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.
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 -0.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.5%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
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
- 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 ₩120,600 and market capitalization is ₩1.4 trillion.
- The price sits below its 20-day moving average (₩124,270) and below its 60-day average (₩133,288).
- Trading beneath both the short- and mid-term averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 43.8, a neutral level.
- The one-month change is -1.2%, the three-month change is -12.9%, and the position versus the 52-week high is -33.1%.
- Relative strength against the KOSPI is 18 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 83% of all stocks by strength.
- Over the past three months it lagged the index by 31.9%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- 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 1.16x, 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 | 27.66x | 2.27x | 8.22% |
| Hanmi Pharmaceutical | 30.30x | 4.11x | 13.57% |
| Daewoong Pharmaceutical | 7.79x | 1.52x | 19.47% |
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 ₩120,600 and the market capitalization is ₩1.4 trillion. The price sits below its 20-day moving average (₩124,270) and below its 60-day moving average (₩133,288). 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 43.8, a neutral level. The one-month change is -1.2%, the three-month change is -12.9%, and the position relative to the 52-week high is -33.1%. Relative strength versus the KOSPI is 18 (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 17% of all stocks. Over the past three months it lagged the index by 31.9%. 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 -31.89% / 6M -53.51% / 12M -61.79%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.16x is below the sector median (1.37x).
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 -0.4%, below the sector average (3.0%). The operating margin is 3.5%. The debt ratio is 129.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1B | $1.1B | $1.3B | +18.54% ↑ faster |
| Operating profit | $22.8M | $21.3M | $45.8M | +115.37% ↑ faster |
| Net profit | -$17.7M | -$17.4M | -$3.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.0B | $1.1B | $1.1B | $1.1B | $1.3B |
| Operating profit | $48.8M | $53.9M | $22.8M | $21.3M | $45.8M |
| Net profit | $81.7M | $43.4M | -$17.7M | -$17.4M | -$3.1M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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
- 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.