Vivozon Pharma is a drugmaker that manufactures and sells finished pharmaceuticals in-house, centered on prescription drugs across cardiovascular, dermatology, antipyretic-anti-inflammatory, and diabetes categories while also handling over-the-counter medicines and contract manufacturing, with 2025 revenue of about ₩59.3 billion. On top of this, it began selling Anafra Injection (opiranserin), a non-opioid acute-pain analgesic approved as Korea's 38th new drug, from 2025, and an additional production order of about 120,000 vials confirmed early demand; however, core-business revenue has fallen by double digits and both operating and net results are in the red. The point to watch lately is that when Anafra Injection revenue shows up quickly in quarterly results and the loss narrows, the high P/B that reflects new-drug expectations gets filled by actual results and the stock strengthens; but if the new drug's revenue expansion is slow, or the high debt ratio and low current ratio lead to repeated additional financing, the stock weakens along with dilution of share value.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 227.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 43.2%).
- The most recent full-year net result was a loss.
- Revenue fell 32.3% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 24.1% lower than a year earlier.
- ROE is -44.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -32.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Vivozon Holdings 24.87% (corporate)
Controlling bloc incl. related parties 35.16%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis
- Vivozon Pharma is a drugmaker that manufactures and sells finished pharmaceuticals in-house.
- It handles a broad range, centered on prescription drugs (ETC) across cardiovascular, dermatology, antipyretic-anti-inflammatory, and diabetes categories, plus over-the-counter medicines (OTC) and contract manufacturing (CMO/OEM).
- Revenue in 2025 was about ₩59.3 billion.
- On top of this, at the group level it developed Anafra Injection (active ingredient opiranserin), a non-opioid, non-NSAID analgesic researched for more than 20 years, which was approved as Korea's 38th new drug at the end of 2024 and began selling from 2025.
- Anafra Injection is indicated for moderate-to-severe acute pain including post-surgical pain, creating a structure in which new-drug revenue is newly layered on top of existing generic and prescription-drug revenue.
- The share of new-drug revenue is still small, so for the company as a whole it is closest to the facts to see it as an early commercialization stage in which the new drug is just starting to take hold on top of the existing pharmaceuticals business.
- The latest closing price is ₩2,505 and market capitalization is ₩152.1 billion.
- The price sits below its 20-day line (₩2,954) and its 60-day line (₩2,980).
- Trading below both the short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 41.5, a neutral level.
- The one-month change is -31.9%, the three-month change is -15.9%, and the position versus the 52-week high is -69.5%.
- Relative strength versus the KOSDAQ is 38 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 63% of all stocks by strength.
- Over the past three months it outpaced the index by 9.7%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Looking at valuation metrics alone, the P/E (how many times a year's earnings the price represents) cannot be computed because of the loss, and the P/B (how many times the company's net assets the price represents) is 2.09x.
- Compared with similar-cap drugmakers in the 0.6-1.0x range this looks high, but that is because it is a stage before the value of the new drug Anafra Injection — rather than core-business profit — is fully reflected on the books, so market expectations have been priced in first.
- In other words, this is a stock where one cannot simply call it expensive on the trailing (already-confirmed last-year results) P/E and P/B figures alone.
- Profitability is still weak: ROE (how much the company earns in a year on its equity) is -44.6%, operating margin -32.3%, and net margin -54.6% — all in the red.
- The balance sheet is not light.
- The debt ratio (debt against equity) is 227.7% and the current ratio (assets that can be turned into cash within a year against debt due within a year) is 43.2%, so short-term liquidity is on the tight side, and cash flow needs to be watched while the new drug takes hold in revenue.
- Revenue fell to ₩59.3 billion in 2025, down -32.3% from the prior year (₩87.6 billion), turning the three-year trend mixed, and first-quarter 2026 revenue was also ₩14.1 billion, down -24.1% from the same period a year earlier.
- Profit is heavier.
- Operating profit swung from +₩2.85 billion in 2024 to -₩19.17 billion in 2025, and net profit widened from -₩3.36 billion (2023) to -₩9.98 billion (2024) to -₩32.4 billion (2025).
- The first quarter of 2026 also continued the loss, with operating -₩3.02 billion and a net loss of -₩5.56 billion.
- That said, the 2025 loss should be viewed alongside the fact that new-drug launch preparation and early costs overlapped in that span.
- The additional production order of about 120,000 vials, made as domestic prescriptions and sales of Anafra Injection rose, is a real demand signal that early supply was drawn down quickly.
- If this new-drug revenue takes off in earnest, there is room for the revenue curve to change direction.
- Meanwhile, the company's revenue and profit plan for this year, presented in disclosures or IR, is not confirmed, and given the scale of the first-quarter loss there is no basis yet to conclude in advance that it will swing to a profit within this year.
- So the growth story is best followed by confirming 'how quickly new-drug revenue actually shows up in quarterly results.'
- The main threads of recent disclosures are funding, ownership, and the new drug.
- In April 2026 a treasury-share disposal (decided April 10, results April 15) organized held treasury shares to raise funds, and at the end of April there was a disclosure of buying back the 15th-series overseas convertible bond (CB) before maturity.
- This is a procedure in which the company settles a previously issued convertible bond, reducing the burden of a potential increase in share count while also using funds for the acquisition.
- In April and May, reports on holdings by executives and major shareholders and large-holding change disclosures came in succession, showing active shifts in ownership.
- On the business side, the company announced that prescriptions and sales of Anafra Injection rose and an additional production order of about 120,000 vials was made, which reads as a signal that early volumes were drawn down quickly.
- The first-quarter 2026 results disclosed in mid-May confirm both a decline in core-business revenue and a continuing loss.
