Komipharm makes and sells around 140 kinds of animal medicines — vaccines, antibiotics and nutritional products for livestock such as pigs, cattle and chickens, as well as for aquaculture and companion animals — and alongside this it runs a human-drug business developing Kominox (PAX-1), a candidate for treating cancer pain. In 2025, revenue fell 10.7% year on year as animal-medicine sales declined, and net profit swung to a ₩7.2 billion loss; revenue also fell 17.2% in the first quarter of 2026. The point worth noting is that a new growth card has emerged — its African swine fever (ASF) vaccine has received Korea's first product license for export and the company is in supply talks with six countries — but if those exports turn into actual contracts and revenue, results could reverse; with no confirmed revenue yet, whether the contracts close has to be watched.
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 fell 10.7% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 17.2% lower than a year earlier.
- ROE is -10.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Yang Kyung-hoon 29.88% (individual)
Controlling bloc incl. related parties 38.34%
With the controlling bloc holding 38%, the ownership structure is stable.
🔎 In-depth analysis
- Komipharm is a company whose revenue centers on animal medicines.
- It makes and supplies, at home and abroad, some 140 kinds of products — vaccines, antibacterial and antibiotic agents, nutritional products and feed additives — for livestock such as pigs, cattle and chickens, for fish (aquaculture) and for companion animals.
- On top of this, in its human-drug business it is developing Kominox (PAX-1), a candidate for treating cancer pain.
- Kominox aims to control the pain of terminal cancer patients without narcotic painkillers, and has been running Phase 2 trials overseas in places such as Taiwan and El Salvador.
- In other words, it earns actual money from animal medicines while pursuing future value through human new-drug development.
- The share price is ₩7,410, below its 20-day (₩7,974) and 60-day (₩8,373) lines.
- It fell 7.4% over the past month and 4.3% over three months, a gentle correction, and sits about 28% below its 52-week high.
- The RSI (a gauge of recent up-versus-down strength on a 0-100 scale) is 41.6, a somewhat depressed level below neutral.
- The short-term trend is weak, being below the moving averages, but the decline has not been large.
- Starting with valuation: the P/E ratio (how many times a year's earnings the price represents) cannot be calculated, because 2025 net profit was a loss and no earnings-based multiple can be formed.
- So we look at P/B (price relative to net assets), which is high at 7.87x.
- P/S (price relative to revenue) is also 10.4x, meaning the market cap is large relative to revenue.
- Profitability is weak: ROE (how much the company earns in a year on its equity) is -10.4%, a loss, and the operating margin is low at 3.7%.
- There is also some balance-sheet burden: the debt ratio (debt relative to equity) is 193%, and operating profit is barely enough to cover interest (interest-coverage ratio below 1x).
- Net debt (total borrowings less cash) is about ₩12.8 billion, not a large debt.
- Recent free cash flow (FCF — the cash actually left over) is, however, negative.
- In sum, on the metrics, the loss makes the multiples look expensive and the balance sheet warrants caution.
- That said, it should be read with the caveat that for companies at the new-drug/new-product development stage, the future value of the pipeline is reflected far more than book assets, which tends to push the P/B higher.
- The growth metrics have recently gone backward.
- Revenue in 2025 fell 10.7% year on year to ₩52.4 billion.
- Revenue also fell 17.2% year on year in the first quarter of 2026.
- The swing in profit is particularly large: net profit flipped from a ₩13.1 billion profit in 2024 to a ₩7.2 billion loss in 2025.
- This is due to declining animal-medicine sales combined with a business structure in which human new-drug development costs keep being incurred.
- In other words, it is a company with large volatility, its profit swinging between profit and loss year to year.
- That said, first-quarter 2026 net profit turned to a modest profit (about ₩0.7 billion).
- The key from here is a new growth driver capable of reversing results.
- As the company has not confirmed a revenue or profit target for this year, no specific outlook figure is offered.
- The core of the recent flow is the African swine fever (ASF) vaccine.
- According to the company's official announcements, in April 2026 it received Korea's first ASF vaccine product license for export.
- In June it presented at an international conference (IPVS 2026) while preparing for commercial production.
- In July it said that, after obtaining an export-only sales license, it is in supply talks with six countries.
- On the disclosure side, there was an April filing (a corrective amendment) on the conclusion of a single sales/supply contract.
- In February, a results disclosure that revenue or profit-and-loss structure had changed by more than 30% confirmed the deterioration in 2025 results.
- In March there were regular events such as the general meeting and a grant of stock options.
- In sum, while results were poor, a new growth story around ASF-vaccine exports is being built.
- Komipharm is a textbook small pharma/bio with poor results but a new-product card.
- The favorable conditions are these: the ASF vaccine has received Korea's first product license for export, and several countries are at the interest stage.
- If those exports turn into actual contracts and repeat revenue, they could reverse the stalled animal-medicine results.
- Kominox, the cancer-pain drug, is a separate card of large value if it succeeds.
- The cautions are clear.
- In 2025, revenue fell and net profit was a loss, and in the first quarter of 2026 revenue and operating profit also declined.
- The ASF vaccine is still at the discussion stage, with no confirmed contract revenue booked.
