Bukwang Pharmaceutical (003000) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Bukwang Pharmaceutical is a traditional drugmaker that centers on Latuda (active ingredient lurasidone), a treatment for schizophrenia and bipolar depression, and manufactures and sells pharmacy and hospital products such as Tasenol, Araxyl and Legalon. It develops these alongside pipeline candidates in clinical stages — such as JM-010 for Parkinson's-disease dyskinesia and CP-012 for prostate cancer — so 'drugs that earn today' and 'drugs that could grow later' sit within one company. On April 21 preliminary Q1 results (revenue of ₩47.8 billion, operating profit of ₩1.1 billion) confirmed an earnings slowdown, on June 2 a Phase 3 clinical plan for an additional Latuda indication received approval from the drug safety ministry, and the company broadened its pipeline by acquiring a stake in an outside firm. What stands out lately is a two-sided picture: strengths include the recovery from loss to profit, the upside potential of expanding Latuda indications and the new-drug pipeline, a P/B of 1.18x and a dividend yield of about 3.1%; on the other hand, because this year's earnings are in a normalization phase, the forward P/E screens higher than peers', and with a payout ratio of 99.2%, dividend capacity moves together with earnings if they wobble.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Pharmaceuticals (profitable)” (Biotech & Pharmaceuticals), a type typically read first through P/E.
Established, profit-generating drugmakers earn fairly steady revenue from prescriptions and product sales, which makes their earnings reasonably predictable. That is why price-to-earnings (P/E) — the share price set against current net income — is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 25.4% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 0.1% lower than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.1%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder OCI Holdings 17.11% (corporate)
Controlling bloc incl. related parties 17.11%
With the controlling bloc holding 17%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Bukwang Pharmaceutical is a traditional drugmaker that manufactures and sells self-developed and in-licensed medicines. A large axis of revenue is central-nervous-system (brain/mental-illness) treatments — chiefly Latuda (active ingredient lurasidone, for schizophrenia and bipolar depression) — plus over-the-counter and prescription drugs. Products that sell steadily in pharmacies and hospitals — the antipyretic-analgesic Tasenol (acetaminophen), the constipation remedy Araxyl granules, the liver-function aid Legalon, and the iron supplement Ferrous-U — underpin cash flow. On top of this, it develops new-drug candidates in clinical stages, such as JM-010 for Parkinson's-disease dyskinesia and CP-012 for metastatic castration-resistant prostate cancer, so 'drugs that earn today' and 'drugs that could grow later' sit together within one company.
The latest close is ₩4,280 and the market capitalization is ₩422.3 billion. The price sits above its 20-day moving average (₩3,946) and below its 60-day moving average (₩4,430). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.7, a neutral level. The one-month change is +5.4%, the three-month change is -30.6%, and the position relative to the 52-week high is -55.4%. Relative strength versus the KOSPI is 36 (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 36% of all stocks. Over the past three months it lagged the index by 15.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed 2025 annual results, the P/E ratio (how many times one year's net profit the price represents) is 33.62x, the P/B (how many times per-share net asset value the price represents) is 1.27x, ROE (how much was earned in a year on equity) is 3.7%, and the operating margin is 7.1%. The debt ratio (debt to equity) is 139.8%, not excessive, and with a current ratio of 257% backed by cash-equivalent assets, the balance sheet is at an ordinary level. Reading the P/E figure alone as 'expensive' is difficult here: 2025 net profit (₩12.6 billion) has only just swung from the prior year's loss into the black, so the multiple wobbles sharply on even a small change in earnings. The P/B of 1.18x is similar to or below the sector median (about 1.45x) and the peer average, so from an asset-value standpoint it is hard to call overheated. In other words, this company has just passed an earnings inflection, so the picture comes into proper focus only when the year's trailing figures are viewed together with the earnings trajectory ahead.
