Bukwang Pharm 2026 Q1: Operating Profit Down but Dividend Maintained, R&D Pipeline Progressing

Consolidated revenue KRW 47.8bn (similar to prior year), operating profit KRW 1.1bn (vs. KRW 3.0bn, -63%)
Consolidated net profit KRW 1.2bn, standalone operating profit KRW 3.9bn
Prior-year year-end dividend of KRW 75 per share, total KRW 7.4bn (approved at AGM on 2026.03.24)
R&D expense KRW 6.2bn (13.0% of revenue), positive topline for CP-012 Phase 1b
Research collaboration with Lundbeck on RNA therapeutics, IND submission for Latuda MDD adjunctive therapy
Deposit of KRW 27bn balance for Korea Union Pharma acquisition (2026.04.27), expected to acquire 60mn new shares
Subsidiary ProteKt Therapeutics liquidation approved (board resolution)
Financial soundness: debt-to-equity ratio 40.7%, cash equivalents KRW 114.4bn, net debt zero (cash surplus)
Borrowings KRW 80bn (current portion), collateral assets KRW 73.2bn