Boryung makes money from its self-developed hypertension drug Kanarb and its family (Kanarb, Dukarb, etc., generating ₩140-180 billion a year) and from an oncology business that buys out patent-expired global original cancer drugs and sells them directly (about ₩238.7 billion in 2025). A June 2026 amended disclosure completed the acquisition of Taxotere (docetaxel), securing sales rights across 19 countries for an original cancer drug spanning seven tumor types for about €170 million (the antitrust authority granted conditional approval and ordered the divestiture of its own generic, Detaxel); a late-April preliminary Q1 result confirmed a surge in operating profit. What stands out lately is that a growth axis of original cancer drugs has been added to the Kanarb cash cow, with net cash, a 64% debt ratio, a 14.5% FCF yield, and a P/B of 0.85x lending undervaluation appeal; the caution is that the timing of the acquisition's profit contribution, the Detaxel divestiture and drug-pricing policy risk, and the one-off gain mixed into Q1 net profit all need to be watched.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 0.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.2% higher than a year earlier.
- ROE is 7.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.4%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Boryung Holdings 29.71% (corporate)
Controlling bloc incl. related parties 64.78%
With the controlling bloc holding 65%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Boryung makes money in two broad ways.
- The first is its self-developed hypertension drug, the Kanarb family.
- The Kanarb single-ingredient product and combination drugs that pair it with other ingredients (such as Dukarb), grouped as the Kanarb family, form a flagship cash cow generating ₩140-180 billion in annual revenue.
- The second is the oncology business.
- Boryung uses a strategy (which the company calls LBA) of buying out entire original cancer drugs from global pharmaceutical firms whose patents have expired and selling them directly at home and abroad.
- Following Gemzar and Alimta, in 2026 it acquired the Taxotere (ingredient name docetaxel) business, used for breast cancer and more, for about €170 million, securing sales rights in 19 countries.
- The oncology unit reached about ₩238.7 billion in 2025 and, alongside Kanarb, has become a core growth axis for the company.
- The latest close is ₩8,070 and the market cap is ₩692.3 billion.
- The price sits below its 20-day line (₩8,635) and below its 60-day line (₩9,183).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs recent up-moves against down-moves on a 0-100 scale over the past 14 days) is 39.3, a neutral reading.
- The one-month change is -2.2%, the three-month change is -14.1%, and the price sits -24.4% from its 52-week high.
- Its relative strength versus the KOSPI is 22 (on a 1-99 scale that converts return versus the index over the past year, weighting more recent performance; higher means stronger than the market).
- That places it in roughly the top 79% of all stocks by strength.
- Over the past three months it lagged the index by 33.2%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The P/E ratio (how many years of earnings the share price equals) is 10.77x, low within the pharma sector.
- The P/B (how many times net assets the price represents) is 0.82x, trading below book net assets.
- ROE (how much a company earns in a year on its equity) is 7.6%, an ordinary level.
- The debt ratio (debt versus equity) is a low 64%, so the balance sheet is stable.
- With a current ratio of 260% and negative net debt (net cash), there is also cash headroom.
- A metric useful to beginners here is EV/EBIT (enterprise value divided by operating profit, a P/E equivalent that also reflects debt).
- Boryung is at 10.8x, not far from its P/E, meaning that with little debt the distortion is small.
- The FCF yield (the ratio of cash actually generated to market cap) is a high 14.5%, a sign that the company's cash generation is ample relative to the share price.
- Note, however, that the P/E is based on last year's confirmed profit, a figure from before the oncology acquisition's effect is fully reflected.
- Revenue rose steadily from ₩627.3 billion in 2021 to ₩1,017.4 billion in 2025, entering the ₩1 trillion club over four years (about 13% average annual growth).
- That said, 2025 revenue was nearly flat versus the prior year (+0.0%), so top-line growth paused briefly, and operating profit slipped slightly to ₩65.1 billion.
- It passed through a slowdown phase.
- But the flow shifted in 2026.
- Q1 revenue was ₩255.4 billion (+6.1%) and operating profit was ₩20.1 billion (+84.6%), a large jump in profit.
- These figures include a one-off provision related to a drug-price cut, so excluding that factor the operating-profit increase is even larger.
- In other words, profit nearly doubled even on depressed figures.
- Kanarb-family prescriptions grew more than 8%, and the margin contribution of the acquired original cancer drugs was added on top.
- Net profit surged to ₩41.4 billion in Q1, but this includes non-recurring gains tied to the Taxotere business acquisition, so that magnitude cannot simply be annualized as is.
- Even so, the operating-level improvement is real, and this year, with oncology revenue reflected for a full period, profit is seen entering a phase of clearly rising above last year's.
- Even if last year's confirmed P/E looks somewhat high, measured against this year's rising profit the valuation calculates lower.
- The core of the 2026 flow is the Taxotere acquisition.
- First announced in September 2025, the contract was completed via a June 2026 amended disclosure, securing sales rights in 19 countries for an original cancer drug used across seven tumor types including breast and lung cancer, for about €170 million.
- It is the first case of a Korean pharmaceutical firm buying an entire original cancer-drug business from a global big pharma and taking it to direct global sales itself.
