Kyongbo Pharma: Q1 2026 operating profit of 0.7B won but net loss; ADC investment and litigation risks highlighted

Q1 2026 performance: Revenue 66.1B won, operating profit 0.7B won, net loss 0.5B won (vs. 2025 annual net profit 0.18B won)
R&D expenses 6.6B won (10.0% of revenue), ADC CDMO plant investment of 96B won underway
Debt increased: total 140.3B won (from 125.3B at year-end 2025), debt ratio up
Contingent liabilities: Choline alfoscerate clawback lawsuit in appeal; maximum loss uncertain
Past sanctions: 2024 indictment for embezzlement, fine for violating Pharmaceutical Affairs Act; some lawsuits ongoing
Shareholder return: No share buyback/cancellation plan, no dividends