Samsung Pharm is a pharmaceutical and biotech company that develops, produces and sells drugs, with a market cap of about ₩119.7 billion; because it is small, a single disclosure such as a contract or financing can move revenue and the share count, so those must be watched alongside the business. In August 2025 a ₩26.3 billion single sale and supply contract (amended) and a ₩26.9 billion convertible-bond issuance result were disclosed, and in January 2026 a designation of the exercising party for the convertible-bond option at a conversion price of ₩1,591 followed. The notable point recently is that net profit swung from loss to profit, a P/E of 10.4x and a P/B of 0.99x sit below peers, and an ROE of 9.5% is a strength; still, operating profit is still a loss, so it must be checked whether the profit comes stably from the core business, while the tight short-term funding cushion (debt ratio 138.3%, current ratio 92.1%) and the room for the share count to rise on convertible-bond conversion should be watched together.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 92.1%).
- Revenue rose 4.0% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 20.6% lower than a year earlier.
- ROE is 9.5% (total-net basis). It is above the sector average.
- Operating margin is -39.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Gemvax & Kael 10.46% (corporate)
Controlling bloc incl. related parties 10.47%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Samsung Pharm is a pharmaceutical and biotech company that develops, produces and sells drugs.
- With a small size of about ₩119.7 billion in market cap, it is a stock where you must watch not only the flow of the business itself but also how a single disclosure such as a contract or financing affects revenue and the share count.
- The recent close is ₩1,281 and the market cap is ₩120.6 billion.
- The price sits below the 20-day line (₩1,360) and the 60-day line (₩1,607).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that weighs upward versus downward strength over the last 14 days on a 0–100 scale) is 38.4, a neutral level.
- The one-month change is -4.0%, the three-month change is -28.9%, and the position versus the 52-week high is -42.0%.
- Relative strength versus the KOSPI is 15 (on a 1–99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 86% by strength among all stocks.
- Over the past three months it lagged the index by 46.6%.
- Chart reading is best done alongside trading volume and disclosure dates.
- For the most recent full year (2025), revenue was ₩46.1 billion, operating profit -₩18.1 billion and net profit ₩11.5 billion.
- It is still a loss at the operating stage, but with non-operating items added in, net profit came in positive and the net margin was 25.1%.
- The ROE (how much is earned on equity in a year) of 9.5% stands out among a peer set with many losses (Corestem-chemon, Prestige Biologics and ISU Abxis all have negative ROE).
- The P/E (how many times a year's earnings the share price is) is 10.45x and the P/B (how many times book value the share price is) is 1.00x, both low versus peers and classified in the diagnosis as undervalued.
- In particular, a P/B below 1x means the share price is set cheaper than the company's net assets on the books.
- That said, with a debt ratio of 138.3% and a current ratio of 92.1%, the short-term cash cushion is not ample, so whether the profit comes from operations or from non-operating items is something to check each quarter.
- The biggest change is that net profit swung from a loss of -₩24.8 billion in 2023 and -₩14.1 billion in 2024 to +₩11.5 billion in 2025 — a turnaround from loss to profit.
- Revenue of ₩46.1 billion in 2025 rose 4.0% from the prior year, a picture of the growth pace reviving.
- In the most recent quarter (first quarter of 2026), revenue of ₩9.0 billion fell 20.6% from the same period a year earlier, but net profit of ₩8.8 billion kept the profit going.
- In other words, the key point is that even with a small revenue scale, profit changed direction from loss to profit.
- Still, operating profit is still a loss, so it is important to follow the next quarter's results to see whether this profit settles into a structure that comes steadily from the core business.
- On August 25, 2025, a ₩26.3 billion single sale and supply contract signing (amended) was disclosed; how much and when this amount and contract period turn into revenue is the key, and whether it is one-off or a repeat deal shapes the medium-term reading.
- On August 21, 2025, a ₩26.9 billion convertible-bond issuance result was disclosed, and on January 16, 2026 there was a designation of the exercising party for the convertible-bond option at a conversion price of ₩1,591.
- For a financing disclosure, one must look together at what the incoming money is used for (its purpose) and how much the share count rises on conversion; if the purpose is facilities or operations, the watch point is whether actual spending feeds through to revenue.
- The strengths are clear.
- Net profit swung from loss to profit, and with a P/E of 10.4x and a P/B of 0.99x sitting below peers, the share price is cheap against earnings and assets.
- That it posted an ROE of 9.5% among a peer set with many losses provides support.
