Pangen Biotech팬젠

Pangen Biotech has returned to a small trailing profit, but its operating margin is thin and the shares are down 25.8% over the past year.

Pangen Biotech, a Korean biologics maker known for its biosimilar EPO drug and contract manufacturing, reported trailing twelve-month revenue of ₩14.2B and operating income of ₩235M to H1 2026. Net income of ₩1.1B is well above operating income, and the company shows no borrowings but negative free cash flow of ₩3.4B. The shares closed at ₩4,580 on 2026-10-27, well inside their 52-week range of ₩4,220 to ₩8,510.

What stands out

• Trailing operating margin is 1.7%, down sharply from 11.2% in 2025, though 2025 itself followed losses in 2021 to 2023.
• Revenue fell 8.6% in 2025 to ₩13.4B after a 100.6% jump in 2024, so the top line has been volatile.
• Net income is about five times operating income on a trailing basis, so non-operating items likely matter; the data does not explain their source.
• Valuation is elevated at 54.7 times trailing earnings and 2.0 times book, against a peer range of roughly 15 to 79 times earnings; no dividend is paid.
• Cash of ₩3.0B and zero borrowings give a low-leverage balance sheet, with liabilities at 8.2% of equity.
• Foreign ownership edged up to 7.3% from 7.1% over 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• Q3 2026 quarterly results, which the data does not yet show, to see whether operating profit holds up.
• Progress on the June 2026 major sales or supply contract and any follow-up filings on the company's pipeline products.
• Whether negative free cash flow persists, since trailing free cash flow is -₩3.4B and the data gives no cash-burn outlook.