Pharma Research makes products that aid the regeneration of damaged tissue using DNA fragments (polynucleotides) extracted from sources such as salmon. Medical devices centered on the aesthetic-procedure product 'Rejuran' account for about 60% of revenue, joined by 'Conjuran' for knee osteoarthritis along with cosmetics and pharmaceuticals, and exports to China and Europe have grown quickly of late. In March 2026 its business report finalized 2025 revenue of ₩536.3 billion and it voluntarily disclosed a value-up plan that same month; in May its preliminary first-quarter results confirmed net-profit growth of +35%, and the dividend was set at ₩3,700 per share (a payout ratio of about 26%). What stands out is that high profitability with a 24% ROE and a 40% operating margin, a fourth straight year of double-digit growth, a near-net-cash balance sheet, and Rejuran plus growing exports lifting earnings mean last year's P/E of 23x becomes about 18x this year, not excessive relative to growth; the caution is that revenue leans on aesthetic medical devices sensitive to the economy and consumption and China's large share of exports means local demand and regulatory changes can have an effect.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 53.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 25.0% higher than a year earlier.
- ROE is 23.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 40.0%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Jung Sang-soo 30.8% (individual)
Controlling bloc incl. related parties 41.54%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis
- Pharma Research makes products that aid the regeneration of damaged tissue using DNA fragments (polynucleotides, PN/PDRN) extracted from sources such as salmon.
- Its largest revenue source is medical devices, about 60% of the total, at the center of which is 'Rejuran', an aesthetic-procedure product injected beneath the skin to aid elasticity and regeneration.
- Established as a high-priced premium product, it sells steadily at clinics and hospitals.
- The second axis is 'Conjuran', a tissue-repair material injected into the joint cavity of knee-osteoarthritis patients, whose use is rising with aging and a growing exercising population.
- Added to these are cosmetics led by the Rejuran brand (about 25% of revenue) and general pharmaceuticals (about 15%).
- More recently, exports - especially to China and Europe - have grown quickly, lifting both scale and profitability.
- The latest close is ₩309,000 and the market cap is ₩3.2 trillion.
- The price sits below its 20-day line (₩318,825) and below its 60-day line (₩311,633).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (an auxiliary gauge that scores the up-move versus down-move over the last 14 days on a 0-100 scale) is 47.1, a neutral level.
- The one-month change is +9.8%, the three-month change is +9.4%, and the position relative to the 52-week high is -56.5%.
- Relative strength against the KOSDAQ is 68 (1-99, a conversion of return versus the index over the past year weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 31% of all stocks by strength.
- Over the past three months it led the index by 44.0%.
- Chart readings are best viewed together with volume and disclosure dates.
- This is a very profitable company.
- ROE (how much is earned in a year on equity) is a high 23.9%, the operating margin is 40.0%, and the net margin reaches 30.8% - a high-margin structure where the more it sells, the more profit is left.
- The balance sheet is also solid: the current ratio (cash-like assets versus debt due within a year) is a comfortable 6.9x, and while the debt ratio (debt relative to equity) is stated as 151%, that is largely made up of accounting items such as deferred tax and contract liabilities and is far from actual borrowing burden, with interest coverage also above 10x.
- The current P/E ratio (how many times one year's earnings the price is) at 19.44x does not look low, but this is a company whose earnings rise sharply each year, so it is merely a figure on last year's reported earnings (trailing); reflecting the profit to be added this year, the actual multiple falls below this.
- The P/B (how many times net asset value the price is) is 4.66x, and the dividend yield is about 1.0% (₩3,700 per share).
- The texture of growth is very good.
- Revenue grew more than threefold in four years, from ₩154.1 billion in 2021 to ₩536.3 billion in 2025, and the growth rate over the last three years has actually been speeding up (2025 revenue +53%, operating profit +70%, net profit +79%).
- Into 2026, first-quarter cumulative revenue of ₩146.1 billion (+25%), operating profit of ₩57.3 billion (+28%), and net profit of ₩48.7 billion (+35%) continued the double-digit growth.
- In an aesthetic and regenerative-medicine market with firm end-demand, sales of Rejuran and Conjuran are rising, and as the higher-margin export share grows the margin thickens further.
- Reflecting this earnings growth, this year's net profit is seen rising to the low ₩210 billion range, in which case the current price corresponds to about 18x this year's expected earnings, noticeably below the trailing basis on last year's reported earnings (23x).
- Official filings show the company's direction well.
- The March 2026 business report finalized 2025 annual results (revenue ₩536.3 billion), and on the 30th of that month it voluntarily disclosed a 'corporate value-up plan', formalizing its intent to enhance shareholder value.
