Binex combines a chemical (synthetic) drug segment - making and selling products such as Hyalein eye drops and Biscan-N capsules directly - with a biopharmaceutical contract development and manufacturing (CDMO) business that produces antibody and biosimilar drugs developed by other companies at its Songdo and Osong plants. The center of gravity has shifted rapidly to CDMO lately, and in 2025 the bio segment accounted for nearly half of total revenue, so growth and profitability hinge heavily on plant orders and utilization. Single supply contracts in June, September, and December 2025 (₩16.2 billion, ₩20.8 billion, and ₩15.8 billion, respectively) signaled CDMO volume filling up in succession, but in Q1 2026 a prolonged plant shutdown for conversion to a commercial-production line widened the loss - the lag before orders are recognized as revenue produced the weak results. What stands out lately is that the CDMO growth axis has grown to nearly half of revenue, orders have accumulated, and the balance sheet is sound with a debt ratio of 66% and a current ratio of 1.8x - strengths - while the company is currently loss-making so the P/E cannot be used and the Q1 loss widened again, with both the strong and weak conditions tied to the same variable: normalized plant utilization and revenue recognition of orders.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 29.5% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 11.2% lower than a year earlier.
- ROE is -1.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -2.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder The Able 9.18% (corporate)
Controlling bloc incl. related parties 10.76%
With the controlling bloc holding 11%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Binex earns money along two axes.
- One is the long-running chemical (synthetic) drug segment, which makes and sells general drugs such as Hyalein eye drops and Biscan-N capsules directly.
- The other is biopharmaceutical contract development and manufacturing (CDMO), producing antibody and biosimilar drugs developed by other pharma/bio companies at its Songdo and Osong plants and earning revenue in return.
- Over recent years the center of gravity has shifted rapidly toward bio CDMO, and by 2025 the bio segment had grown to account for nearly half of total revenue.
- In other words, it has the structure of "a pharma company that sells drugs directly" and "a contract-manufacturing plant that makes others' drugs" in one body, and future growth and profitability hinge heavily on the orders and utilization of the bio CDMO plants.
- The latest close is ₩6,900 and market capitalization is ₩225.5 billion.
- The price sits below the 20-day line (₩7,444) and below the 60-day line (₩9,205).
- Trading below both the short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary indicator that weighs upward against downward force over the past 14 days on a 0-100 scale) is 37.7, a neutral level.
- The one-month change is -12.1%, the three-month change is -36.2%, and the position versus the 52-week high is -62.7%.
- Relative strength against the KOSDAQ is 29 (on a 1-99 scale, converted from returns versus the index over the past year with more recent weeks weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 71% of all stocks by strength.
- Over the past three months it lagged the index by 15.8%.
- Chart reading is best done alongside trading volume and the dates when disclosures occur.
- Because earnings are currently a loss, the P/E (how many times a year's earnings the price is) cannot be calculated; instead, the P/B (how many times net assets the price is) is 1.26x and the P/S (how many times a year's revenue the price is) is 1.4x.
- A P/B of 1.26x against per-share net assets (BPS) of ₩5,730 is a level that does not greatly exceed net-asset value, so on an asset basis the price is not set excessively high.
- Profitability is still negative, with ROE (how much is earned in a year on equity) of -1.7% and an operating margin of -2.7%.
- Financial safety, however, is relatively solid: the debt ratio (debt relative to equity) is about 66% and the current ratio (assets that can be turned into cash within a year versus debt due within a year) is 1.8x, leaving short-term funding capacity.
- The key point is that the reason the P/E cannot be used now is not "because the price is expensive" but "because earnings are temporarily a loss." So this company is better read not by past confirmed results (trailing) alone but by considering how the valuation changes once the plants run normally and profit returns.
- The top line clearly grew.
- 2025 revenue was ₩168.5 billion, up 29.5% from the prior year, and the bio CDMO segment led that growth.
- The five-year revenue path (₩134.4 billion → ₩156.7 billion → ₩154.8 billion → ₩130.1 billion → ₩168.5 billion) shows ups and downs in between but a return to recovery and expansion.
- Earnings, by contrast, are far bumpier.
- Operating profit/loss went from profits in 2021-2022 (₩13.1 billion, ₩17.2 billion) down sharply to -₩30.8 billion in 2024, then narrowed the loss greatly to -₩4.5 billion in 2025, and net profit/loss recovered from -₩35.0 billion in 2024 to -₩3.2 billion in 2025.
- But in Q1 2026 the loss deepened again, with revenue of ₩35.3 billion (-11.2% year on year), an operating loss of -₩9.0 billion, and a net loss of -₩9.6 billion.
- This reflects a plant shutdown for conversion to a commercial-production line that ran longer than in past years; the company changed its inspection cycle from every year to once every three years.
- Put differently, the current weakness is largely temporary in nature, stemming from halted production rather than lost demand.
- That said, the Q1 loss is not small, so whether this year's annual earnings turn to profit must be confirmed by results after the plants run normally.
- For that reason, a forward P/E on this year's expected earnings is hard to present as a meaningful number until the earnings direction is settled.
- The recent flow can be summed up as "orders accumulating while production is briefly halted." Single supply contracts were disclosed in succession in June, September, and December 2025 (₩16.2 billion, ₩20.8 billion, and ₩15.8 billion, respectively), a signal that bio CDMO production volume is actually filling up.
- At the same time, the Q1 2026 quarterly report confirmed that the loss widened as the plant shutdown for conversion to a commercial-production line ran longer.
- That is, orders (the seed of revenue) are rising, but for that volume to be recognized as revenue and profit the plants must run normally - a lag that is producing the current weak results.
