Withus Pharmaceutical위더스제약

Withus Pharmaceutical has grown revenue to about ₩111.7B over the last twelve months, but profit margins have narrowed and the stock is well below its 52-week high.

Withus is a Korean prescription drug maker with its own plants, focused on cardiovascular, musculoskeletal and other chronic-disease medicines, sold through a nationwide network. Trailing twelve-month revenue is ₩111.7B with a 3.6% operating margin and ₩5.6B net income, while the share price of ₩6,860 sits roughly 43% below its 52-week high of ₩11,950. The data includes no analyst views, and the company pays no dividend.

What stands out

• Revenue has risen each year since 2021, from ₩57.4B to ₩106.4B in 2025, though growth slowed to 3.6% in 2025 after 28.2% in 2024.
• Operating margin has fallen from 9.9% in 2023 to 5.3% in 2025 and 3.6% on a trailing basis, so profitability has been squeezed even as sales grew.
• The balance sheet shows ₩18.9B of cash against ₩18.2B of borrowings, with liabilities at 38.6% of equity and trailing free cash flow of about ₩3.8B.
• Valuation metrics are modest in the data: P/E of 16.1 and P/B of 0.9, compared with peers such as Alteogen (P/E 86.6) and Samsung Biologics (P/E 33.1).
• Filings show a production halt in January 2026, followed by a voluntary disclosure of resumed production in February 2026.

What to watch

• The next results: the half-year report for June 2026 was filed in August, and the Q3 2026 quarterly report is the next scheduled update, with no date given in the data.
• Whether operating margin stabilises after the production halt and falling margins, and how the company manages its ₩18.2B of borrowings.
• The fair value model in the data gives a base of ₩7,419 with a bear case of ₩3,364 and a bull case of ₩14,668, but these are model outputs, not forecasts, and the data gives no detail on the assumptions behind them.