- On the other side, the points to watch are that operating profit is still a loss, so it must be checked whether the profit comes stably from the core business; that the short-term funding cushion is tight with a debt ratio of 138.3% and a current ratio of 92.1%; and that the share count could rise on convertible-bond conversion.
- In short, this is a stock where the low valuation comes to the fore as appeal if net profit continues each quarter and the ₩26.3 billion contract is recognized as actual revenue, but where the undervaluation reading weakens if the operating loss drags on or the profit leans on non-operating factors.
🔎 Valuation vs peers Undervalued
Peers with adjacent market caps within pharmaceuticals and biotech.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Corestem-Chemon | — | 1.82x | -48.63% |
| Prestige Biologics | — | 1.05x | -20.32% |
| ISU Abxis | — | 1.22x | -9.33% |
The primary reference was a public-data peer set with nearby market caps within pharmaceuticals and biotech. The current P/E (how many times a year's earnings the share price is) is 10.45x and the P/B (how many times book value the share price is) is 1.00x. That said, because smaller-cap names are heavily affected by earnings swings and financing disclosures, no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩34.9 billion | — | — |
| Next quarter | Q2 2026 | ₩8.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,281 and the market capitalization is ₩120.6 billion. The price sits below its 20-day moving average (₩1,360) and below its 60-day moving average (₩1,607). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 38.4, a neutral level. The one-month change is -4.0%, the three-month change is -28.9%, and the position relative to the 52-week high is -42.0%. Relative strength versus the KOSPI is 15 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 14% of all stocks. Over the past three months it lagged the index by 46.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -46.55% / 6M -46.54% / 12M -68.10%
Key metrics vs sector median
Valuation
The P/E of 10.45x is below the sector median (15.98x). The P/B of 1.00x is below the sector median (1.37x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.5%, above the sector average (3.0%). The operating margin is -39.2%. The debt ratio is 138.3%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $34.4M | $29.4M | $30.5M | +4.02% ↑ faster |
| Operating profit | -$12.0M | -$9.8M | -$12.0M | — |
| Net profit | -$16.4M | -$9.3M | $7.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $36.4M | $34.4M | $34.4M | $29.4M | $30.5M |
| Operating profit | -$12.0M | -$9.3M | -$12.0M | -$9.8M | -$12.0M |
| Net profit | -$26.7M | -$16.6M | -$16.4M | -$9.3M | $7.7M |
| Revenue CAGR | 4-yr avg -4.29% | ||||
Revenue rose 4.0% year over year (2023 ₩52.0 billion → 2024 ₩44.3 billion → 2025 ₩46.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.3%. The two-year revenue CAGR is -5.8%. In the most recent quarter (Q1 2026), revenue was 20.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2025-08-25Contract[Amended] Single sale and supply contract signed: contract amount ₩26.3 billionThe contract amount and period are key to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term reading. Source
- 2026-01-16UpdateMaterial fact report (designation of convertible-bond option exercising party): conversion price ₩1,591A disclosure to be read alongside the purpose of the incoming funds and the change in share count. When a facilities or operations purpose is stated, the key is whether the actual investment is executed and linked to revenue. Source
- 2025-08-21UpdateResult of issuance of rights offering or stock-related bonds (voluntary disclosure): -08-08 actual shares issued (shares) - actual issuance amount (won) 26,900,000,000 payment date 2025-08-21 4. Other material matters relating to investment decisions - ※ Related disclosures 2025-08-08 convertible-bond issuance decision 2025-08-20 convertible-bond issuance decisionA disclosure to be read alongside the purpose of the incoming funds and the change in share count. When a facilities or operations purpose is stated, the key is whether the actual investment is executed and linked to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,281 | ₩1,281 | Confirmed | link |
| Latest quarterly results | revenue ₩9.0 billion, operating profit -₩1.9 billion | revenue ₩9.0 billion, operating profit -₩1.9 billion | Confirmed | link |
| Annual results | revenue ₩46.1 billion, operating profit -₩18.1 billion | revenue ₩46.1 billion, operating profit -₩18.1 billion | Confirmed | link |
| Contract disclosure source text | []ㆍapprox. : approx. ₩26.3 billion | []ㆍapprox. : approx. ₩26.3 billion | Confirmed | link |
| Financing disclosure source text | : ₩1,591 | : ₩1,591 | Confirmed | link |
| Financing disclosure source text | : -08-08 - 26,900,000,000 2025-08-21 4. - ※ 2025-08-08 2025-08-20 | : -08-08 - 26,900,000,000 2025-08-21 4. - ※ 2025-08-08 2025-08-20 | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Litigation disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.