ISU Abxis (086890) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
ISU Abxis is a pharmaceutical company that sells biologic drugs it develops and manufactures in-house, with its flagship products being Abcertin for Gaucher disease, Fabagal for Fabry disease, and Clotinab, an antithrombotic agent; of its 2025 revenue of ₩56.7 billion, product sales accounted for 94.0%. Revenue in Q1 2026 rose 31.6% year on year, reviving the top-line growth trend, and in June the company signed a ₩700 million supply contract, though it posted a net loss for the full prior year. What stands out recently is that the business is structured such that its strengths—a P/B of 1.13x reflecting asset value and a recovery in the top line—come through when quarterly revenue growth and new contracts feed into improved earnings, while it weakens if losses drag on or if repeated fundraising through instruments such as convertible bonds increases the share count.
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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 fell 5.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 31.6% higher than a year earlier.
- ROE is -9.3% (total-net basis). It is below the sector average.
- Operating margin is 2.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder ISU Chemical 32.19% (corporate)
Controlling bloc incl. related parties 36.12%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis Reading
ISU Abxis operates a single pharmaceutical business within the pharma and biotech sector. The way it makes money is relatively simple: it generates revenue by selling biologic drugs it develops and manufactures itself, with flagship products including Abcertin for Gaucher disease, Fabagal for Fabry disease, and Clotinab, an antithrombotic agent. Of its 2025 revenue of ₩56.7 billion, product sales made up ₩53.3 billion, or 94.0%, with merchandise sales of ₩2.4 billion (about 4.3%) and technology and other sales of roughly ₩1 billion (about 1.7%) filling out the rest. In other words, the core of the company is its own-product business of manufacturing and selling, with an emphasis on rare-disease and biosimilar areas. As a small-cap with a market capitalization of ₩129.3 billion, a single supply contract or fundraising disclosure can have an outsized effect on revenue and the share count, so it helps to watch the flow of disclosures alongside the business itself.
The latest close is ₩3,330 and the market capitalization is ₩135.8 billion. The price sits above its 20-day moving average (₩3,256) and below its 60-day moving average (₩3,422). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.2, a neutral level. The one-month change is -2.9%, the three-month change is -26.3%, and the position relative to the 52-week high is -46.6%. Relative strength versus the KOSDAQ is 43 (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 43% of all stocks. Over the past three months it outpaced the index by 10.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩56.7 billion, operating profit ₩1.6 billion, and net profit -₩10.7 billion. The operating margin was 2.9%, ROE (how much is earned in a year on equity) was -9.3%, and the debt ratio (debt against equity) was 138.8%. It was a year in which the company turned an operating profit but closed with a net loss as non-operating expenses and other items were added in. On valuation, since earnings were in the red, a P/E ratio (how many times a year's earnings the share price is) cannot be calculated, so the stock is viewed by P/B (how many times book value the share price is). A P/B of 1.13x is slightly above shareholders' equity (about ₩114.5 billion), so it is hard to see the share price as far overpriced relative to asset value. The current ratio of 193.1% suggests some room in short-term solvency, while an interest coverage ratio below 1x signals that operating profit alone is tight for covering interest—a point to check alongside.
The top line has grown over several years. Revenue rose from the ₩28 billion range a few years ago to ₩56.7 billion in 2025, and operating profit and loss swung from a loss to a profit along the way. For full-year 2025, revenue fell 5.9% year on year and the company closed with a net loss, so the single year's figures read as a slowdown, but what stands out is that revenue in the most recent quarter, Q1 2026, was ₩9.5 billion, up 31.6% from the same period a year earlier, reviving top-line growth. In that same quarter operating profit was -₩3.4 billion and net profit was -₩0.2 billion, so the bottom line is still in the red, but the net loss was small, making whether the revenue recovery carries through to earnings the next thing to watch. This company has business characteristics—like rare-disease treatments—in which quarterly results swing widely with product-by-product supply contracts and demand, so the recovery trend in quarterly revenue and new contracts are the real drivers of top-line growth. The annual top-line baseline is forming around the ₩54 billion range, and given the loss-making status, no future earnings forecast figures are produced, so tracking the revenue recovery and the point of reaching break-even directly is key.
On June 17, 2026 there was a disclosure of a single sales and supply contract (amended). At a contract amount of ₩700 million, or 19.9% of recent revenue, how the contract term, the timing of revenue recognition, and whether this transaction is one-off or repeatable will shape the medium-term interpretation. On March 23, 2026 and December 22, 2025 there were disclosures of acquiring convertible bonds before maturity following their issuance (conversion price ₩4,445). Bond-related transactions are disclosures that must be viewed together with the purpose of the cash inflow and the change in share count, and where facility or operating purposes are stated, whether actual investment translates into revenue is the point to confirm. Whether supply contracts and fundraising feed through to the core business's revenue and finances is the heart of the disclosure narrative.
