# Sk Biopharmaceuticals (326030.KO)

Canonical: https://gigainvestors.com/s/326030.KO

Analysis as of: 2026-10-16T07:38:09.092Z. Financial observations: FY2016–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 69,400.00 per share; close as of 2026-10-15.

Estimated value: low KRW 24,477.24 per share, central KRW 27,210.12 per share, high KRW 30,848.16 per share. Buy at or below the central value KRW 27,210.12 per share. Valuation as of 2026-10-16T07:38:09.092Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 6

- Operating margin variation: 2.75×

Chart: Operating margin; fiscal year observations.

- FY2017: -1.15×

- FY2018: -126.60×

- FY2019: -0.64×

- FY2020: -9.21×

- FY2021: 0.23×

- FY2022: -0.53×

- FY2023: -0.11×

- FY2024: 0.18×

- FY2025: 0.29×

- LTM to Jun 2026: 0.35×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -46.4%

- ROIC, second-lowest year: -458.5%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 92.3%

- Recent gross margin (lower of latest and 3-year median): 92.1%

- Years with nonpositive capital: 3

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: -12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -30.9%

- FY2017: -163.8%

- FY2018: -187.4%

- FY2019: -458.5%

- FY2020: -1980.4%

- FY2021: 68.8%

- FY2022: -62.0%

- FY2023: -13.6%

- FY2024: 23.8%

- FY2025: 37.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 403B

- Net income, five-year total: KRW 400B

- Return on incremental invested capital: 77.7%

- Working capital / revenue, annual change: 80.4 pp

- Working capital / revenue, change between three-year averages: 848.2 pp

- Working capital / revenue, final three-year average: 52.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: 0.96×

- FY2023: 0.84×

- FY2024: 0.99×

- FY2025: 0.96×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -163.8% vs 23.8%

- Per-share earnings: -1154.54 to 3074.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW -1K

- Per-share value, ending three-year median: KRW 3K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Cumulative net income, 10 years: KRW -185B

- ROIC, first three-year median: -163.8%

- ROIC, last three-year median: 23.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW -1K

- FY2018: KRW -2K

- FY2019: KRW -845.60

- FY2020: KRW -3K

- FY2021: KRW 828.03

- FY2022: KRW -2K

- FY2023: KRW -420.00

- FY2024: KRW 3K

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: 7.6%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.66×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 9.6%

- FY2017: 0.7%

- FY2018: 3.3%

- FY2019: 7.1%

- FY2020: -7.3%

- FY2021: 24.5%

- FY2022: 3.1%

- FY2023: 8.5%

- FY2024: 14.1%

- FY2025: 7.6%

## Holders

## Price story

Down 50% since Nov 2025 · sales +21.9%

Story as of 2026-10-16T10:00:09.774Z; price observation 2026-10-15.

Price needs cash profits to grow 14.2% a year for ten years

### Sales · FY2025–2026

sales +21.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 85B 

- FY2018: KRW 1.1B 

- FY2019: KRW 124B 

- FY2020: KRW 26B 

- FY2021: KRW 419B 

- FY2022: KRW 246B 

- FY2023: KRW 355B 

- FY2024: KRW 548B 

- FY2025: KRW 707B 

- FY2026: KRW 861B 

### Gross margin · FY2025

gross margin 93.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 12.3% 

- FY2017: 4.2% 

- FY2019: 99.6% 

- FY2020: 92.4% 

- FY2021: 94.7% 

- FY2022: 84.7% 

- FY2023: 90.4% 

- FY2024: 92.1% 

- FY2025: 93.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are KRW 706.7 billion.

- Source: https://eodhd.com/api/fundamentals/326030.KO.json#2025-12-31 (filed 2026-10-16T07:38:09.092Z); FY2025: revenue 706740960300; grossProfit 663839535130; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 326030.KO: SK Biopharmaceuticals Co., Ltd., a pharmaceutical company, engages in the research, development, and commercialization of drugs for the treatment of central nervous system disorders. The company offers Cenobamate, an anti-seizure medication for the treatment of epilepsy and Solriamfetol medication. It develops Carisbamate that is in Phase 3 trials to treat lennox-gastaut syndrome; Relenopride, which is in Phase 2 clinical trials for treatment of rare neurological disease; SKL24741, which is in Phase 1 clinical trials for the treatment of epilepsy; SKL20540, which is in Phase 1 clinical trials for the treatment of schizophrenia; SKL27969 for treatment of advanced solid tumors; SKL13865 clinical trials to treat attention deficit/hyperactivity disorder; and SKL-PSY that is in Phase 1 clinical trials to treat bipolar disorder. The company was founded in 1993 and is headquartered in Seongnam-si, South Korea. SK Biopharmaceuticals Co., Ltd. operates as a subsidiary of SK Inc.

### Why customers stay

Margins ranged from 90.4% to 93.9% during 2023–25; it lost 46.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/326030.KO.json#2023-12-31 (filed 2026-10-16T07:38:09.092Z); FY2023: grossProfit / revenue = 90.4%.

- Source: https://eodhd.com/api/fundamentals/326030.KO.json#2024-12-31 (filed 2026-10-16T07:38:09.092Z); FY2024: grossProfit / revenue = 92.1%.

