SK Biopharmaceuticals (326030) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
SK Biopharmaceuticals is a new-drug company that earns money by selling its self-developed epilepsy drug cenobamate (U.S. product name Xcopri) in the U.S. through its own sales organization — unlike most Korean pharma firms, which contract-manufacture others' drugs or sell generics, its distinction is 'I sell the new drug I made myself.' Q1 2026 revenue was ₩227.9 billion, up 57.8% from a year earlier, and operating profit surged 249.7% to ₩89.8 billion, a record quarter, driven by U.S. Xcopri revenue and new-patient prescriptions. What stands out lately is that, as long as U.S. prescriptions keep rising and regional expansion in Korea, Japan and elsewhere adds royalties, it is strong on a high 32.8% ROE and a net-cash structure; but because most of the growth is concentrated in the single product cenobamate, changes in patents and the competitive environment, and the success or failure of follow-on drugs, will decide the medium-to-long-term direction.
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 “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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 29.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 57.8% higher than a year earlier.
- ROE is 37.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 33.9%.
- 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 SK 64% (corporate)
Controlling bloc incl. related parties 64%
With the controlling bloc holding 64%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
SK Biopharmaceuticals is a company that develops and sells central nervous system (brain and nerve) disease new drugs directly. Its core product is the epilepsy new drug cenobamate, sold in the U.S. under the name 'Xcopri.' A distinctive point is that it grows prescriptions directly with physicians through its own sales organization via a U.S. subsidiary (SK Life Science). Rather than making others' drugs on their behalf or selling generics, it takes the entire sales profit of a self-discovered new drug, so profitability rises rapidly as revenue grows. Most of the ₩706.7 billion in 2025 consolidated revenue comes from this cenobamate. In Korea (approved November 2025) and in Japan and Asia, it entrusts sales to local partners rather than selling directly and receives royalties (a set percentage of sales), so profit accrues without major costs as regions are added.
The latest close is ₩83,500 and the market capitalization is ₩6.5 trillion. The price sits above its 20-day moving average (₩79,145) and below its 60-day moving average (₩86,373). 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 54.0, a neutral level. The one-month change is -1.7%, the three-month change is -15.2%, and the position relative to the 52-week high is -40.6%. Relative strength versus the KOSPI is 15 (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 14% of all stocks. Over the past three months it lagged the index by 0.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability metrics are this company's strength. The ROE (how much is earned in a year on equity) is 32.8%, among the highest in Korean pharma and biotech. The operating margin (operating profit as a share of revenue) is 28.9% and the net margin is 37.8%, showing the power of directly selling a new drug. The balance sheet is very safe. Net debt (total borrowings minus cash) is negative — that is, a net-cash position with about ₩258.9 billion more cash than debt. The debt-to-equity ratio is a low 45.8% and the current ratio is an ample 231%. That said, valuation metrics come out high. On last year's results, the P/E ratio (how many times one year's profit the share price is) is 24.50x and the P/B (how many times book equity) is 7.02x. EV/EBIT (enterprise value including debt divided by operating profit — a debt-inclusive P/E equivalent) is 32.0x and EV/Sales (enterprise value divided by revenue) is 9.2x. But because net cash is large, the EV (enterprise value) is actually smaller than the market cap. The FCF yield (cash actually earned versus market cap) is 2.2%, still low as it is at a stage of reinvesting for growth. These metrics are on 'last year's earnings,' so with profits rising fast they should be read together with the forward (this year's expected earnings) basis discussed below to see the real burden.
The growth trajectory points clearly up. Revenue grew every year, from ₩354.9 billion in 2023 → ₩547.6 billion in 2024 → ₩706.7 billion in 2025. Operating profit swung from a -₩37.5 billion loss in 2023 to ₩96.3 billion in 2024 and ₩203.9 billion in 2025, more than doubling after turning positive. Net profit likewise turned from a 2023 loss to ₩267.0 billion in 2025. The heart of the inflection is U.S. Xcopri. In Q1 2026, U.S. revenue rose about 48% from a year earlier, and new-patient prescriptions topped 2,000 a month for the first time, a record. On top of this, domestic sales began with the Korea approval in November 2025, and Japan and Asia add royalties. This year's net profit is seen rising above last year's (₩267.0 billion) to around ₩310.0 billion, because U.S. prescriptions keep growing at double digits and regional royalties are layered on. So even though the trailing P/E of 22.9x on last year's earnings looks high, on this year's expected earnings it falls to about 19.8x. As profits grow, the real valuation burden is lighter than last year's figure suggests.
The flow confirmed by disclosures runs along three lines. First, results. A preliminary-results disclosure on May 7, 2026 confirmed record quarterly results, with Q1 revenue of ₩227.9 billion and operating profit of ₩89.8 billion (+57.8% and +249.7% year on year respectively). Second, sales expansion. On May 27, 2026 it signed a cenobamate supply contract (₩41.6 billion, 5.9% of 2025 revenue) with its U.S. subsidiary SK Life Science. This is an internal transaction handing product for U.S. sales to the subsidiary, read as a signal that rising U.S. prescriptions are prompting the subsidiary to secure more inventory. Third, shareholder and IR matters. It held several IRs in May to explain results and the pipeline, and disclosed a corporate-governance report in June. Separately, the fact that the U.S. composition-of-matter patent for cenobamate was extended from 2027 to October 2032, and that next-generation drug candidates such as radiopharmaceuticals (RPT) and targeted protein degradation (TPD) are moving into clinical stages, are medium-to-long-term events.
