Kyongbo Pharmaceutical경보제약

Kyongbo Pharmaceutical's revenue keeps growing, but profits are thin and the shares have fallen over the past year.

Kyongbo is a small Korean drugmaker focused on active pharmaceutical ingredients and finished prescription drugs. On trailing twelve-month figures to H1 2026 it had about ₩279.6B of revenue but only ₩2.6B of operating income, and free cash flow was negative at about -₩77.5B. The share price closed at ₩5,170 on 2026-10-26, down 9.8% over one year and about 45% below its 52-week high of ₩9,300.

What stands out

• Revenue grew about 10.7% in 2025 to ₩264.1B, but operating margin fell to 1.3% and net income dropped to ₩182M from ₩4.6B in 2024.
• Trailing borrowings of ₩155.4B against cash of ₩6.9B, with liabilities at 150.1% of equity, mean the balance sheet carries significant debt.
• Trailing free cash flow is -₩77.5B, while the data shows a 0.9% operating margin and 1.7% net margin, so the business is not yet generating much cash after investment.
• Valuation shown is P/E of 25.3 and P/B of 0.8, with a 1% dividend yield; the data does not include a fair value estimate or analyst targets.
• Recent filings include several amended major-matters reports on business suspension dated August and September 2026, and a sales or supply contract termination in April 2026; the data does not explain their scope.

What to watch

• The business suspension filings: the data does not say what was suspended or how material it is, so the filing text itself is the place to check.
• Full-year 2026 results and the next quarterly report, to see whether margins and cash flow improve from the thin trailing levels.
• Debt levels and refinancing, since borrowings are far above cash and free cash flow is negative.