Yungjin Pharm Q1 Swings to Operating Loss, Cash Plunges; Lawsuit Settlement Removes Uncertainty

Sales KRW 63.8B, down 0.5% YoY (domestic +3.1%, export -30.9%)
Operating loss KRW 1.75B, net loss KRW 2.28B (vs net profit KRW 0.98B in Q1 2025)
Cash decreased by KRW 22.2B due to lawsuit settlement payment of KRW 16.2B; cash at end KRW 6.27B
Debt-to-equity ratio rose from 70% to 87%; net debt KRW 77.6B
Outstanding convertible bonds KRW 36.4B (2nd series, conversion price KRW 1,999)
KL1333 tech export contract: counterparty changed, contract term conditionally extended to 2047
R&D expenses KRW 3.3B (5.2% of sales)
Minor environmental penalties (fines, suspension)