operating loss of ₩3.6B and negative free cash flow of ₩49.5B. The share price closed at ₩562 on 2026-10-16, down 69.8% over one year and near the ₩1,000 level where exchange listing concerns apply.

What stands out

• Revenue has grown from ₩69.5B in 2021 to ₩115.7B on a trailing basis, but operating margin has turned negative (-3.1% trailing, -3.5% in 2025).
• 2025 net loss was ₩10.1B, following a net profit of ₩2.7B in 2024; trailing net income is positive at ₩3.1B, which the data does not explain further.
• Borrowings are ₩44.4B against cash of ₩11.5B, and liabilities are 56.7% of equity.
• Recent filings include an early redemption of the 8th series convertible bonds and a trading halt on 2026-09-28; the data does not give the reason for the halt.
• An 'Under Management' designation notice was filed on 2026-08-05 because the share price was below ₩1,000.

What to watch

• Details of the convertible bond early redemption and how it is funded, given the existing debt load.
• The reason for the 2026-09-28 trading halt and any follow-up filings, which the data does not describe.
• Whether the company can return to positive operating income and cash flow; the data contains no forecasts.