ST Pharm Reports Strong Q1 2026 Results with Record Order Backlog

Consolidated revenue: KRW 66.9B, operating profit: KRW 11.5B, net profit (controlling): KRW 15.1B (EPS KRW 725)
Cash & equivalents: KRW 111.3B (up sharply from KRW 30.6B at end-2025)
Signed two major oligonucleotide API supply contracts in Jan & Mar 2026: USD 56.3M and USD 59.9M respectively
High customer concentration: Global A accounts for 40.2% of revenue
Second oligonucleotide plant completed and commenced full operation (Q4 2025)
Pipeline: STP0404 (HIV) US Ph2a ongoing; STP1002 (cancer) US Ph1 complete; STP2104 (mRNA COVID-19 vaccine) Ph1 complete
Debt ratio: 39.05% (slightly up from 31.97% at end-2025)
2025 dividend: KRW 500 per share cash (yield 0.33%)
New shares issued from convertible bonds and stock option exercises (potential dilution)