SK Biopharmaceuticals achieves a high profit margin through the rare structure of 'selling a self-developed new drug directly.' A 32.8% ROE, net cash and double-digit revenue growth underpin this. The strong conditions are clear. As long as U.S. Xcopri prescriptions keep rising and regional expansion in Korea, Japan and Asia adds royalties, revenue growth translates straight into profit. With a solid balance sheet, it also has ample resources to invest in follow-on drugs. The cautions are just as clear. Most revenue is concentrated in the single product cenobamate. The U.S. composition-of-matter patent has been extended to 2032, but the emergence of competing drugs or a slowdown in prescription growth is a variable for results. Follow-on pipelines such as radiopharmaceuticals and targeted protein degradation are the key to continuing growth, but they are still in early clinical stages, so their success is not yet settled. In sum, in a phase where U.S. prescription growth and regional expansion continue, it is strong on high profitability and net cash, while single-product concentration and the clinical uncertainty of follow-on drugs are the medium-to-long-term points to watch.
🔎 Valuation vs peers Fairly valued
Large domestic pharma and biotech names whose new-drug development and sales and revenue scale are comparable.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Celltrion | 41.98x | 2.57x | 7.19% |
| Hanmi Pharmaceutical | 29.54x | 3.85x | 13.54% |
| Yuhan Corporation | 31.93x | 2.71x | 9.06% |
| Samsung Biologics | 39.28x | 8.85x | 23.70% |
The trailing P/E of 22.9x on last year's results is actually lower than peers Celltrion (37.8x), Samsung Biologics (35.9x), Hanmi Pharm (29.1x) and Yuhan (28.5x). Yet its ROE, at 32.8%, far exceeds theirs (6-24%). In other words, it sits in a position of 'earning profit the best while carrying a lower multiple.' That said, with profits rising fast, the trailing P/E on last year's earnings makes the burden look much larger than it is. On this year's expected earnings it falls to about 19.8x, a clear discount to peers. Conversely, the concentration of revenue in the single product cenobamate and the fact that follow-on drugs are still in early clinical stages are discount factors against the high profitability. Weighing the two together, we judge it to be in a fair range — neither a premium nor an excessive undervaluation.
Price history Close · MA20 · MA60
The latest close is ₩83,500 and the market capitalization is ₩6.5 trillion. The price sits above its 20-day moving average (₩79,145) and below its 60-day moving average (₩86,373). 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 54.0, a neutral level. The one-month change is -1.7%, the three-month change is -15.2%, and the position relative to the 52-week high is -40.6%. Relative strength versus the KOSPI is 15 (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 14% of all stocks. Over the past three months it lagged the index by 0.3%. 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 -0.27% / 6M -41.13% / 12M -56.75%
Key metrics Computed vs sector median
Valuation
The P/E of 24.50x is below the sector median (52.77x). The P/B of 7.02x is above the sector median (3.91x). 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 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.159x. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 33.9%. The debt ratio is 41.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $249.3M | $384.7M | $496.5M | +29.06% ↓ slower |
| Operating profit | -$26.4M | $67.7M | $143.3M | +111.69% |
| Net profit | -$23.1M | $169.1M | $187.5M | +10.89% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $294.1M | $172.9M | $249.3M | $384.7M | $496.5M |
| Operating profit | $66.7M | -$92.1M | -$26.4M | $67.7M | $143.3M |
| Net profit | $45.6M | -$98.0M | -$23.1M | $169.1M | $187.5M |
| Revenue CAGR | 4-yr avg 13.99% | ||||
Revenue rose 29.1% year over year (2023 ₩354.9 billion → 2024 ₩547.6 billion → 2025 ₩706.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 111.7% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 14.0%. The two-year revenue CAGR is 41.1%. In the most recent quarter (Q1 2026), revenue was 57.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 37.6% points to solid profitability.
- Revenue grew 29.1% 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
- 2026-05-07EarningsQ1 2026 preliminary-results disclosure — consolidated revenue ₩227.9 billion (+57.8%), operating profit ₩89.8 billion (+249.7%), a record quarter.Margins surged on the expansion of U.S. Xcopri revenue, confirming the leverage of the direct-sales new-drug structure. Strengthens near-term results momentum. Source
- 2026-05-27UpdateCenobamate supply contract signed with U.S. subsidiary SK Life Science — ₩41.6 billion, 5.9% of 2025 revenue.An internal transaction to secure inventory for U.S. sales at the subsidiary; not directly reflected in consolidated top-line, but read as a lagging indicator of expanding U.S. prescriptions. Source
- 2026-05-15FilingQ1 2026 quarterly report submitted — cenobamate-centered revenue and profitability details confirmed.Formal financial data underpinning the preliminary results, re-confirming the net-cash and high-margin structure. Source
- 2026-06-01FilingCorporate-governance report disclosed.A routine disclosure on governance and shareholder policy, with limited impact on results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated revenue and operating profit | revenue ₩227.9 billion / operating profit ₩89.8 billion | revenue ₩227.9 billion / operating profit ₩89.8 billion | Confirmed | link |
| Cenobamate U.S. supply-contract size | ₩41.6 billion | ₩41.6 billion | Confirmed | link |
| 2026 net profit outlook | approx. ₩310.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-27Single supply/sales contract
- 2026-05-26Disclosure
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-05-04Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31OwnershipLargest-shareholder ownership change report
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
📖 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.