- Source: https://eodhd.com/api/fundamentals/326030.KO.json#2025-12-31 (filed 2026-10-16T07:38:09.092Z); FY2025: grossProfit / revenue = 93.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.092Z); 10-year return on capital observations [[2016,-0.30850382889179667],[2017,-1.63832466604624],[2018,-1.8743495249790207],[2019,-4.58535973112837],[2020,-19.803741114781378],[2021,0.6879021012301477],[2022,-0.620059528857313],[2023,-0.13645938013377484],[2024,0.23812502690869883],[2025,0.37024290872294124]]; median -0.46428167887455485. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 4.9% of cash earnings on expansion; earns 77.7% on new investment.

- Source: https://eodhd.com/api/fundamentals/326030.KO.json#2021-12-31 (filed 2026-10-16T07:38:09.092Z); FY2021: growth capex 0; upkeep 4315773690; owner earnings 69024191018. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/326030.KO.json#2024-12-31 (filed 2026-10-16T07:38:09.092Z); FY2024: growth capex 0; upkeep 13424369320; owner earnings 237987803880. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/326030.KO.json#2025-12-31 (filed 2026-10-16T07:38:09.092Z); FY2025: growth capex 12562870780; upkeep 16947248000; owner earnings 257166518950. Growth capex / owner earnings = 0.048851113400351136.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.092Z); Incremental return on capital 0.7774963068868641, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.092Z); Dividend observations: [[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.092Z); FY2025: cash repurchases 720891875 KRW.

### Are managers owners

Insiders own 50.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 326030.KO SharesStats.PercentInsiders = 50.196 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.092Z); Ten-year compound average after fade. Initial solved rate 0.1926427788355649. Price 69400; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2020-07: KRW 182,000.00 per share

- 2020-08: KRW 163,500.00 per share

- 2020-09: KRW 156,500.00 per share

- 2020-10: KRW 159,500.00 per share

- 2020-11: KRW 187,500.00 per share

- 2020-12: KRW 169,000.00 per share

- 2021-01: KRW 145,000.00 per share

- 2021-02: KRW 118,000.00 per share

- 2021-03: KRW 103,000.00 per share

- 2021-04: KRW 109,000.00 per share

- 2021-05: KRW 113,500.00 per share

- 2021-06: KRW 123,000.00 per share

- 2021-07: KRW 119,000.00 per share

- 2021-08: KRW 125,500.00 per share

- 2021-09: KRW 102,000.00 per share

- 2021-10: KRW 94,600.00 per share

- 2021-11: KRW 95,300.00 per share

- 2021-12: KRW 97,200.00 per share

- 2022-01: KRW 75,800.00 per share

- 2022-02: KRW 84,600.00 per share

- 2022-03: KRW 89,800.00 per share

- 2022-04: KRW 91,800.00 per share

- 2022-05: KRW 86,700.00 per share

- 2022-06: KRW 74,900.00 per share

- 2022-07: KRW 78,000.00 per share

- 2022-08: KRW 71,600.00 per share

- 2022-09: KRW 56,900.00 per share

- 2022-10: KRW 58,100.00 per share

- 2022-11: KRW 73,600.00 per share

- 2022-12: KRW 72,100.00 per share

- 2023-01: KRW 72,400.00 per share

- 2023-02: KRW 66,700.00 per share

- 2023-03: KRW 63,300.00 per share

- 2023-04: KRW 69,000.00 per share

- 2023-05: KRW 73,500.00 per share

- 2023-06: KRW 80,900.00 per share

- 2023-07: KRW 81,400.00 per share

- 2023-08: KRW 85,700.00 per share

- 2023-09: KRW 86,200.00 per share

- 2023-10: KRW 75,400.00 per share

- 2023-11: KRW 86,100.00 per share

- 2023-12: KRW 100,400.00 per share

- 2024-01: KRW 93,000.00 per share

- 2024-02: KRW 96,900.00 per share

- 2024-03: KRW 91,700.00 per share

- 2024-04: KRW 87,600.00 per share

- 2024-05: KRW 85,400.00 per share

- 2024-06: KRW 77,500.00 per share

- 2024-07: KRW 85,700.00 per share

- 2024-08: KRW 115,000.00 per share

- 2024-09: KRW 104,000.00 per share

- 2024-10: KRW 117,900.00 per share

- 2024-11: KRW 103,400.00 per share

- 2024-12: KRW 111,100.00 per share

- 2025-01: KRW 109,100.00 per share

- 2025-02: KRW 114,000.00 per share

- 2025-03: KRW 99,300.00 per share

- 2025-04: KRW 106,500.00 per share

- 2025-05: KRW 93,000.00 per share

- 2025-06: KRW 92,000.00 per share

- 2025-07: KRW 98,700.00 per share

- 2025-08: KRW 98,600.00 per share

- 2025-09: KRW 101,400.00 per share

- 2025-10: KRW 115,500.00 per share

- 2025-11: KRW 139,800.00 per share

- 2025-12: KRW 124,600.00 per share

- 2026-01: KRW 118,000.00 per share

- 2026-02: KRW 119,800.00 per share

- 2026-03: KRW 94,800.00 per share

- 2026-04: KRW 99,900.00 per share

- 2026-05: KRW 89,700.00 per share

- 2026-06: KRW 86,600.00 per share

- 2026-07: KRW 79,000.00 per share

- 2026-08: KRW 87,300.00 per share

- 2026-09: KRW 74,400.00 per share

- 2026-10: KRW 70,700.00 per share

## Annual estimated value (KRW per share)

- FY2025: low KRW 20,036.19 per share, central KRW 22,278.72 per share, high KRW 25,264.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:51.325Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations