ST Pharm (237690) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
ST Pharm is a contract development and manufacturing organization (CDMO) that makes the active pharmaceutical ingredients (APIs) for new drugs on behalf of pharmaceutical and biotech companies. Its core specialty is oligonucleotides, the gene- and nucleic-acid-based raw materials used in a new class of therapies, and it ranks among the top players worldwide, supplying the ingredient for 5 of the roughly 16 commercialized oligonucleotide drugs. This January it signed a supply contract worth about ₩82.5 billion with a US biotech, and in March it landed a roughly ₩89.7 billion deal with a European pharmaceutical company—the largest single oligonucleotide-ingredient contract in its history; it also reported a sharp jump in Q1 profit and declared a dividend of ₩500 per share. In June it formally announced plans to expand into an integrated RNA CDMO spanning mRNA and CRISPR. The strengths worth watching are its top-tier position in the high-barrier oligonucleotide CDMO business and step-change earnings growth as large contracts fill capacity it has already raised from 6.4 to 14 moles; the caution is that revenue hinges on a handful of large contract deals, so earnings can swing significantly with the success or failure of a client's drug or with contract renewals.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “CDMO & Biosimilars” (Biotech & Pharmaceuticals), a type typically read first through forward P/E.
CDMO and biosimilar players see future utilization and profit hinge on large capacity build-outs and new supply contracts. Because it is the earnings still to come — reflecting fresh orders and added capacity — that drives the price, forward P/E, based on expected earnings, is the first lens.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 21.2% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 27.7% higher than a year earlier.
- ROE is 11.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 18.9%.
- 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 Dong-A Socio Holdings 29.45% (corporate)
Controlling bloc incl. related parties 37.65%
With the controlling bloc holding 38%, the ownership structure is stable.
🔎 In-depth analysis Reading
ST Pharm is less a company that sells clothing or finished goods and more a contract development and manufacturing organization (CDMO) that makes the active pharmaceutical ingredient (API) of new drugs on behalf of pharmaceutical and biotech firms. Its core is a gene- and nucleic-acid-based drug ingredient called oligonucleotides (oligos), used in treatments for cholesterol, genetic disorders, rare diseases and more. ST Pharm is a leading player in this field—it supplies the ingredient for 5 of the roughly 16 commercialized oligonucleotide drugs worldwide—and it also pursues conventional small-molecule drug ingredients alongside its own drug candidates (in areas such as HIV and liver disease). In short, the large pillar of its revenue is producing high-volume, high-quality nucleic-acid ingredients that go into other companies' drugs, and this is where its recent growth comes from.
The latest close is ₩101,300 and the market capitalization is ₩2.1 trillion. The price sits below its 20-day moving average (₩108,950) and below its 60-day moving average (₩121,298). 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 42.5, a neutral level. The one-month change is -21.3%, the three-month change is -32.5%, and the position relative to the 52-week high is -40.0%. Relative strength versus the KOSDAQ is 61 (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 61% of all stocks. Over the past three months it lagged the index by 1.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Starting with the valuation figures, the P/E ratio (how many times one year's profit the price represents) is 38.43x and the P/B (how many times book net assets) is 3.46x—high on their face. But this P/E is based on last year's (2025) results, just before earnings surged, so at a company whose profit is jumping it creates the illusion of looking more expensive than it really is. Profitability is decent, with ROE (how much it earns in a year on its equity) at 9.3% and an operating margin of 16.6%, and the balance sheet is solid, with a debt ratio (debt to equity) of 31.9% and a current ratio of 226%. The dividend yield is 0.4% (₩500 per share), low as befits a growth-oriented stock. In sum: a stable balance sheet, improving profitability, and a high headline P/E that has to be read against an earnings inflection.
The top line grew at roughly 19% a year over five years, from ₩165.6 billion in 2021 to ₩331.7 billion in 2025, and 2025 in particular saw revenue up 21.2%, operating profit up 98.4% and net profit up 58.4%—with profit growth far outpacing revenue. That is textbook operating leverage as the high-margin oligo mix grows. The inflection became sharper in the first quarter of this year: revenue rose 27.7%, while operating profit jumped about tenfold year-on-year (+1,024%) and net profit about twentyfold (+2,044%). The second oligo plant completed last year is still running at only 40-50% utilization, so as the large contracts being delivered from this year through the end of next year fill in, further leverage remains. Extending this trajectory, this year's net profit is projected to be noticeably higher than last year's (about ₩55 billion), and on that basis the forward price-to-earnings multiple is clearly lower than the headline multiple based on last year's figures.
This year's disclosures center on large supply contracts. In January the company signed an oligonucleotide-ingredient supply contract worth about ₩82.5 billion ($ 56 million) for a drug to treat severe hypertriglyceridemia, and in March it signed a roughly ₩89.7 billion deal with a European pharmaceutical company—its largest single oligonucleotide-ingredient contract ever. Deliveries under both run from this year through the end of next year and form the backbone of future results. A preliminary earnings disclosure in April confirmed the sharp Q1 profit jump, and in April the company also declared a cash-and-in-kind dividend (₩500 per share). In June, through a future-business-and-management-plan disclosure and an investor briefing, it formally announced plans to expand beyond oligos into an integrated RNA CDMO spanning mRNA and CRISPR.
