GC Biopharma (006280) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
GC Biopharma (GC Nokjun) is a pharmaceutical company whose mainstays are plasma-derived products made from human plasma (about ₩114.9 billion in Q1 2026), influenza and chickenpox vaccines, and Hunterase, a treatment for Hunter syndrome. Its fastest-growing product is ALYGLO, an intravenous immunoglobulin launched in the United States; on the back of expanding ALYGLO sales, Q1 2026 operating profit rose 46% year over year, confirming a turn in earnings, and the company's results are also affected by the profit and loss of subsidiaries such as the cell-therapy unit GC Cell. The recent picture combines a strength and a caution: ALYGLO is gaining ground quickly in the US and building high-margin revenue, pulling the company out of a long run of losses, while net profit swings sharply from quarter to quarter under the influence of subsidiary earnings, equity-method results, and one-off items, and the balance sheet has limited slack. The key is to watch the direction of revenue and operating profit and whether ALYGLO's growth continues.
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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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 18.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.5% higher than a year earlier.
- ROE is -0.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.6%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2024-12-31
Largest shareholder GC Holdings 50.06% (corporate)
Controlling bloc incl. related parties 50.63%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
GC Biopharma (GC Nokjun) is a pharmaceutical company centered on plasma-derived products made from human plasma and on vaccines. As of Q1 2026, plasma-derived products form the largest revenue pillar at about ₩114.9 billion, joined by vaccines such as influenza and chickenpox and by rare-disease drugs like Hunterase, a treatment for Hunter syndrome. Its fastest-growing product is ALYGLO, an intravenous immunoglobulin launched in the United States — a blood-derived product that supplements immune function in patients with immunodeficiency or autoimmune conditions. The company also holds subsidiaries such as the cell-therapy unit GC Cell and GC Biopharma MS in diagnostics and blood bags, so its results are shaped in part by the profit and loss of these units.
The latest close is ₩126,500 and the market capitalization is ₩1.5 trillion. The price sits above its 20-day moving average (₩120,075) and above its 60-day moving average (₩126,397). 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 56.8, a neutral level. The one-month change is +1.2%, the three-month change is -6.9%, and the position relative to the 52-week high is -29.8%. Relative strength versus the KOSPI is 29 (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 29% of all stocks. Over the past three months it outpaced the index by 10.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times one year's earnings the share price represents) is not calculable because last year's net profit was a slight loss. The P/B (how many times net assets the share price represents) is 1.20x, low relative to major pharmaceutical peers. The P/S (how many times revenue the share price represents) is 0.71x and EV/Sales (enterprise value divided by revenue) is 0.75x, so valuation against revenue is on the light side. Net debt (total borrowings minus cash) is about ₩70.5 billion, not a heavy burden relative to equity. That said, the debt ratio (debt against equity) is 129.5%, which is not low, and the interest coverage ratio is below 1x, so covering interest out of operating profit is tight. With last year's net profit in the red, the stock may look cheap on an asset and revenue basis, but its earnings-based valuation is still in the verification stage.
Revenue rose 18.5% year over year to ₩1.99 trillion in 2025, an acceleration in growth. Operating profit more than doubled to ₩69.1 billion. The company said it emerged in Q4 2025 from seven straight years of quarterly losses. The core of that growth is ALYGLO. US sales climbed from about $36 million in 2024 to more than $100 million in 2025, and the company projects average annual growth of about 40% going forward. In Q1 2026, ALYGLO sales reached ₩34.9 billion, roughly four times the year-earlier quarter. If this expansion of high-margin products continues, operating profit has room to improve further this year. However, net profit is swayed by the R&D spending and equity-method results of subsidiaries such as GC Cell, so it does not rise as quickly as operating profit — a point to keep in view.
In the Q1 preliminary results disclosed in May 2026, operating profit rose 46% year over year, confirming a turn in earnings, driven by expanding ALYGLO sales in the US. In March and May the company disclosed decisions to dispose of and transfer holdings in shares and equity securities of other companies, matters that affect business restructuring and one-off gains and losses. According to the company's own statements, 2025 was its highest-revenue year since founding, and it said it intends to sustain growth in 2026 through high-margin products and improving subsidiaries.
The strengths are clear. ALYGLO is establishing itself quickly in the US and building high-margin revenue, and thanks to this the company is emerging from a long stretch of losses. Growth in revenue and operating profit is also evident. The cautions are equally clear. Net profit swings sharply from quarter to quarter under the sway of subsidiary results, equity-method movements, and one-off items. The debt ratio and interest coverage ratio also suggest limited financial slack. In short, if expanding US ALYGLO revenue and narrowing subsidiary losses continue, an earnings recovery takes firm hold; but if subsidiary weakness or one-off costs pile up, the net-profit recovery could be delayed. The key is to watch the direction of revenue and operating profit and whether ALYGLO's US growth persists, rather than net profit alone.
