Icure Pharmaceutical Incorporation아이큐어

Icure's shares have fallen sharply over the past year as losses continue, though revenue has grown.

Icure Pharmaceutical makes patch-type drugs using its transdermal delivery technology, plus contract cosmetics manufacturing. Trailing twelve-month revenue is about ₩105.8B, but operating and net losses remain, and borrowings of ₩23.5B exceed cash of ₩7.4B. The share price is ₩1,485, down 48.3% over one year and well below its 52-week high of ₩3,300.

What stands out

• Trailing revenue reached ₩105.8B for the twelve months to H1 2026, up from ₩83.4B in 2025 and ₩69.2B in 2024.
• Operating margin improved to -2.4% on a trailing basis, from -14.3% in 2025 and -24.8% in 2024, though the company is still loss-making.
• Net loss on a trailing basis is about ₩20.0B, and free cash flow is negative at about ₩6.2B.
• Liabilities are 251.7% of equity, and return on equity is -45.3% on a trailing basis.
• Foreign ownership fell from 3.4% to 1.6% over the past 60 days, and the 20-day flows show foreign buying of about ₩0.1B against retail and institutional selling.

What to watch

• Whether the amended half-year report filings (dated 2026-10-20 and 2026-09-18) change the reported figures.
• Further insider shareholding and 5%+ holding filings, plus the recent change of largest shareholder noted on 2026-09-04.
• Debt level versus cash, given the negative free cash flow; the data does not include any refinancing or dividend details.