PharmGen Science Posts 116.6B KRW Net Loss Due to Impairment of Equity Method Investments; Assets Down 46%

FY2025 revenue 173.1B KRW (+1.0%), operating profit 6.0B (-43.8%), net loss 116.6B (vs profit 2.8B in 2024)
Main cause: impairment of equity method investments 133.0B and equity method losses 22.3B
Total assets -46.2% (363.5B→195.4B), liabilities -56.9% (114.0B→49.1B), equity -41.3% (249.4B→146.3B)
Disposed all stakes in subsidiaries (Forstory, PharmGen Healthcare) on Apr 9, 2025; no longer consolidated
New products: Mifeed SR (18B in first 6 months), Migris (2.3B) launched in 2025
R&D spending 14.8B (+7.8%), 8.53% of sales; pipelines in IBD, MRI contrast agent, etc.
Borrowings decreased (38.9B→6.0B) due to CB repayment/conversion; net cash 15.9B
No dividend, no share buyback or cancellation plans
Largest shareholder changed (Dec 11, 2025): HD Investment → Han Eui-sang (19.87%)