Pharmaresearch Bio파마리서치바이오

Pharmaresearch Bio is profitable and high-margin on FY2025 filings, but its shares have fallen over the past year and sit well below the DCF base value in the data.

The company develops and manufactures botulinum toxin prescription drugs, with its main product Rientox sold mainly overseas through its parent, so nearly all revenue is export-based. FY2025 revenue rose 19.1% to ₩31.1B with a 44.2% operating margin, and borrowings of ₩34.1B are large relative to cash of ₩8.7B. The stock closed at ₩28,800 on 2026-10-23, down 10.3% over one year.

What stands out

• FY2025 net income of ₩12.3B was below operating income of ₩13.7B, and free cash flow was negative at about -₩0.7B.
• Revenue grew strongly in 2023 and 2024 but growth slowed to 19.1% in 2025, and net income fell from ₩10.2B in 2024 to ₩12.3B in 2025 after a ₩7.4B figure in 2022 and ₩2.3B in 2023.
• Valuation in the data is 9.8x P/E and 2.1x P/B, against a DCF base value of ₩47,934 and a bear-to-bull range of ₩33,248 to ₩71,435.
• Foreign ownership is 0% and retail investors bought the recent flows, while institutions were net sellers over 20 days.
• The latest filing is a conversion rights exercise (4th round) dated 2026-10-22, and recent filings are mostly investor relations events and routine annual meeting items.

What to watch

• Next annual or quarterly results, to see whether the 2025 margin and revenue growth hold and whether free cash flow turns positive.
• Further conversion rights exercises and their effect on share count, given the 4th round filing on 2026-10-22.
• Concentration on a single product and overseas sales through the parent company, plus the company's stated plan to enter facial aesthetics, which the data does not detail further.