Over five years, revenue traced a near-V shape — ₩182.5 billion in 2021 → ₩125.9 billion in 2023 (a trough during the pandemic and restructuring) → ₩200.7 billion in 2025 — dipping once before rising again. Operating profit recovered from a ₩37.5 billion loss in 2023 to +₩1.6 billion in 2024 and +₩14.2 billion in 2025, and net profit also swung to a profit of +₩12.6 billion in 2025. Revenue rose 25.4% year over year, so the top-line growth is clear. That said, the most recent quarter, Q1 2026, stagnated at revenue of ₩47.8 billion (-0.1% year over year), and operating profit fell 63.4% from a year earlier to ₩1.1 billion. Latuda and in-house product revenue is holding up, but with future-investment costs — clinical, licensing and acquisition spending — loaded up front, it is hard for this year's profit to reach the level of the sharp 2025 rebound. The forward P/E on this year's expected earnings screening higher than the confirmed FY2025 P/E (32.1x) reflects the same context: revenue grows, but this year's profit itself is in a normalization phase, one notch below last year's recovery peak. This does not mean the business has deteriorated; it is the typical pattern of the current year's profit being temporarily depressed while top-line growth and future investment proceed together.
This year's disclosures read along two strands. The first is regular confirmation material such as results and policy. The April 21 fair disclosure of preliminary consolidated Q1 results (revenue of ₩47.8 billion, operating profit of ₩1.1 billion) and the May 14 Q1 report support the earnings slowdown noted above, while the March 24 corporate-value-up plan (voluntary disclosure) is material in which the company itself lays out its shareholder-return and mid-to-long-term direction. The second is business events tied directly to future value. On June 2, an IND (Phase 3 clinical trial plan) to secure an additional indication for Latuda received approval from the drug safety ministry; since it aims to broaden the use of an already-selling flagship drug, revenue could expand if it bears fruit. The April 27 and May 13 (corrected) decisions to acquire shares of another company are open-innovation/M&A moves that acquire an outside firm's stake, broadening the pipeline while accompanying cash outlays.
The strengths are clear: the earnings recovery from loss to profit, in-house products that sell steadily in pharmacies and hospitals, the upside potential of expanding Latuda indications and the new-drug pipeline, and dividend appeal with a yield of about 3.1%. On asset value (P/B of 1.18x) it is not expensive versus peers, so there is room for a re-valuation if the top line keeps growing and progress emerges in new drugs and indications. The points to watch alongside are equally clear. Despite revenue growth, this year's profit is passing through a normalization phase below last year's recovery peak, so the earnings-based multiple (forward P/E) screens higher than peers'. With a payout ratio of 99.2%, most of what it earns is returned as dividends, so dividend capacity moves together with earnings if they wobble, and clinical trials and M&A take time and cost before results are confirmed. In sum, this is a stock in which 'if top-line growth carries through to profit and progress emerges in Latuda indications and the pipeline, its appeal relative to asset value revives, whereas if future-investment costs run ahead and the earnings recovery is slow, some multiple burden lingers for a while.'
