Myungin Pharm: Strong Q1 2026 Results, CNS Market Leader, Promising Pipeline

Consolidated Q1 2026 revenue ₩72.1B (+2.7% YoY), operating profit ₩25.1B (+15.4%), net income ₩22.7B (+22.0%), operating margin 34.8%
Separate revenue ₩72.2B (+2.7%), operating profit ₩24.5B (+16.6%), net income ₩22.2B (+23.2%)
No.1 in Korean CNS market in 2025 (₩163.3B, IQVIA 4Q25), 2025 annual sales leader
Parkinson's drug P2B001 (PAXROYA): filed for marketing approval Sep 2025; acquired IP after Pharma Two B liquidation Jan 2026
Schizophrenia drug NW-3509 (Evenamide): global phase 3 ongoing; first patient enrolled in Korea Apr 2026
Debt ratio 9.6% (consolidated, end-Q1 2026); cash & short-term financial instruments ~₩500B
Dividend approved at Mar 2026 AGM (amount undisclosed); policy aims for sustainable dividends
Largest shareholder Lee Haeng-myung & related parties own 73.8%; recent gift changes
Separate basis: trade receivables overdue >180 days 10.1%