Reyon Pharmaceutical이연제약

Reyon Pharmaceutical is loss-making on a trailing basis, with heavy equity-linked financing activity and the share price down over the past year.

Trailing twelve-month revenue is about ₩143B with an operating loss of about ₩29B and a net loss of about ₩34B as of H1 2026, after a 2025 loss of about ₩30B at the operating line. The balance sheet shows liabilities at 128% of equity and borrowings of about ₩89.5B against cash of about ₩7B. The share price closed at ₩9,680 on 2026-10-28, near the lower part of its 52-week range of ₩9,100 to ₩13,200.

What stands out

• Revenue has drifted down slightly each year since 2023, while operating profit turned from a small gain in 2024 to losses of about ₩29B to ₩30B in the trailing period and 2025.
• The filings from October 2026 are dominated by convertible bond decisions, amendments, conversion price adjustments and an early acquisition of own convertible bonds, which point to ongoing equity-linked financing.
• Free cash flow is reported at about ₩1.2B on a trailing basis, which is small relative to the operating loss and borrowings.
• Foreign ownership rose from 0.9% to 1.2% over about 60 days, while the 20-day flows show foreign and institutional net selling and retail net buying.
• Valuation shows price-to-book of 0.9 and price-to-sales of 1.3, but no meaningful earnings multiple because earnings are negative; the data gives no dividend yield.

What to watch

• Outcome and dilution effects of the convertible bond issues and the rights offering results, as shown in upcoming filings.
• Progress of the proposed asset securitization of the Chungju plant, which the press says is aimed at raising about ₩100B.
• Next periodic financial results, to see whether operating losses narrow from the trailing level of about -20% operating margin.