Boryung: Strong Q1 2026 Results, Enhanced Shareholder Returns, but Legal Risks Persist

Consolidated Q1 2026: Revenue KRW 255.4B (+6.2% YoY), Operating Profit KRW 20.2B (+84.7% YoY), Net Profit KRW 41.4B
Treasury stock buyback & cancellation of 1M shares (Feb 2025); FY2025 dividend raised to KRW 160/share (up 60% from KRW 100)
Acquired global rights to Taxotere (Sanofi, 19 countries, ~KRW 287.8B) and entered CDMO business
Stable financials: debt ratio 60.5%, cash & equivalents KRW 256.2B
Pending appeal in Kanarb family drug price cut lawsuit (first instance lost); provision recognized (suit amount < KRW 1B)
Largest shareholder Boryung Holdings increased stake to 50.81% after merging with Boryung Partners
Oncology pipeline: BR2002 (PI3Kδ/γ inhibitor) in Phase 2; multiple other programs
Cash dividends paid for 53 consecutive years; maintains Innovative Pharmaceutical Company certification