SK biopharmaceuticalsSK바이오팜

SK Biopharmaceuticals is highly profitable on trailing numbers, but its share price has fallen sharply over the past year.

On a trailing basis to H1 2026, revenue was about ₩861B with operating income near ₩303B and net income near ₩401B, led by its epilepsy drug cenobamate (sold as XCOPRI in the US and ONTOZRY in Europe). The share price closed at ₩75,800 on 2026-10-26, down 28.8% over one year and well below its 52-week high of ₩144,100. The DCF model in the data gives a base value of ₩38,735, below the current price, so the market is pricing in more than that model shows.

What stands out

• Trailing operating margin is 35.2% and net margin is 46.6%, up from a 2023 operating loss; 2025 revenue was about ₩707B, up 29.1%.
• Net income in 2025 (about ₩267B) was lower than in 2024 (about ₩241B is also lower in revenue terms), and trailing net income is well above operating income, so non-operating items are material; the data does not explain them.
• Cash is about ₩380B against no reported borrowings, and trailing free cash flow is about ₩241B.
• Recent headlines focus on Q3 earnings expectations from Xcopri growth and on the Ojjaara Phase 3 resumption, with one broker target price of ₩155,000 cited; this is a reported opinion, not a forecast from this summary.
• Foreign ownership fell from 12.4% to 11.7% over 60 days, and foreign investors were net sellers over the last 20 days, while institutions were net buyers.

What to watch

• Q3 2026 results and whether Xcopri growth and the Ojjaara Phase 3 resumption support the earnings expectations in recent headlines.
• Recent filings include a major sales or supply contract (2026-09-23) and a management matter relevant to investors (2026-09-17); their details are not in the data.
• Competitive and valuation pressure: the stock trades at 14.8x trailing earnings and 5.8x book, while the data gives a DCF base value of ₩38,735 and a bear case of ₩26,197.