🔎 Valuation vs peers Fairly valued
Compared against traditional domestic pharmaceutical companies centered on plasma products, vaccines, and prescription drugs, along with large biotech names.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Yuhan Corporation | 31.93x | 2.71x | 9.06% |
| Hanmi Pharmaceutical | 29.54x | 3.85x | 13.54% |
| Daewoong Pharmaceutical | 7.57x | 1.45x | 19.65% |
On an asset and revenue basis, GC Biopharma looks cheap relative to peers. A P/B of 1.16x and a P/S of 0.71x are lower than comparison names such as Yuhan and Hanmi Pharmaceutical. However, because last year's net profit was a slight loss, the P/E is not calculable, and estimating this year's net profit leaves the earnings-based valuation still heavy owing to subsidiary R&D spending and equity-method burdens. In other words, revenue and assets are cheap but earnings are not yet normalized — the valuation gauges point in different directions. If ALYGLO growth lifts operating profit and shrinking subsidiary losses normalize net profit, the valuation appeal becomes clear; but until then it is more honest to see the stock as fairly valued rather than to call it undervalued.
Price history Close · MA20 · MA60
The latest close is ₩126,500 and the market capitalization is ₩1.5 trillion. The price sits above its 20-day moving average (₩120,075) and above its 60-day moving average (₩126,397). 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 56.8, a neutral level. The one-month change is +1.2%, the three-month change is -6.9%, and the position relative to the 52-week high is -29.8%. Relative strength versus the KOSPI is 29 (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 29% of all stocks. Over the past three months it outpaced the index by 10.2%. 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 +10.16% / 6M -36.54% / 12M -55.03%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.20x is in line with 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 -0.5%, below the sector average (1.0%). The operating margin is 3.6%. The debt ratio is 119.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.4B | +18.54% ↑ faster |
| Operating profit | $24.2M | $22.6M | $48.6M | +115.37% ↑ faster |
| Net profit | -$18.7M | -$18.5M | -$3.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.1B | $1.2B | $1.4B |
| Operating profit | $51.7M | $57.1M | $24.2M | $22.6M | $48.6M |
| Net profit | $86.6M | $46.0M | -$18.7M | -$18.5M | -$3.3M |
| Revenue CAGR | 4-yr avg 6.67% | ||||
Revenue rose 18.5% year over year (2023 ₩1.6 trillion → 2024 ₩1.7 trillion → 2025 ₩2.0 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 115.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.7%. The two-year revenue CAGR is 10.6%. In the most recent quarter (Q1 2026), revenue was 13.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 18.5% year over year, a sign of growth.
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-08EarningsQ1 2026 consolidated preliminary results disclosed: revenue ₩435.5 billion (+13.5% YoY), operating profit ₩11.7 billion (+46.3%), net profit ₩20.1 billion. ALYGLO growth drove the rebound in profitability.Short term: the confirmed turn in earnings raises expectations for improving profit. Mid term: the structure in which step-by-step growth in ALYGLO's US sales drives results takes hold. Source
- 2026-05-27FilingDecision to transfer shares and equity securities of another company. Restructuring the business by unwinding holdings.Short term: potential for one-off gains or losses. Mid term: read as an attempt to sharpen business focus and improve the balance sheet by unwinding non-core assets. Source
- 2026-03-31FilingDecision to dispose of shares and equity securities of another company. Disposal of part of the holdings.Short term: one-off gains or losses from the disposal increase net-profit volatility. Mid term: a direction toward asset efficiency. Source
- 2026-05-15FilingQ1 2026 quarterly report filed. By segment, revenue confirmed at about ₩114.9 billion in plasma-derived products, ₩37.4 billion at GC Cell, and ₩23.6 billion at GC Biopharma MS.Mid term: shows a growth structure in which plasma-derived products remain the large revenue pillar and ALYGLO's expansion layers on top of it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue and operating profit | revenue ₩1.99 trillion, operating profit ₩69.1 billion | revenue ₩1.9913 trillion(+18.5%), operating profit ₩69.1 billion | Confirmed | link |
| Q1 2026 operating profit | operating profit ₩11.7 billion, revenue ₩435.5 billion, net profit ₩20.1 billion | operating profit ₩11.7 billion(+46.3%), revenue ₩435.5 billion(+13.5%) | Confirmed | link |
| 2026 estimated net profit and forward P/E | net profit approx. ₩13.0 billion, forward PER approx. 109.6x | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-27Material-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-05-11OwnershipLargest-shareholder ownership change report
- 2026-05-08EarningsFair-disclosure notice
- 2026-05-06Disclosure
- 2026-03-31Disclosure
- 2026-03-31Amended filing
- 2026-03-27OwnershipLargest-shareholder ownership change report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-25Disclosure
📖 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.