SK Bioscience earns money along two axes: making and selling its own vaccines, such as the cell-culture flu vaccine SKYCellflu, and distributing overseas vaccines domestically; and, through its German subsidiary IDT Biologika, acquired in 2024, contract development and manufacturing (CDMO) of vaccines and biopharmaceuticals for European and North American drugmakers. IDT swung to a profit just a year after the acquisition, lifting 2025 revenue, and the company disclosed its preliminary first-quarter results in May, alongside an April share buyback, a Phase 3 trial for its pneumococcal vaccine, and public partnerships with the likes of the CDC and the Gates Foundation. What stands out lately is that the IDT addition has more than doubled the revenue base and, at a P/B of 1.61x, the stock sits below other large-cap biotech names; on the other hand, an operating loss persists and widened in the first quarter, and a swing to profit hinges on uncertain variables, namely the success of the pneumococcal trial and CDMO utilization.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 143.5% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 9.1% higher than a year earlier.
- ROE is -3.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -19.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder SK Chemicals 66.37% (corporate)
Controlling bloc incl. related parties 66.53%
With the controlling bloc holding 67%, control is very secure but the free float is thin.
🔎 In-depth analysis
- SK Bioscience earns money along two axes: making and selling vaccines itself, and manufacturing others' drugs on their behalf.
- Its own vaccines are led by the cell-culture flu vaccine SKYCellflu and the COVID-19 vaccine SKYCovione, and on top of these it earns sizable revenue distributing overseas vaccines domestically, such as the six-in-one combination vaccine Hexaxim, the RSV-prevention antibody Beyfortus, and the tetanus vaccine Adacel made by the likes of Sanofi and AstraZeneca.
- The second axis is contract development and manufacturing (CDMO), where its German subsidiary IDT Biologika, acquired in 2024, manufactures vaccines and biopharmaceuticals for European and North American drugmakers.
- The surge in 2025 revenue came mostly from IDT starting to be fully captured in the consolidated results.
- The latest close is ₩36,150 and the market cap is ₩2.8 trillion.
- The price sits below its 20-day line (₩37,742) and below its 60-day line (₩40,583).
- Trading under both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 42.8, a neutral level.
- The one-month change is -6.3%, the three-month change is -10.3%, and the position versus the 52-week high is -39.9%.
- Relative strength against the KOSPI is 9 (1-99, computed from returns versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 92% of all stocks by strength.
- Over the past three months it lagged the index by 30.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- As a loss-making company, its P/E ratio (how many times a year's earnings the share price is) cannot be calculated, and its P/B (how many times net assets the share price is) is 1.59x.
- ROE (how much it earns in a year per unit of equity) is -3.2% and the operating margin (operating profit as a share of revenue) is -19.0%, still in a loss zone.
- Financial strength itself, however, is solid: the current ratio (cash-like assets against debt due within a year) reaches 382%, so short-term repayment pressure is small, and the debt ratio (debt against equity) is around 165%.
- The present loss should be read not as a broken business but as the result of pulling forward future investment, such as the pneumococcal vaccine trial and a headquarters relocation.
- Revenue surged 143.5% in 2025 to ₩651.4 billion from ₩267.5 billion the prior year.
- But this owes less to the business improving that much than to the German IDT acquisition widening the scope of consolidated revenue.
- Over five years, revenue peaked in 2021 during the COVID boom at ₩929.0 billion with net profit of ₩355.1 billion, then fell sharply from 2022 to 2024, and is now at the early stage of recovery as IDT expands the top line again.
- First-quarter 2026 revenue was ₩168.6 billion, up 9.1% year on year, but the operating loss widened to ₩44.5 billion, as the global Phase 3 trial of the 21-valent pneumococcal vaccine (GBP410) co-developed with Sanofi ramped up and costs of relocating to the new Songdo headquarters overlapped.
- As the company has stated, the goal for this trial is to secure interim results next year, so the timing of a swing to profit depends heavily on trial outcomes and IDT utilization.
- The core of recent disclosures and briefings is threefold.
- First, IDT swung to a profit just a year after the acquisition, lifting the 2025 top line, and the company confirmed its preliminary first-quarter results via a fair disclosure in May.
- Second, in April it approved a share buyback and introduced employee performance-based rewards (RSUs), addressing both shareholder returns and talent retention.
- Third, alongside the Phase 3 pneumococcal trial, it announced a string of public partnerships, with the U.S.
