Jinyang Pharmaceutical Q1 2026: Revenue 32.4B, Operating Profit 3.4B; High Debt and CB Dilution Risk

Revenue KRW 32.4B, operating profit KRW 3.4B, net income KRW 2.3B (YoY revenue +4.7%, net income slight increase)
R&D expense KRW 815M (2.52% of revenue); JY304 (peptic ulcer) received product approval (2026.4.14)
High debt: long-term borrowings KRW 75B (2.81% interest) and convertible bonds KRW 16B (balance KRW 360M); heavy leverage
CB call option (acquired KRW 5.4B) could lead to issuance of up to 964,010 new shares (7.08%), dilutive risk
Three pending patent lawsuits (HK Inno.N, etc.) with total claim amount KRW 227M, limited impact
Ongoing choline alfoscerate clinical re-evaluation and selective reimbursement litigation, potential clawback risk
Investment properties (Blue Pine Tower, etc.) KRW 165.8B, solid asset base
No treasury shares, no quarterly dividend