- The strengths are clear.
- Anafra Injection is Korea's 38th new drug with the differentiation of being a non-opioid acute-pain analgesic, and it has gone beyond mere expectation to actual approval, launch, and an additional order — confirming early demand.
- Adding the possibility of overseas expansion, it has a growth axis different from an ordinary drugmaker.
- That the price has been in a correction for a while and has fallen well off its 52-week high is also worth noting.
- On the other side, the points to be careful about are that core-business revenue has fallen by double digits and both operating and net results are in the red, and that the high debt ratio and low current ratio make it a structure reliant on financing.
- The possibility of share-value dilution from capital increases or bonds should be watched as well.
- In sum, this stock is strong when new-drug revenue shows up quickly in quarterly results and the loss narrows, and weak when new-drug revenue expansion is slow or additional financing recurs.
- That the P/B looks higher than peers is a result of new-drug expectations being reflected first, so the speed at which those expectations are filled by results becomes the key yardstick for viewing this stock.
🔎 Valuation vs peers Inconclusive
Small- and mid-cap domestic drugmakers of similar market capitalization centered on prescription (ETC) drugs; excluding the Anafra Injection new drug, we took finished-drug makers with similar core-business composition as the comparison set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daewon Pharmaceutical | 0.00x | 0.67x | -0.52% |
| Samil Pharmaceutical | 0.00x | 0.99x | -26.01% |
| Korea United Pharm | 7.13x | 0.60x | 8.43% |
Compared with similar-cap drugmakers Daewon Pharm (P/B 0.74x), Korea United Pharm (0.64x), and Samil Pharm (1.15x), Vivozon Pharma's P/B of 2.72x is a clear premium. But this premium was created by expectations for the Anafra Injection new drug, not by core-business profitability, so it is hard to conclude by the same P/B yardstick that it is overvalued. Because it is a loss-making company, a trailing P/E for last year does not exist at all, the forward (this year's expected) results are not confirmed in any official company outlook in disclosures, and given the scale of the first-quarter loss there is no basis to assume a swing to net profit this year, so a forward-based valuation cannot be derived either. Ultimately this stock's value depends on how quickly new-drug revenue takes hold rather than on traditional P/E and P/B, so at this point Inconclusive is the most honest conclusion.
Price history Close · MA20 · MA60
The latest close is ₩2,505 and the market capitalization is ₩152.1 billion. The price sits below its 20-day moving average (₩2,954) and below its 60-day moving average (₩2,980). 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 41.5, a neutral level. The one-month change is -31.9%, the three-month change is -15.9%, and the position relative to the 52-week high is -69.5%. Relative strength versus the KOSDAQ is 38 (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 38% of all stocks. Over the past three months it outpaced the index by 9.7%. 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 +9.68% / 6M -35.97% / 12M -63.57%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.09x 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 -44.6%, below the sector average (3.0%). The operating margin is -32.3%. The debt ratio is 227.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $47.3M | $58.1M | $39.3M | -32.26% ↓ slower |
| Operating profit | $1.7M | $1.9M | -$12.7M | -771.68% ↓ slower |
| Net profit | -$2.2M | -$6.6M | -$21.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $38.1M | $39.1M | $47.3M | $58.1M | $39.3M |
| Operating profit | -$11.7M | -$12.3M | $1.7M | $1.9M | -$12.7M |
| Net profit | -$46.0M | -$25.5M | -$2.2M | -$6.6M | -$21.5M |
| Revenue CAGR | 4-yr avg 0.77% | ||||
Revenue fell 32.3% year over year (2023 ₩71.3 billion → 2024 ₩87.6 billion → 2025 ₩59.3 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 771.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.8%. The two-year revenue CAGR is -8.8%. In the most recent quarter (Q1 2026), revenue was 24.1% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt is somewhat higher than equity (debt ratio 227.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 43.2%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 32.3% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-30FilingDecision to acquire the 15th-series overseas convertible bond (CB) before maturity after issuance — the company buys back and settles the previously issued convertible bondIn the short term it has the effect of reducing the burden of a potential increase in share count (conversion), but funds are used for the acquisition, which is a burden on tight liquidity. Source
- 2026-04-15UpdateTreasury-share disposal-result report — disposal of held treasury shares completed following the April 10 disposal decisionIt helps secure funds in the short term, but the number of shares circulating in the market rises, which can act as a burden on supply and demand. Source
- 2026-04-10UpdateMaterial-fact report (treasury-share disposal decision) — decision to dispose of held treasury sharesA treasury-share disposal for financing purposes; a step to secure operating and research funds, but it leads to an increase in the floating share count. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue ₩14.1 billion (-24.1% year over year), operating loss -₩3.02 billion, net loss -₩5.56 billionConfirms the decline in core-business revenue and the continuing loss. Suggests the new-drug revenue does not yet cover the overall loss. Source
- 2026-05-26FilingLarge-holding status report (general) — filing of a change in major holdingsA signal of change in the ownership structure; the movement of the largest and major shareholders' stakes should be checked. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue | ₩14,106,262,163 | ₩14,106,262,163 | Confirmed | link |
| Q1 2026 net loss | -₩5,558,546,937 | -₩5,558,546,937 | Confirmed | link |
| Anafra Injection (opiranserin) new-drug approval and launch | approx. approx. , 2025 | 2024 approx. | Unverified | link |
| 2025 consolidated revenue | ₩59,343,216,714 (YoY -32.3%) | — | Unverified | link |
Recent filings
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Convertible-bond issuance
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15TreasuryTreasury-stock disposal decision
- 2026-04-10TreasuryMaterial-fact report
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01Disclosure
📖 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.