- However, the antitrust authority granted the acquisition conditional approval and, over market-monopoly concerns, ordered Boryung to divest its own generic, Detaxel (annual revenue of about ₩10 billion), to a third party within a set period.
- In late April the company released preliminary Q1 results in a fair disclosure, confirming the surge in operating profit.
- The dividend is being maintained at ₩160 per share (a yield of about 1.9%).
- The strengths are clear.
- Kanarb, a self-developed drug cash cow, keeps growing prescriptions, and the oncology acquisition adds another growth axis.
- The balance sheet is sturdy with net cash and a 64% debt ratio, and cash generation is strong (14.5% FCF yield).
- The valuation is cheaper than net assets at a P/B of 0.85x, and lower still measured against this year's rising profit.
- The share price has instead been pushed down, so a time gap has opened between it and results.
- There are cautions too.
- How much of a large acquisition like Taxotere's actual profit contribution will be reflected for a full period this year, the impact of the Detaxel divestiture order on oncology revenue, and policy risk such as drug-price cuts all need watching.
- The Q1 net-profit surge includes one-off gains, so this figure must not be mistaken for normal earnings.
- In short, in conditions where the oncology acquisition's effect flows through to revenue and profit and Kanarb's growth is maintained, the undervaluation appeal stands out; if integration is delayed or drug-pricing and divestiture issues grow, the pace of improvement slows.
🔎 Valuation vs peers Undervalued
Compared with mid-to-large domestic pharmaceutical firms (those holding self-developed drugs and centered on finished medicines).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daewoong Pharmaceutical | 7.79x | 1.52x | 19.47% |
| Yuhan Corporation | 27.66x | 2.27x | 8.22% |
| Bukwang Pharmaceutical | 30.56x | 1.13x | 3.69% |
Boryung's current P/E of 10.77x is much lower than Yuhan and Bukwang Pharmaceutical (28-32x) and higher than Daewoong Pharmaceutical (7.4x). But Daewoong has far higher profitability at an ROE of 19.5%, so a simple comparison is difficult. Boryung's P/B of 0.85x is the lowest in the peer set, a clear discount to net assets. On top of this, last year's confirmed P/E has the limitation of using profit from before the oncology acquisition's effect is reflected. Considering the 85% jump in Q1 2026 operating profit, the more profit rises this year, the lower the actual valuation calculates. With undervaluation to net assets overlapping a phase of profit improvement, we judge it undervalued.
Price history Close · MA20 · MA60
The latest close is ₩8,070 and the market capitalization is ₩692.3 billion. The price sits below its 20-day moving average (₩8,635) and below its 60-day moving average (₩9,183). 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 39.3, a neutral level. The one-month change is -2.2%, the three-month change is -14.1%, and the position relative to the 52-week high is -24.4%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 33.2%. 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 -33.21% / 6M -46.15% / 12M -59.43%
Key metrics vs sector median
Valuation
The P/E of 10.77x is below the sector median (15.98x). The P/B of 0.82x is below the sector median (1.37x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 7.6%, above the sector average (3.0%). The operating margin is 6.4%. The debt ratio is 64.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $569.7M | $674.1M | $674.3M | +0.03% ↓ slower |
| Operating profit | $45.2M | $46.7M | $43.1M | -7.67% ↓ slower |
| Net profit | $26.6M | $46.2M | $42.6M | -7.65% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $415.7M | $504.0M | $569.7M | $674.1M | $674.3M |
| Operating profit | $27.5M | $37.5M | $45.2M | $46.7M | $43.1M |
| Net profit | $28.5M | $27.8M | $26.6M | $46.2M | $42.6M |
| Revenue CAGR | 4-yr avg 12.85% | ||||
Revenue rose 0.0% year over year (2023 ₩859.6 billion → 2024 ₩1.0 trillion → 2025 ₩1.0 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 7.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.8%. The two-year revenue CAGR is 8.8%. In the most recent quarter (Q1 2026), revenue was 6.2% higher 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.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 0.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-06-01FilingAn amended disclosure of a major managerial matter related to investment judgment, completing the contract to acquire the global business of the cancer drug Taxotere (docetaxel), used for breast cancer and more, for about €170 million, and securing sales rights in 19 countries.A key driver of oncology revenue and margin expansion. When reflected for a full period, a central pillar of this year's profit improvement. Source
- 2026-04-30EarningsFair disclosure of preliminary consolidated Q1 2026 results. Revenue ₩255.4 billion (+6.1% year-on-year), operating profit ₩20.1 billion (+84.6%), a large profit increase.Confirms the structural improvement in profit. Operating profit surged even after reflecting the drug-price provision. Source
- 2026-05-14FilingQ1 2026 quarterly report filed. Discloses the business and financial status centered on the Kanarb family and original cancer drugs (Gemzar, Alimta, etc.).Supporting material for the quarterly results and business composition. Source
- 2026-06-10UpdateA (general) large-holding status report filed, reporting a change in a major shareholder's stake.A reference on supply and demand. Little direct relevance to business results. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10OwnershipOwnership-change filing
- 2026-06-01Disclosure
- 2026-06-01Amended filing
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-06Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Disclosure
📖 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.