BioPlus바이오플러스

BioPlus's trailing profit is still solid, but revenue growth has slowed and the shares are down sharply over the past year.

BioPlus makes hyaluronic acid-based medical devices, cosmetics and biopharmaceuticals, selling through partners and its own sales force in Korea and overseas. On trailing twelve-month figures to H1 2026 it reports revenue of ₩99.2B, operating income of ₩17.7B and net income of ₩13.8B, though free cash flow was negative at about ₩-4.6B and borrowings of ₩61.4B exceed cash of ₩20.2B. The share price of ₩3,405 is well below its 52-week high of ₩6,740, down 45.8% over one year.

What stands out

• Revenue jumped 36.9% in 2025 to ₩90.9B, but 2024 growth was only 2.1%, so the trend is uneven.
• Operating margin has fallen from 43.1% in 2023 and 35.6% in 2024 to 16.5% in 2025 and 17.9% on a trailing basis.
• Trailing net margin is 14% and ROE is 8.9%, while liabilities are 48.1% of equity.
• The company's own discounted cash flow model gives a base value of ₩7,382 per share, with a bear case of ₩4,517 and a bull case of ₩12,171; these are model outputs, not forecasts.
• Recent filings include a corporate value-up plan, a conversion price adjustment and several 5%+ holding reports, and news covers a new filler product launch with Brazil's Simed.

What to watch

• The next quarterly and annual results, to see whether margins stabilise after the sharp fall from 2023 levels.
• Cash generation and debt: free cash flow was negative and borrowings are well above cash.
• Foreign ownership fell from 3.4% to 3% over 60 days and retail investors were net sellers over the last 20 days; the data does not explain the cause.