Hyundai Pharmaceutical (004310) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hyundai Pharmaceutical is a drugmaker that sells cardiovascular, digestive and diabetes prescription drugs — including the hypertension drug Tenormin — alongside consumer products such as the dietary-fiber drink Mierofiber. Because prescription drugs supplied to hospitals and pharmacies sit under one roof with consumer goods sold in supermarkets and convenience stores, the company has a relatively economy-resistant, stable revenue base of about ₩191.8 billion in annual revenue. In February 2026 it sold 4.78 million treasury shares for about ₩61.2 billion to fund a Cheonan plant expansion, new-drug clinical trials and alliances with peer drugmakers, and acquired a 3.84% stake in Daewha Pharm in a mutual holding. In March it shortened the clinical path for a combination drug — skipping Phase 3 in line with a guideline change — and resumed a dividend of ₩30 per share. What stands out recently is that if the operating-profit recovery and clinical progress continue, the appeal shows through a forward P/E lower than the trailing figure that captured the earnings trough; but with a debt ratio of 99% and interest coverage of 1.9x, a stall in the recovery would make interest costs felt again, and because P/B is high versus peers, whether the expectations translate into actual results is the key.
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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 9.1% 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 () revenue was 14.8% higher than a year earlier.
- ROE is 3.1% (total-net basis). It is above the sector average.
- Operating margin is 3.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-11-30
Largest shareholder Lee Han-gu 17.88% (individual)
Controlling bloc incl. related parties 24.27%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Hyundai Pharmaceutical is a drugmaker that sells prescription drugs, over-the-counter medicines and health drinks together. The main stream of revenue is prescription drugs such as cardiovascular, digestive and diabetes treatments, led by the hypertension drug Tenormin, while to ordinary consumers it is well known for the dietary-fiber drink Mierofiber along with supplements and consumer-health products. In other words, a drug business supplying hospitals and pharmacies sits within the same company as a consumer-goods business sold in supermarkets and convenience stores, giving it a relatively economy-resistant, stable revenue base. Annual revenue is about ₩191.8 billion. A distinctive feature is that its fiscal year, unlike most companies, starts in December and ends at the end of the following November.
The latest close is ₩6,590 and the market capitalization is ₩210.9 billion. The price sits above its 20-day moving average (₩5,818) and above its 60-day moving average (₩6,393). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 56.5, a neutral level. The one-month change is +35.5%, the three-month change is -19.9%, and the position relative to the 52-week high is -54.0%. Relative strength versus the KOSPI is 78 (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 79% of all stocks. Over the past three months it lagged the index by 2.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On current figures, P/E (how many times one year of net profit the price is) is 83.84x and P/B (how many times the company's net assets) is 1.65x. P/E looks high because the number is calculated against the past year's results, when earnings were near a bottom. When earnings are small, the multiple looks inflated relative to reality, so for a company like this whose earnings are only just recovering, a forward P/E reflecting the recovered earnings is closer to the real picture. Still, against traditional peer drugmakers sitting at P/B of 0.4-0.7x, a P/B of 2.6x is a premium spot — best understood as the swing to profit and expectations around new drugs and alliances being priced in first. Profitability — ROE (how much is earned in a year on equity) of 3.1%, an operating margin of 2.2% and a net margin of 1.3% — is still early in its recovery. On the financial side, note that the debt ratio (debt against equity) is 199% and interest coverage (how many times operating profit covers interest) is 1.89x: more earnings would create room, but if earnings wobble the interest burden is felt quickly.
Revenue has risen for five straight years (from ₩139.8 billion to ₩191.8 billion) and was steady, growing 9.1% in the prior year as the pace also quickened. The more striking change is in earnings. Operating profit, which nearly vanished at ₩180 million in 2024, recovered sharply to ₩4.16 billion in 2025, and net profit swung from a -₩570 million loss in 2024 to a +₩2.52 billion profit in 2025 (a turnaround). And in the most recent quarter (Q1 2026, December-February in accounting terms) it posted revenue of ₩46.5 billion (+7.8%) with operating profit of ₩2.52 billion, so this single quarter's operating profit matched a full year of last year's. This year's projected earnings improving markedly over the past year rests on this actual quarterly recovery. It means that with steady prescription-drug demand and stabilizing costs, earnings are returning to a normal track — not merely an inflated estimate but one backed by already-confirmed quarterly results. Meanwhile, Q1 net profit of ₩420 million being smaller than operating profit is because interest expense trims net profit, and should be viewed separately from the operating-level recovery.
