PanGen Q1 2026: Revenue 3.73B KRW, Operating Profit Down but Net Profit Up, Debt Ratio 9%

Revenue 3.73B KRW (up 8.4% YoY), driven by EPO product sales of 3.59B KRW (96.2%).
Operating profit 0.48B KRW (down 31% YoY) due to absence of CDO/CMO revenue.
Net profit 0.75B KRW (slightly up YoY) from foreign exchange gains (0.18B) and interest income (0.09B).
Debt ratio 9.07% (equity 30.7B, debt 2.8B); early redemption of 1.0B CB reduced debt.
R&D expenses 0.53B KRW (14.2% of sales); Factor VIII phase 3 sample production completed, Guselkumab cell line development ongoing.
No dividends or share buybacks/cancellations (no explicit shareholder return policy).
Post-period: CB conversion of 0.1B and redemption of 1.0B eliminated outstanding CB.