- In May it fair-disclosed preliminary first-quarter results, confirming net-profit growth of +35%, and it held investor briefings (IR) in succession in May and June to keep up communication with investors.
- The dividend is ₩3,700 per share, a payout ratio of about 26%.
- Rather than large order or acquisition events, the steady improvement in the core business and strengthened shareholder returns are at the center of the story.
- The strengths are clear: high profitability with a 24% ROE and a 40% operating margin, a fourth straight year of double-digit growth, and a firm, near-net-cash balance sheet.
- With a clear flagship product in Rejuran and growing exports lifting earnings, even though last year's P/E of 23x looks high, on the multiple that reflects this year's added earnings (about 18x) it is not an excessive level relative to growth.
- The cautions are that revenue leans substantially on aesthetic medical devices, an area sensitive to the economy and consumption, and that China's large share of exports means local demand and regulatory changes can have an effect.
- Also, with the stock having risen quickly over the past month and being near a short-term overheated zone, it is natural to watch whether the earnings growth continues (especially exports and new products) and whether the value-up plan is executed.
🔎 Valuation vs peers Fairly valued
Compared against the group of high-margin aesthetic companies selling aesthetic and regenerative-medicine procedure products.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Classys | 24.77x | 5.91x | 23.86% |
| Dentium | 20.50x | 0.60x | 2.92% |
The most business-similar peer is Classys, which sells aesthetic medical devices and procedure products; on last year's reported earnings its P/E and ROE are at almost the same level as Pharma Research (both about a 23x P/E and 24% ROE). Pharma Research's current P/E of 19.44x is on last year's reported earnings, which has the limitation of making the multiple look higher than it is for a company whose earnings are rising quickly. Reflecting the trend of +35% net-profit growth in the first quarter, the multiple on this year's expected earnings falls to around 18x, a level hard to call excessive given the 40%-range operating margin and double-digit growth. Weighed against a peer with similar growth and profitability, it is neither greatly expensive nor clearly cheap, so it is judged to be in a fair range.
Price history Close · MA20 · MA60
The latest close is ₩309,000 and the market capitalization is ₩3.2 trillion. The price sits below its 20-day moving average (₩318,825) and below its 60-day moving average (₩311,633). 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 47.1, a neutral level. The one-month change is +9.8%, the three-month change is +9.4%, and the position relative to the 52-week high is -56.5%. Relative strength versus the KOSDAQ is 68 (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 69% of all stocks. Over the past three months it outpaced the index by 44.0%. 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 +44.02% / 6M -14.08% / 12M -38.19%
Key metrics vs sector median
Valuation
The P/E of 19.44x is above the sector median (15.98x). The P/B of 4.66x 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 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.281x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 23.9%, above the sector average (3.0%). The operating margin is 40.0%. The debt ratio is 151.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $173.0M | $232.0M | $355.4M | +53.18% ↑ faster |
| Operating profit | $61.1M | $83.5M | $142.1M | +70.09% ↑ faster |
| Net profit | $50.7M | $61.0M | $109.4M | +79.39% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $102.1M | $129.1M | $173.0M | $232.0M | $355.4M |
| Operating profit | $34.8M | $43.7M | $61.1M | $83.5M | $142.1M |
| Net profit | $30.9M | $26.9M | $50.7M | $61.0M | $109.4M |
| Revenue CAGR | 4-yr avg 36.59% | ||||
Revenue rose 53.2% year over year (2023 ₩261.0 billion → 2024 ₩350.1 billion → 2025 ₩536.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 70.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 36.6%. The two-year revenue CAGR is 43.3%. In the most recent quarter (Q1 2026), revenue was 25.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 23.9% points to solid profitability.
- Revenue grew 53.2% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-30FilingVoluntarily disclosed a corporate value-up plan, formalizing the direction for shareholder returns and improved capital efficiencyA signal that raises the predictability of dividend and shareholder-return policy over the medium term. Source
- 2026-05-08EarningsFair-disclosure of preliminary Q1 2026 consolidated results (revenue ₩146.1 billion, operating profit ₩57.3 billion, net profit ₩48.7 billion, up +25%, +28%, and +35% YoY respectively)Confirms continued growth in the near term, supporting earnings momentum. Source
- 2026-03-19FilingFiling of the 2025 business report finalized annual results (revenue ₩536.3 billion, net profit ₩165.1 billion)Confirms a third straight year of accelerating growth and a 40%-range operating margin over the medium term. Source
- 2026-06-09IRHeld an investor briefing (IR) to explain business conditions and strategy directly to investorsStrengthens investor communication in the near term and shares the growth story. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-05-06Disclosure
- 2026-04-27EarningsEarnings disclosure
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
📖 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.