- Other stake-change disclosures are mainly changes in institutional investors' holding ratios (of a simple-investment nature) and are not events that change control.
- Starting with the strengths: the structural growth axis of bio CDMO has grown to nearly half of revenue, supply-contract orders accumulated in succession in the second half of 2025, and financial safety is sound with a debt ratio of 66% and a current ratio of 1.8x.
- Valuation, too, at a P/B of 1.26x versus net assets, does not stray far from asset value, so considering the top-line growth and accumulated orders, this is not an excessively expensive spot.
- Conversely, the points to note are that earnings are currently a loss so the P/E cannot be used, the loss widened again in Q1 2026, and the recovery depends on execution - "normalized plant utilization and revenue recognition of order volume" - which is not yet confirmed in numbers.
- In sum, this is a recovery-type stock with ample room for top-line growth to connect to profit "if the plants run normally and accumulated CDMO orders lead to revenue and profit," and conversely a spot where the loss phase can drag on "if utilization recovery is delayed or inspection/expansion costs run long." Remembering that both the strong and weak conditions are tied to the same variable - plant utilization and order recognition - makes clear what to watch.
🔎 Valuation vs peers Inconclusive
The peer set is domestic listed companies with biopharmaceutical CDMO as a core growth axis. ST Pharm, which has a profitable base in synthetic-drug CDMO, and Prestige Biologics, which is absorbing losses while building biosimilar/antibody CDMO, are closest in business character to Binex.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ST Pharm | 45.22x | 4.19x | 9.27% |
| Prestige Biologics | 0.00x | 1.05x | -20.32% |
Because earnings are a loss, comparison on P/E is difficult; on P/B (price relative to net assets) at 1.38x, it is far below the profitable CDMO ST Pharm (P/B 4.46x) and somewhat above Prestige Biologics (P/B 1.06x), which is in the same loss-making growth phase. In other words, it sits at "a discount versus profitable CDMO, and a slight premium versus same-stage loss-making peers." This gap is explained by Binex already having nearly half of revenue in bio CDMO and a sound balance sheet, but with confirmed results through last year (trailing) being a loss, whether that position is justified can only be judged once the plants run normally and profit turns positive. So for now, rather than pinning down undervalued or overvalued, an inconclusive stance is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩6,900 and the market capitalization is ₩225.5 billion. The price sits below its 20-day moving average (₩7,444) and below its 60-day moving average (₩9,205). 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 37.7, a neutral level. The one-month change is -12.1%, the three-month change is -36.2%, and the position relative to the 52-week high is -62.7%. Relative strength versus the KOSDAQ 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 lagged the index by 15.8%. 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 -15.81% / 6M -44.80% / 12M -58.57%
Key metrics 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 (1.37x).
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 -1.7%, below the sector average (3.0%). The operating margin is -2.7%. The debt ratio is 66.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $102.6M | $86.2M | $111.7M | +29.55% ↑ faster |
| Operating profit | $690,785 | -$20.4M | -$3.0M | — |
| Net profit | $3.1M | -$23.2M | -$2.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $89.1M | $103.8M | $102.6M | $86.2M | $111.7M |
| Operating profit | $8.7M | $11.4M | $690,785 | -$20.4M | -$3.0M |
| Net profit | $12.7M | $8.2M | $3.1M | -$23.2M | -$2.1M |
| Revenue CAGR | 4-yr avg 5.81% | ||||
Revenue rose 29.5% year over year (2023 ₩154.8 billion → 2024 ₩130.1 billion → 2025 ₩168.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.8%. The two-year revenue CAGR is 4.3%. In the most recent quarter (Q1 2026), revenue was 11.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 29.5% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2025-12-24UpdateSingle supply contract signed (revised filing). Contract value about ₩15.8 billion, roughly 10.2% of recent annual revenue.Medium-term: a positive signal that bio CDMO production volume is filling up, though revenue recognition will lag depending on plant operation and delivery schedules. Source
- 2025-09-08UpdateSingle supply contract signed. Contract value about ₩20.8 billion, roughly 16.0% of recent annual revenue.Medium-term: a relatively large order on a single-disclosure basis, positive for the top-line growth base. The key is whether it leads to repeat business. Source
- 2025-06-30UpdateSingle supply contract signed. Contract value about ₩16.2 billion, roughly 12.5% of recent annual revenue.Medium-term: the starting point of a chain of second-half orders, supporting a recovery in bio CDMO demand. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue about ₩35.3 billion (-11.2% year on year), operating loss about -₩9.0 billion, net loss about -₩9.6 billion, a widening loss. Reflects a prolonged plant shutdown for conversion to a commercial-production line.Near-term: negative on the widening loss. Medium-term: the inspection cycle was changed to a three-year interval, leaving room to reduce the same kind of shock going forward. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue and profit/loss | revenue approx. ₩168.5 billion(+29.5%), -₩4.5 billion, -₩3.2 billion | 2025 (DART) | Confirmed | link |
| Q1 2026 revenue and profit/loss | revenue approx. ₩35.3 billion, -₩9.0 billion, -₩9.6 billion | 2026 1 (DART) | Confirmed | link |
| H2 2025 single supply contracts | 162·208·₩15.8 billion approx. 3 | approx. 3(DART) | Confirmed | link |
| 2026 annual net profit estimate | 1 | — | Unverified | link |
Recent filings
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-07OwnershipOwnership-change filing
- 2026-04-14OwnershipOwnership-change filing
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-23Shareholders' meeting notice
- 2026-03-13PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-06OwnershipOwnership-change filing
- 2026-03-04Disclosure
📖 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.