In early 2026 there were large changes to the company's capital and business structure. In February it sold 4.78 million treasury shares (about 15% of total shares) for about ₩61.2 billion, with the aim of funding a Cheonan plant expansion, clinical trials for a type-2 diabetes new drug (HDNO-1605), and strategic alliances with peer drugmakers. Shinpoong Pharm, Daewha Pharm and Samil Pharm took part as buyers, and around the same time Hyundai Pharmaceutical bought a 3.84% stake in Daewha Pharm (about ₩10.8 billion), forming a cross-holding alliance. In March it voluntarily halted Phase 3 of a hypertension/hyperlipidemia combination drug (HODO-2224) — not a development failure but a shortening of the development path, after the Ministry of Food and Drug Safety changed its guideline at the end of 2025 so that such combination drugs can be approved using only Phase 1 data (drug interaction and bioavailability) without a large Phase 3. It also confirmed a cash dividend of ₩30 per common share (payout ratio about 31%) at the February general meeting, resuming shareholder returns alongside the swing to profit. This is a period in which cost savings, new-drug investment and peer alliances are proceeding together.
The strengths are clear. With prescription drugs and consumer products like Mierofiber steadily supporting revenue, earnings swung from loss to profit, and Q1 operating profit recovered so quickly it matched a full year of last year's. Added to this, cash raised from the treasury-share sale is being invested in the plant expansion and new-drug trials, and it broadened its business base with a cross-holding alliance with a peer. Although the trailing P/E looks high, this is a number capturing an earnings trough, and the forward P/E on recovered earnings is markedly lower — a point to weigh alongside it. Two conditions bear watching. First, with a debt ratio of 99% and interest coverage of 1.9x, room grows when the earnings recovery continues but interest costs are felt again if the recovery stalls. Second, because P/B is high versus peers, the key to the valuation is whether the swing to profit and the new-drug and alliance expectations translate into actual results. In sum, this is a spot that reads strong if the operating-profit recovery and clinical progress continue, while the financial burden and the elevated P/B weigh if the earnings recovery is slow or the trials are delayed.
🔎 Valuation vs peers Overvalued
Traditional KOSPI drugmakers of similar size that sell both prescription and over-the-counter medicines.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dong Wha Pharm | 16.11x | 0.36x | 2.29% |
| Ilyang Pharmaceutical | 23.41x | 0.64x | 7.91% |
| Daewon Pharmaceutical | 0.00x | 0.65x | 1.09% |
While traditional peer drugmakers sit at P/B of 0.38-0.74x and P/E of 16-23x, Hyundai Pharmaceutical is at a P/B of 3.31x and a P/E of 108x — a clear premium. That premium is not justified by current profitability of 3.1% ROE, and is better viewed as limited free float plus turnaround and alliance expectations priced into the share ahead of results. The trailing P/E of 108x captures a point when earnings were at a bottom, so it is hard to compare directly during an earnings inflection; re-examined on this year's recovered earnings the multiple falls, yet it still stays high versus peers. Rather than declaring it cheap or expensive outright, it is more apt to see this as a spot where the current valuation holds only if the earnings recovery and clinical progress actually follow through.
