High Tech Pharm하이텍팜

High Tech Pharm's profits remain solid on a trailing basis, but its revenue has been shrinking and the shares have fallen sharply over the past year.

High Tech Pharm is a Korean maker of injectable antibiotic ingredients, mainly carbapenems, with about 87% of sales going to Europe. On trailing twelve-month figures to H1 2026 it reported revenue of ₩69.4B... to be exact, ₩69.4B is not right: revenue is ₩69.4B and operating income is ₩12.3B, a 17.7% operating margin. The stock closed at ₩9,550 on 2026-10-15, down 27.7% over one year and near its 52-week low of ₩9,300.

What stands out

• Revenue fell 9.5% in 2025 to about ₩70.2B, after a 25.4% drop in 2023 and a 1% rise in 2024, so the top line has been volatile rather than growing.
• Operating margin was 18.3% in 2025 and 17.7% on a trailing basis, well above the 4.8% seen in 2022, though below the 20.1% peak in 2024.
• Trailing free cash flow was negative at about -₩2.3B, even though net income was ₩11.9B, and the filings data shows cash of ₩2.5B with no reported borrowings.
• The shares trade at about 8.5 times trailing earnings and 0.8 times book value, with no dividend yield shown in the data.
• The company's own discounted cash flow model gives a base value of ₩4,912, below the current price, with a bear case of ₩2,692 and a bull case of ₩8,698; these are model outputs, not forecasts.

What to watch

• Upcoming full-year results and whether revenue stabilises after two years of decline.
• Amended half-year report filings from August and September 2026, which may signal accounting or disclosure changes worth reading.
• Customer concentration in Europe and progress on expanding into Asia and North America, which the company describes as a goal but the data does not quantify.