PharmaResearch파마리서치

PharmaResearch remains very profitable on trailing figures, but its shares have fallen sharply over the past year.

On trailing twelve-month figures to H1 2026, the company reported revenue of ₩604B, operating income of ₩238B and net income of ₩186B, with cash of ₩220B against borrowings of ₩6.4B. The share price closed at ₩229,500 on 2026-10-26, down 58.1% over one year and near its 52-week low of ₩228,500. The data does not explain the decline in detail.

What stands out

• Revenue grew 53.2% in 2025 to ₩536B, and operating margin on trailing figures is 39.4%, though the 2026 trailing revenue figure of ₩604B is above the 2025 full-year number.
• The DCF fair value model gives a base of ₩460,279, with a bear of ₩327,350 and a bull of ₩673,460; this is a model output, not a forecast.
• Trailing P/E is 12.8 and P/B is 3.2, below several listed peers such as Samsung Biologics and Alteogen, while the dividend yield is 1.6%.
• Foreign ownership rose from 6.6% to 16.4% over the past 60 days, while institutions were net sellers of about ₩124B over the last 20 days.
• Recent headlines cover a US Costco cosmetics listing for Rejuran, while one commentary piece says the medical tourism tailwind is fading and the company needs a new growth engine.

What to watch

• The next half-year and quarterly results and any guidance in the filings, since the data does not include forward forecasts.
• Progress of the US Costco distribution for Rejuran cosmetics and whether it changes sales mix.
• Further 5%+ holding reports or changes in foreign and institutional ownership, given recent large flows in both directions.