CKD Bio Swings to Operating Loss in Q1, Financial Structure Weakens
Q1 2026 sales: KRW 40.7B (vs KRW 42.5B in Q1 2025, -4.2%), operating loss KRW 1.7B (vs profit KRW 2.1B), net loss KRW 2.0B
Botulinum toxin 'Tyemvers' obtained domestic approval but China Phase 3 ongoing; limited contribution to current earnings
Operating losses in API and botulinum segments; only probiotics segment posted operating profit of KRW 0.3B
Total equity KRW 125.0B (down from KRW 127.0B at year-end 2025), debt ratio increased (138.6%)\- KRW 37.0B corporate bonds fully repaid early in March 2026; high reliance on borrowings (short-term KRW 94.3B, long-term KRW 51.5B)
No dividend (KRW 0 per share); R&D spending KRW 3.4B (8.5% of sales) continued
One pending lawsuit (defendant) but no provision recognized