EuBiologics 2026 Q1 Strong Results: Debt-Free, Cash-Rich, Pipeline Progressing

2026 Q1 revenue KRW 15.6B, operating profit KRW 2.2B, net profit KRW 3.7B
Debt ratio improved to 30.8% (from 37.0% at year-end 2025), zero borrowings, cash & equivalents KRW 78.1B
Long-term cholera vaccine supply agreement with UNICEF (approx. USD 87.7M in 2026), securing stable revenue
Typhoid conjugate vaccine (EuTYPH-C) received export approval and is under WHO PQ review
Meningococcal 5-valent vaccine (EuNmCV-5) in phase 2/3 clinical trial in Africa
Deficit coverage completed in 2025, paving the way for potential future dividends
R&D expenses KRW 3.4B (21.5% of revenue); additional pipeline (RSV, shingles) in clinical trials