- New-drug development costs keep being incurred, so volatility is high, with profit swinging between profit and loss year to year.
- In other words, it is strong if the cards turn into real revenue, but until then it carries a loss and a high-valuation burden together.
- Ultimately, the actual signing and scale of ASF-vaccine supply contracts, and whether profit settles into positive territory, are the key yardsticks for viewing this company.
🔎 Valuation vs peers Inconclusive
Taking as the basis the underlying business of a small pharma/bio that is grounded in animal medicines while also being valued on future new-drug/pipeline development, the comparison spans both profitable mid-sized bios and development-stage bios.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CHA Biotech | — | 3.00x | -36.07% |
| ST Pharm | 45.22x | 4.19x | 9.27% |
| Naturecell | — | 28.88x | -4.50% |
With profit in loss, a P/E comparison is impossible, so we must look at P/B (7.87x). Komipharm's P/B is higher than the profitable ST Pharm (4.2x). It is, however, far below Nature Cell (28.9x), where pipeline expectations are reflected to an extreme. It sits somewhere between a development-stage bio (CHA Biotech 3.0x) and a profitable company. Two cautions apply here. First, the 2025 net loss means the earnings-based metrics do not hold at all. And a substantial part of the company's value hinges on cards not yet confirmed as revenue, such as ASF-vaccine exports and Kominox. If the cards turn into actual contracts and revenue, the current valuation could be justified; if they are delayed or fall through, it remains a burden. Because the outcome is thus heavily swayed by events, and there is no confirmed forward profit to fix the multiple, it is more reasonable to hold judgment until the actual signing of supply contracts and the settling of profit into positive territory are confirmed, rather than to declare it cheap or expensive.
Price history Close · MA20 · MA60
The latest close is ₩7,410 and the market capitalization is ₩547.5 billion. The price sits below its 20-day moving average (₩7,974) and below its 60-day moving average (₩8,373). 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 41.6, a neutral level. The one-month change is -7.4%, the three-month change is -4.3%, and the position relative to the 52-week high is -28.1%. Relative strength versus the KOSDAQ is 83 (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 83% of all stocks. Over the past three months it outpaced the index by 29.4%. 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 +29.40% / 6M +11.10% / 12M +34.37%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.87x is above 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 -10.4%, below the sector average (3.0%). The operating margin is 3.7%. The debt ratio is 192.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.3M | $39.0M | $34.8M | -10.74% ↓ slower |
| Operating profit | -$4.2M | $4.1M | $1.3M | -68.34% |
| Net profit | -$2.6M | $8.7M | -$4.8M | -154.97% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $23.8M | $26.4M | $28.3M | $39.0M | $34.8M |
| Operating profit | -$3.5M | -$2.5M | -$4.2M | $4.1M | $1.3M |
| Net profit | -$3.0M | -$4.3M | -$2.6M | $8.7M | -$4.8M |
| Revenue CAGR | 4-yr avg 9.99% | ||||
Revenue fell 10.7% year over year (2023 ₩42.6 billion → 2024 ₩58.8 billion → 2025 ₩52.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 68.3% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.0%. The two-year revenue CAGR is 10.9%. In the most recent quarter (Q1 2026), revenue was 17.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
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.
- Revenue fell 10.7% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-07-08IRThe company officially announced that, after obtaining an export-only sales license for its ASF (African swine fever) vaccine, it is in supply talks with six countries.A medium-term growth driver that could reverse the stalled animal-medicine results if the exports turn into actual contracts. For now, however, it is at the discussion stage and not confirmed revenue. Source
- 2026-04-28IRThe company officially announced that it had obtained Korea's first product license for export for its ASF vaccine.Clearing a regulatory gate that opens the export path. A starting point that could lead to commercial production and export contracts, but still at a stage before revenue is realized. Source
- 2026-04-08UpdateDisclosure (a corrective amendment) related to the conclusion of a single sales/supply contract, updating and correcting the contract details.Officially confirms the existence of a supply contract and a change in its terms. A matter to watch for whether the timing and scale of revenue recognition are reflected in results. Source
- 2026-02-20EarningsA results disclosure that revenue or profit-and-loss structure had changed by more than 30% confirmed the 2025 deterioration (revenue decline and swing to a net loss).Officially confirms in figures that results slipped due to weak animal-medicine sales and new-drug development costs. The backdrop to the valuation burden. Source
- 2026-03-26FilingRegular governance events proceeded, including the outcome of the annual general meeting and a filing on a stock-option grant.Aligns incentives by granting incentives to executives and key personnel. The short-term impact on results is limited. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Direction of 2025 revenue and net profit (revenue decline, swing to net loss) | revenue ₩52.5 billion, net profit -₩7.2 billion | revenue· 30% | Confirmed | link |
| ASF vaccine product license for export and export talks | base | 2026-04 , 2026-07 6 | Confirmed | link |
| 2026 full-year profit outlook | — | — | Unverified | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-04-08Single supply/sales contract (amended)
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Amended filing
- 2026-03-11EarningsAmended filing
- 2026-03-05Shareholders' meeting notice
- 2026-02-20EarningsEarnings filing
📖 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.