The strengths are clear. It holds a world-leading position in the high-barrier oligonucleotide CDMO business, and having sharply raised capacity from 6.4 to 14 moles with a new plant, its earnings are stepping up as large contracts fill in. That utilization is still low leaves leverage in reserve, and the company has set an official target of ₩1 trillion in oligo CDMO revenue by 2030—both grounds for growth. The caution is that revenue hinges on a small number of large contract deals, so earnings can swing significantly with the commercialization success or failure of a specific client's drug or with contract renewals; and because the headline P/E on last year's basis is high, valuation pressure could come to the fore if the earnings improvement does not continue as expected. In short: a stock where an earnings inflection justifies the valuation while demand and utilization keep rising, but whose structural volatility from large-client dependence and contract concentration must be watched alongside it.
🔎 Valuation vs peers Fairly valued
Among domestically listed CDMO and large-cap bio names with comparable business character, we used pure-play CDMO Samsung Biologics and large-cap bio Celltrion as reference points—though their very different market caps and business areas mean we treat this as a directional comparison of growth and profitability rather than an absolute-multiple comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Biologics | 39.28x | 8.85x | 23.70% |
| Celltrion | 41.98x | 2.57x | 7.19% |
The headline P/E of 49.9x on last year's (2025) basis looks higher than the pure-play CDMO reference (Samsung Biologics at about 36x), but much of that is an illusion created by using results from just before earnings jumped as the denominator. Factoring in the profit inflection—Q1 operating profit up roughly tenfold—the forward multiple comes down clearly from the headline figure. Even so, the forward multiple is hard to call sharply cheap relative to pure-play CDMOs, and with much of the earnings improvement already reflected in the price, the balanced read is not to declare it cheap but to see it as a fairly valued zone where a growth premium is justified. With the strengths (leverage headroom, order visibility) and the cautions (large-client dependence, headline valuation load) evenly matched, we judge it fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩101,300 and the market capitalization is ₩2.1 trillion. The price sits below its 20-day moving average (₩108,950) and below its 60-day moving average (₩121,298). 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 42.5, a neutral level. The one-month change is -21.3%, the three-month change is -32.5%, and the position relative to the 52-week high is -40.0%. Relative strength versus the KOSDAQ is 61 (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 61% of all stocks. Over the past three months it lagged the index by 1.5%. 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 -1.48% / 6M -9.58% / 12M +17.95%
Key metrics Computed vs sector median
Valuation
The P/E of 38.43x is above the sector median (15.02x). The P/B of 3.46x is above the sector median (1.10x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 11.4%, above the sector average (1.0%). The operating margin is 18.9%. The debt ratio is 39.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $200.2M | $192.3M | $233.0M | +21.16% ↑ faster |
| Operating profit | $23.5M | $19.5M | $38.6M | +98.37% ↑ faster |
| Net profit | $13.8M | $24.4M | $38.6M | +58.42% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $116.4M | $175.1M | $200.2M | $192.3M | $233.0M |
| Operating profit | $3.9M | $12.5M | $23.5M | $19.5M | $38.6M |
| Net profit | $2.3M | $12.6M | $13.8M | $24.4M | $38.6M |
| Revenue CAGR | 4-yr avg 18.96% | ||||
Revenue rose 21.2% year over year (2023 ₩285.0 billion → 2024 ₩273.8 billion → 2025 ₩331.7 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 98.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 19.0%. The two-year revenue CAGR is 7.9%. In the most recent quarter (Q1 2026), revenue was 27.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 11.4% points to solid profitability.
- Revenue grew 21.2% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-01-23UpdateSigned an oligonucleotide nucleic-acid therapeutic API supply contract worth about ₩82.5 billion ($ 56 million) with a US biotech. To be used in a new drug for severe hypertriglyceridemia.A large contract with deliveries from this year through the end of next year, lifting utilization of the new oligo plant and earnings leverage—a pillar of medium-term results. Source
- 2026-03-16UpdateSigned an oligonucleotide nucleic-acid API supply contract worth about ₩89.7 billion with a global European pharmaceutical company. The largest single oligo-ingredient contract in its history.As its largest single order, it sharply improves revenue visibility over the next two years and contributes directly to expanding the high-margin oligo mix. Source
- 2026-04-27EarningsPreliminary Q1 results on a consolidated basis. Revenue of about ₩67.0 billion (+27.7%), operating profit of about ₩11.5 billion (roughly tenfold year-on-year), net profit of about ₩15.2 billion.Confirms in figures the profit inflection driven by a higher oligo mix and rising utilization—a near-term catalyst that sharply raises forward earnings expectations. Source
- 2026-06-22FilingFuture business and management plan (fair disclosure). Formalizes expansion beyond oligos into an integrated RNA CDMO encompassing mRNA and CRISPR, along with business plans.A direction that broadens the medium- to long-term growth axis from oligos alone to RNA as a whole. Tied to the target of ₩1 trillion in oligo CDMO revenue by 2030. Source
- 2025-09-30FilingCorporate value-up plan (voluntary disclosure). Discloses shareholder-return and medium- to long-term growth strategy.Sets out the direction for growth investment and shareholder returns. A value-up signal timed to the completion of the second oligo plant. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue / operating profit / net profit | revenue 3,317 · operating profit 549 · net profit 550 | revenue 3,317 · operating profit 549 · net profit 550 | Confirmed | link |
| Q1 2026 profit surge | operating profit 115(+1,024%) · net profit 152(+2,044%) | operating profit approx. 115 | Confirmed | link |
| Oligo production capacity and market position | CDMO | 6.4 → 14 , 2025 | Confirmed | link |
| 2026 net profit (forward) estimate | approx. 640(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-02PeriodicAnnual business report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-27Disclosure
- 2026-04-27EarningsFair-disclosure notice
- 2026-04-23Disclosure
- 2026-04-23EarningsEarnings disclosure
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21DividendCash/stock dividend decision (amended)
📖 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.