- CDC (rotavirus vaccine), the Gates Foundation (applying AI to vaccine development), and Colombia (production technology transfer), broadening its pipeline and global manufacturing base.
- The observation point is that the top line has grown, but the question is when profit will follow.
- The IDT addition has more than doubled the revenue base, cash strength is solid, so near-term financial risk is low, and a P/B of 1.61x is on the low side compared with other large-cap biotech names led by profits.
- On the other hand, one should note that an operating loss persists and its scale actually widened in the first quarter, and that a swing to profit hinges on uncertain variables, namely the success of the pneumococcal trial and CDMO utilization.
- It is strong if trial interim results, IDT orders, and a vaccine-sales recovery are confirmed, and weak if investment keeps running ahead and pushes the timing of profit further out.
🔎 Valuation vs peers Inconclusive
The peer set is domestic listed large-cap vaccine and biotech names, along with companies that also run a contract-manufacturing (CDMO) business.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Biologics | 34.37x | 8.23x | 23.95% |
| SK Biopharmaceuticals | 23.53x | 7.73x | 32.83% |
| Alteogen | 113.48x | 36.11x | 31.82% |
Samsung Biologics, SK Biopharmaceuticals, and Alteogen already post high profitability (ROE of 24-33%) with elevated P/E and P/B ratios, whereas SK Bioscience is still in an operating loss, so an earnings-based comparison does not even hold. Judged on P/B of 1.61x alone it looks markedly lower than peers, but this reflects the fact that there is no profit yet rather than any undervaluation. As an inflection stock whose profit collapsed after the COVID boom ended, a P/E on past earnings is meaningless, and since the company has offered no official profit target, forward earnings cannot be pinned down either. So, until a swing to profit (pneumococcal trial, CDMO utilization) is confirmed, Inconclusive is the honest conclusion. That said, solid cash and net assets and the widened revenue base are factors that support the downside.
Price history Close · MA20 · MA60
The latest close is ₩36,150 and the market capitalization is ₩2.8 trillion. The price sits below its 20-day moving average (₩37,742) and below its 60-day moving average (₩40,583). 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 42.8, a neutral level. The one-month change is -6.3%, the three-month change is -10.3%, and the position relative to the 52-week high is -39.9%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 30.3%. 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 -30.27% / 6M -54.03% / 12M -68.95%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.59x 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 -3.2%, below the sector average (3.0%). The operating margin is -19.0%. The debt ratio is 165.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $244.9M | $177.3M | $431.7M | +143.46% ↑ faster |
| Operating profit | -$7.9M | -$91.7M | -$81.9M | — |
| Net profit | $14.8M | -$35.7M | -$38.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $615.7M | $302.7M | $244.9M | $177.3M | $431.7M |
| Operating profit | $314.3M | $76.2M | -$7.9M | -$91.7M | -$81.9M |
| Net profit | $235.4M | $81.2M | $14.8M | -$35.7M | -$38.1M |
| Revenue CAGR | 4-yr avg -8.49% | ||||
Revenue rose 143.5% year over year (2023 ₩369.5 billion → 2024 ₩267.5 billion → 2025 ₩651.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -8.5%. The two-year revenue CAGR is 32.8%. In the most recent quarter (Q1 2026), revenue was 9.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 143.5% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-06EarningsFirst-quarter 2026 consolidated preliminary results disclosed — revenue of ₩168.6 billion (+9.1% year on year), operating loss of ₩44.5 billion as the loss widenedTop-line growth continued, but a short-term loss persists as investment such as the pneumococcal trial and the new-headquarters relocation is carried out. Source
- 2026-04-28UpdateShare buyback approved (about ₩17.1 billion) and performance-based rewards (RSUs) introduced for all employeesA signal of stronger shareholder returns and talent retention, favorable to shareholder value over the mid term. Source
- 2026-05-06IRInvestor briefing notice — sharing first-quarter results and the progress of the Phase 3 pneumococcal vaccine trialA channel to explain pipeline progress and investment plans directly. Source
- 2026-07-02IRAnnouncement of a partnership with the Gates Foundation to apply an AI engine to vaccine development (company newsroom)A public partnership that broadens development efficiency and a base of global trust, a favorable factor for the pipeline over the medium to long term. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-05-06EarningsFair-disclosure notice
- 2026-04-28TreasuryMaterial-fact report
- 2026-04-22Disclosure
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-25OwnershipLargest-shareholder ownership change report
- 2026-03-23Shareholders' meeting notice
- 2026-03-23Disclosure
📖 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.