EuBiologics makes and sells the oral cholera vaccine "Euvichol" line, and this single product family accounts for most of its revenue (high-90% range in recent quarters), with its largest customer being UNICEF in a public-procurement-centered business. Few places in the world can supply oral cholera vaccine in bulk, so it takes on one axis of global procurement, and since swinging to profit its profitability has been high, with an ROE of 23.5% and an operating margin of 40.7%, while single-supply-and-supply contracts continued in June and May, keeping procurement flowing. What stands out lately is that structural demand, a stable large customer, and entry barriers combined with a low P/E (7.73x) make it strong, while revenue is effectively concentrated in one product and one customer, and quarterly shipment variation is large, so a single quarter's figures easily over- or under-state results.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 55.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 60.4% lower than a year earlier.
- ROE is 23.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 40.7%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Bionote 19.92% (corporate)
Controlling bloc incl. related parties 20.03%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- EuBiologics is a company that makes and sells the oral cholera vaccine "Euvichol" (Euvichol-Plus, Euvichol-S).
- This single cholera-vaccine product family accounts for most of the company's revenue (in the high-90% range on a recent-quarter basis), and its largest customer is UNICEF.
- In other words, its core business is not a drug consumers buy at a pharmacy but a public-procurement vaccine that international organizations buy in bulk and ship to less-developed countries where cholera circulates.
- A strength is that only a handful of places worldwide can supply oral cholera vaccine in bulk, so the company effectively takes on one axis of global procurement.
- Recently it has been raising the share of "Euvichol-S," which improves production efficiency over prior products, and broadening its revenue sources beyond cholera vaccine through the expansion of the third plant in Chuncheon and contract development and manufacturing (CDMO).
- The latest close is ₩8,010 and the market cap is ₩294.4 billion.
- The price sits below its 20-day line (₩8,965) and below its 60-day line (₩10,794).
- Trading below both its short- and mid-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 33.5, a neutral level.
- The one-month change is -12.5%, the three-month change is -39.9%, and the price stands -50.6% from its 52-week high.
- Relative strength versus the KOSDAQ is 49 (on a 1-99 scale that converts return versus the index over the past year, weighting recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 51% of all stocks by strength.
- Over the past three months it lagged the index by 17.6%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On confirmed annual results (2025 separate basis), the P/E (how many times one year's earnings the price is) is 7.13x and the P/B (how many times net assets the price is) is 1.68x, and the forward P/B on this year's earnings is 1.68x.
- That is, whether viewed on last year's earnings or this year's expected earnings, the price is around 6-8 times earnings, a picture in which earnings were not a one-year flash but a similar level continues.
- The ROE (how much is earned in a year on equity) of 23.5% greatly exceeds the pharma-bio sector average (3.0%), and with an operating margin of 40.7% and a net margin of 27.7%, profitability is very high for a vaccine company.
- The debt ratio (debt to equity) is 137% and the current ratio is 329%, leaving room in short-term payment ability as well.
- Over five years, revenue rose from ₩39.4 billion in 2021 to ₩149.2 billion in 2025 (average annual growth of about 39.5%), and operating profit swung over the same period from a loss of ₩7.2 billion to a profit of ₩60.7 billion.
- Looking at 2025 alone, growth actually accelerated, with revenue +55.4%, operating profit +76.8%, and net profit +115.9%.
- The backdrop for this steady profit is that demand for cholera vaccine is itself structural.
- Cholera is an endemic disease that recurs each year in less-developed countries, so international organizations' procurement volumes do not stop, and with almost no company able to supply oral cholera vaccine in bulk, the price and share the company commands carry weight.
- This year's expected earnings coming in at a level comparable to last year's is also because this steady procurement demand is underpinned by the shift to the more production-efficient Euvichol-S and the capacity expansion of the new plant.
- That said, first-quarter 2026 revenue of ₩15.6 billion was down 60.4% year on year, but this was not a downturn in the business; it reflects that the comparison base, first-quarter 2025 (revenue of ₩39.5 billion), was an exceptionally strong quarter with UNICEF shipments unusually concentrated.
- Cholera-vaccine shipments vary quarter to quarter, so a single quarter viewed alone is easy to misread, and the trend shows properly only on a cumulative annual basis.
- The recent flow is clear from disclosures.
- Single-supply-and-supply contracts (voluntary disclosures) came out on June 5 and May 19, a signal that public-procurement contracts, the core revenue source for cholera vaccine, keep continuing (the June 5 contract is about 8.9% of 2025 revenue).
- Since a contract amount is booked as revenue when the vaccine is actually shipped and delivered, when it appears in the next quarter's results is a point to watch.
- First-quarter 2026 results were finalized in the May 14 quarterly report, and on May 29 an investor briefing (IR) was held, providing a channel to directly confirm the progress of the new plant and Euvichol-S and the procurement schedule.
- Meanwhile, in March and April there were several disclosures of decisions to acquire shares in other entities and of changes in major-shareholder holdings, so investment and shareholding changes outside the core business are also worth reviewing.
- The strengths are clear: a cash cow of structural demand in cholera vaccine, a stable large customer in UNICEF, the entry barrier that few companies can supply oral cholera vaccine in bulk, and the high ROE (23.5%) and operating margin (40.7%) since the swing to profit.