This is a stock with relatively clear strengths and weaknesses. On the strong side is the share price relative to asset value. The stock has fallen nearly by half from its one-year high to a P/B of 1.13x, trading slightly above shareholders' equity. Even against nearby peers in the same sector, this is not a burdensome price relative to asset value, and diagnostically the valuation is classified as undervalued. On the top line as well, it is positive that Q1 2026 revenue rose 31.6% year on year, reviving the growth trend. The point to watch carefully is profitability. The prior full-year net result was a loss, and operating profit alone is tight for covering interest, so it is necessary to confirm whether the revenue recovery translates into an actual profit. In short, this is a stock with intact strengths in asset value and a top-line recovery—strong when quarterly revenue growth and new contracts feed into earnings improvement, and weaker when losses drag on or repeated fundraising increases the share count.
🔎 Valuation vs peers Undervalued
A peer set of nearby market-cap companies within the pharma and biotech sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Corestem-Chemon | — | 2.31x | -48.63% |
| Samsung Pharm | 10.69x | 0.95x | -13.04% |
| Kyongbo Pharmaceutical | 689.47x | 0.87x | 0.13% |
We prioritized a peer set of publicly available data on nearby market-cap names within pharma and biotech. The current P/E (how many times a year's earnings the share price is) is not available, and the P/B (how many times book value the share price is) is 1.18x. That said, because lower-market-cap names are heavily affected by earnings swings and fundraising disclosures, we did not draw firm conclusions from prior-year confirmed-results figures alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩54.0 billion | — | — |
| Next quarter | Q2 2026 | ₩16.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,330 and the market capitalization is ₩135.8 billion. The price sits above its 20-day moving average (₩3,256) and below its 60-day moving average (₩3,422). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 51.2, a neutral level. The one-month change is -2.9%, the three-month change is -26.3%, and the position relative to the 52-week high is -46.6%. Relative strength versus the KOSDAQ is 43 (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 43% of all stocks. Over the past three months it outpaced the index by 10.6%. 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 +10.57% / 6M -20.24% / 12M -35.68%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.18x 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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -9.3%, below the sector average (1.0%). The operating margin is 2.9%. The debt ratio is 32.6%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $38.1M | $42.3M | $39.8M | -5.95% ↓ slower |
| Operating profit | $2.7M | $9.4M | $1.1M | -87.80% ↓ slower |
| Net profit | $2.5M | $10.3M | -$7.5M | -172.55% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $19.7M | $28.9M | $38.1M | $42.3M | $39.8M |
| Operating profit | -$6.3M | -$11.3M | $2.7M | $9.4M | $1.1M |
| Net profit | $583,028 | -$5.1M | $2.5M | $10.3M | -$7.5M |
| Revenue CAGR | 4-yr avg 19.26% | ||||
Revenue fell 5.9% year over year (2023 ₩54.3 billion → 2024 ₩60.3 billion → 2025 ₩56.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 87.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 19.3%. The two-year revenue CAGR is 2.2%. In the most recent quarter (Q1 2026), revenue was 31.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 5.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-06-17Contract[Amended] Single sales and supply contract signed: contract amount ₩700 million, 19.9% of recent revenueThe contract amount and term are central to future revenue recognition. Whether it is a one-off or a repeatable transaction will shape the medium-term interpretation. Source
- 2026-03-23UpdateAcquisition of convertible bonds (including overseas convertible bonds) before maturity following issuance: bond-related amount ₩230,000, conversion price ₩4,445This is a disclosure to be viewed together with the purpose of the cash inflow and the change in share count. Where facility or operating purposes are stated, whether actual investment ties through to revenue is key. Source
- 2025-12-22UpdateAcquisition of convertible bonds (including overseas convertible bonds) before maturity following issuance: bond-related amount ₩15.08 million, conversion price ₩4,445This is a disclosure to be viewed together with the purpose of the cash inflow and the change in share count. Where facility or operating purposes are stated, whether actual investment ties through to revenue is key. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,330 | ₩3,330 | Confirmed | link |
| Latest quarterly results | revenue ₩9.5 billion, operating profit -₩3.4 billion | revenue ₩9.5 billion, operating profit -₩3.4 billion | Confirmed | link |
| Annual results | revenue ₩56.7 billion, operating profit ₩1.6 billion | revenue ₩56.7 billion, operating profit ₩1.6 billion | Confirmed | link |
| Contract disclosure source text | [amended] single supply contract signed: contract value ₩0.7 billion · vs recent revenue 19.9% | [amended] single supply contract signed: contract value ₩0.7 billion · vs recent revenue 19.9% | Confirmed | link |
| Fundraising disclosure source text | 23 · ₩4,445 | 23 · ₩4,445 | Confirmed | link |
| Fundraising disclosure source text | 1,508 · ₩4,445 | 1,508 · ₩4,445 | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-03-30Disclosure
- 2026-03-23Convertible-bond issuance
- 2026-03-20Shareholders' meeting notice
- 2026-03-12Audit report
- 2026-03-12PeriodicAnnual business report
- 2026-03-05Shareholders' meeting notice
- 2026-03-05Shareholders' meeting notice
- 2026-02-10Disclosure
📖 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.