🔎 Valuation vs peers Inconclusive
The peer set is mid-sized KOSPI pharmaceutical firms that likewise combine in-house drug revenue with a new-drug pipeline (large biosimilar/CDMO names are excluded as their business structure differs). The figures use the same on-site calculation formula.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Chong Kun Dang | 12.25x | 0.93x | 7.62% |
| JW Pharmaceutical | 9.31x | 1.50x | 18.73% |
| Ildong Pharmaceutical | 17.53x | 1.96x | 13.94% |
| Yungjin Pharm | — | 2.51x | -0.25% |
On P/E alone it looks overvalued, far above peers, but this largely reflects the low earnings base following the 2025 swing to profit (the typical distortion of trailing P/E at an earnings inflection). Viewed together with a P/B of 1.25x and an ROE of 3.7%, it is hard to call expensive relative to asset value, while profitability falls short of peers. As for the forward basis, there is no official company forecast, so it can only be gauged from a DART seasonality approximation (this year's operating profit of about ₩5.2 billion), which has low reliability. Rather than pronouncing it cheap or expensive on a single metric, it is more reasonable to look again after checking whether the earnings recovery carries through the quarters and whether progress emerges in Latuda indications and the pipeline, so it is left Inconclusive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩50.3 billion | approx. ₩0.7 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩4,280 and the market capitalization is ₩422.3 billion. The price sits above its 20-day moving average (₩3,946) and below its 60-day moving average (₩4,430). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.7, a neutral level. The one-month change is +5.4%, the three-month change is -30.6%, and the position relative to the 52-week high is -55.4%. Relative strength versus the KOSPI is 36 (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 36% of all stocks. Over the past three months it lagged the index by 15.1%. 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 -15.14% / 6M -12.72% / 12M -33.06%
Key metrics Computed vs sector median
Valuation
The P/E of 33.62x is above the sector median (15.02x). The P/B of 1.27x is above the sector median (1.10x).
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.
Profitability & financials
Return on equity (ROE) is 3.7%, above the sector average (1.0%). The operating margin is 6.1%. The debt ratio is 40.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $88.5M | $112.5M | $141.0M | +25.38% ↓ slower |
| Operating profit | -$26.3M | $1.1M | $10.0M | +775.57% |
| Net profit | -$22.0M | -$1.9M | $8.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $128.2M | $134.1M | $88.5M | $112.5M | $141.0M |
| Operating profit | $3.9M | -$162,022 | -$26.3M | $1.1M | $10.0M |
| Net profit | -$643,930 | -$1.7M | -$22.0M | -$1.9M | $8.8M |
| Revenue CAGR | 4-yr avg 2.41% | ||||
Revenue rose 25.4% year over year (2023 ₩125.9 billion → 2024 ₩160.1 billion → 2025 ₩200.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 775.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.4%. The two-year revenue CAGR is 26.2%. In the most recent quarter (Q1 2026), revenue was 0.1% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 25.4% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02FilingAn IND (Phase 3 clinical trial plan) to secure an additional indication for Latuda (lurasidone) received approval from the drug safety ministryThe short-term effect is limited, but as an attempt to broaden the flagship drug's prescribing range, success would be a medium-term factor for expanding revenue reach. The trial's duration and cost, and the risk of failure, are burdens. Source
- 2026-04-27FilingDecision to acquire shares and equity securities of another company (acquiring an outside firm's stake — of an open-innovation/M&A nature)A move that could broaden the pipeline and business reach over the medium term, but it accompanies cash outlays. Some terms were revised in a corrected disclosure on May 13. Source
- 2026-04-21EarningsFair disclosure of preliminary consolidated Q1 2026 results — revenue of ₩47.8 billion, operating profit of ₩1.1 billionRevenue was similar to a year earlier, but operating profit fell about 63% from the same period. A short-term negative signal showing the earnings recovery stalled for a quarter. Source
- 2026-03-24FilingCorporate-value-up plan (voluntary disclosure) — the company voluntarily lays out its shareholder-return and mid-to-long-term directionA mid-to-long-term policy confirmed through official company material. Whether it leads to actual dividends and improved capital efficiency needs checking together with subsequent results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 operating profit (consolidated) | ₩14.2 billion | (2025.12) | Confirmed | link |
| Q1 2026 operating profit (consolidated) | ₩1.1 billion | (2026.03) | Confirmed | link |
| Flagship product mix (Latuda, Tasenol, Araxyl, etc.) | — | — | Confirmed | link |
| 2026 seasonality-approximated revenue and operating profit | revenue approx. ₩191.4 billion · operating profit approx. ₩5.2 billion | — | Unverified | link |
Recent filings Source
- 2026-06-02Disclosure
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-13Amended filing
- 2026-04-27Disclosure
- 2026-04-21EarningsFair-disclosure notice
- 2026-04-15Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
📖 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.