- On top of this, whether viewed on last year's earnings (P/E 7.73x) or this year's expected earnings, the price is only a modest multiple of earnings, which is the core of this stock: viewing a highly profitable growth company at a not-expensive price.
- The point to weigh alongside is the structural feature that revenue is effectively concentrated in one product (Euvichol) and one customer (UNICEF), and quarterly shipment variation is large, so looking at a single quarter's figures alone easily over- or under-states results.
- In sum, it is a company that is strong when public-procurement volumes keep flowing and revenue sources broaden through Euvichol-S and the new plant, and where volatility rises in quarters with sparse shipments or when single-customer dependence comes into focus.
🔎 Valuation vs peers Inconclusive
Comparison was made on business substance against domestic vaccine companies that directly produce and supply preventive vaccines such as cholera vaccine; the on-site figures are the site's own calculations (current-price basis).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Bioscience | — | 1.59x | -3.21% |
| GC Biopharma | — | 1.16x | -0.38% |
(a) The comparison group SK bioscience and GC Biopharma are hard to derive a P/E for on recent earnings, whereas EuBiologics is profitable, with an ROE and operating margin far ahead of the two. (b) Its P/B of 1.68x is higher than the two companies' (1.2-1.7x), so some premium for profitability is embedded. Given the quarterly shipment variation and single-customer dependence, a single year's earnings cannot simply be projected forward, so rather than declaring it cheap or expensive, it is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩14.0 billion | ₩1.5 billion | ₩1.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,010 and the market capitalization is ₩294.4 billion. The price sits below its 20-day moving average (₩8,965) and below its 60-day moving average (₩10,794). 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 33.5, a neutral level. The one-month change is -12.5%, the three-month change is -39.9%, and the position relative to the 52-week high is -50.6%. Relative strength versus the KOSDAQ is 49 (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 49% of all stocks. Over the past three months it lagged the index by 17.6%. 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 -17.58% / 6M -16.72% / 12M -37.62%
Key metrics vs sector median
Valuation
The P/E of 7.13x is below the sector median (15.98x). The P/B of 1.68x 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.
Intrinsic value (DCF estimate)
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 23.5%, above the sector average (3.0%). The operating margin is 40.7%. The debt ratio is 137.0%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $46.0M | $63.6M | $98.9M | +55.35% ↑ faster |
| Operating profit | $5.1M | $22.7M | $40.2M | +76.75% ↓ slower |
| Net profit | -$9.2M | $12.7M | $27.3M | +115.85% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.1M | $36.8M | $46.0M | $63.6M | $98.9M |
| Operating profit | -$4.8M | -$2.5M | $5.1M | $22.7M | $40.2M |
| Net profit | -$18.3M | -$728,293 | -$9.2M | $12.7M | $27.3M |
| Revenue CAGR | 4-yr avg 39.51% | ||||
Revenue rose 55.4% year over year (2023 ₩69.4 billion → 2024 ₩96.0 billion → 2025 ₩149.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 76.8% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 39.5%. The two-year revenue CAGR is 46.7%. In the most recent quarter (Q1 2026), revenue was 60.4% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 23.5% points to solid profitability.
- Revenue grew 55.4% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-06-05UpdateSigned a single-supply-and-supply contract (voluntary disclosure) - a cholera-vaccine public-procurement contract, about 8.9% of 2025 revenueA signal that public-procurement contracts, the core revenue source, keep continuing. Since the contract amount is booked as revenue when the vaccine is actually shipped and delivered, it needs checking which quarter's results it appears in. Source
- 2026-05-19UpdateSigned a single-supply-and-supply contract (voluntary disclosure) - an additional cholera-vaccine supply contractSupply contracts came out in succession through May, showing procurement demand continuing. That said, quarterly results can vary widely depending on the timing of shipment and revenue recognition. Source
- 2026-05-14UpdateFirst-quarter 2026 quarterly report - revenue of ₩15.6 billion (-60.4%), operating profit of ₩2.2 billion (-87.0%)Official material confirming the finalized results. Because the base effect is large from a strong shipment-concentrated year-ago quarter, the trend should be viewed on a cumulative annual basis. Source
- 2026-05-29IRHeld an investor briefing (IR) - explaining business status and future plansA setting where the company itself explains business progress. A channel to confirm official information such as the progress of the new plant and new product (Euvichol-S) and the procurement schedule. Source
- 2026-03-26FilingDecision to acquire shares and equity securities in another entity (later corrected on April 22)A share-investment decision outside the core business, a matter to review together with the use of funds and business relevance. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Confirmed annual P/E (trailing) | 8.42x | — | Unverified | link |
| First-quarter 2026 revenue and operating profit | revenue ₩15.6 billion, operating profit ₩2.2 billion(-87.0%) | — | Unverified | link |
| Five-year revenue trend | 2021 ₩39.4 billion → 2025 ₩149.2 billion | — | Unverified | link |
| Seasonality approximation of this year's operating profit | approx. ₩7.9 billion | — | Unverified | link |
Recent filings
- 2026-06-05Single supply/sales contract
- 2026-05-29Disclosure
- 2026-05-19Single supply/sales contract
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22Amended filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Disclosure
📖 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.