Price history Close · MA20 · MA60
The latest close is ₩6,590 and the market capitalization is ₩210.9 billion. The price sits above its 20-day moving average (₩5,818) and above its 60-day moving average (₩6,393). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 56.5, a neutral level. The one-month change is +35.5%, the three-month change is -19.9%, and the position relative to the 52-week high is -54.0%. Relative strength versus the KOSPI is 78 (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 79% of all stocks. Over the past three months it lagged the index by 2.0%. 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 -2.01% / 6M -53.03% / 12M -11.30%
Key metrics Computed vs sector median
Valuation
The P/E of 83.84x is above the sector median (15.02x). The P/B of 1.65x 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 3.1%, above the sector average (1.0%). The operating margin is 3.5%. The debt ratio is 75.5%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $127.0M | $123.5M | $134.7M | +9.14% ↑ faster |
| Operating profit | $4.9M | $127,073 | $2.9M | +2200.30% ↑ faster |
| Net profit | $4.3M | -$403,861 | $1.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $98.2M | $114.3M | $127.0M | $123.5M | $134.7M |
| Operating profit | -$1.1M | $5.6M | $4.9M | $127,073 | $2.9M |
| Net profit | -$2.2M | -$115,620 | $4.3M | -$403,861 | $1.8M |
| Revenue CAGR | 4-yr avg 8.23% | ||||
Revenue rose 9.1% year over year (2023 ₩180.8 billion → 2024 ₩175.7 billion → 2025 ₩191.8 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 2200.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.2%. The two-year revenue CAGR is 3.0%. In the most recent quarter (2026 반기), revenue was 14.8% higher than the same period a year earlier.
Latest quarterly results Source 2026 반기 · vs year-ago
Technical indicators Computed
What stands out
- 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
- 2026-02-26FilingDecision to sell 4.78 million treasury shares (about 15% of the total) for about ₩61.2 billion. The purpose was funding a Cheonan plant expansion, securing clinical funds for a type-2 diabetes new drug (HDNO-1605), and strategic alliances. Institutional buyers included Shinpoong Pharm, Daewha Pharm and Samil Pharm.In the short term, the large cash inflow expands capacity for new-drug and facility investment; in the medium term it lays the ground for equity alliances with peers. That said, the larger free float raises possible supply-demand pressure. Source
- 2026-02-27FilingAcquisition of 715,000 shares of Daewha Pharm (a 3.84% stake) for about ₩10.8 billion. The purpose is to build a lasting business partnership through a strategic alliance, at a scale of 13.68% of equity.Forming a cross-holding alliance with a peer drugmaker raises medium-term hopes for business cooperation. That said, the sizable share of equity also carries a funding-management burden. Source
- 2026-03-26UpdateVoluntarily halted the domestic Phase 3 trial of the hypertension/hyperlipidemia combination drug HODO-2224. A change in development strategy after the Ministry of Food and Drug Safety revised its guideline at the end of 2025 so that such combination drugs can undergo approval review using only Phase 1 data (drug interaction and bioavailability) without a large Phase 3.In the short term, it saves Phase 3 costs and shortens the approval path. In the medium term, uncertainty over the development schedule and outcome remains, so progress will need checking later. Source
- 2026-02-24DividendThe general meeting confirmed a cash dividend of ₩30 per common share (dividend yield about 0.35%, payout ratio about 31%).The dividend is not large, but resuming shareholder returns alongside the swing to profit is a positive signal. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue | 191,790 | 191,790 | Confirmed | link |
| FY2025 operating profit / net profit | operating profit 4,161 / net profit 2,516 | operating profit 4,161 / net profit 2,516 | Confirmed | link |
| Scale of treasury-share sale | 478 / approx. 612 | 4,780,654 / ₩61,240,177,740 | Confirmed | link |
| FY2026 revenue seasonality approximation | approx. 2,040 | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-04-14PeriodicQuarterly report
- 2026-03-26Disclosure
- 2026-03-04OwnershipOwnership-change filing
- 2026-02-27Material-fact report
- 2026-02-27TreasuryTreasury-stock disposal decision
- 2026-02-27Disclosure
- 2026-02-27TreasuryMaterial-fact report (amended)
- 2026-02-26TreasuryMaterial-fact report
- 2026-02-24Shareholders' meeting notice
- 2026-02-13PeriodicAnnual business report
- 2026-02-13Audit 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.