PharmGen Science: Q1 2026 Operating Profit Up but Net Loss Continues

Q1 2026 sales: 43.3bn KRW (+1.0% vs Q1 2025's 42.9bn), operating profit: 1.8bn KRW
Net loss: 0.99bn KRW (vs 0.71bn loss in Q1 2025) due to equity method loss of 2.08bn
R&D expenses: 3.4bn KRW (7.85% of sales), focused on new drug pipeline
Key pipeline: Liver-specific MRI contrast (RD1303) selected for national project, preclinical; obesity treatment (RD5306) in PoC
Acquired convertible preferred shares of AJ Look for 3bn KRW in Jan 2026 (FVTPL)
Subsidiaries fully divested in 2025, now standalone financial statements only
Convertible bond (33rd) outstanding: 5.5bn KRW, conversion price 3,715 won; in May 2026, call option exercised for 2.6bn and converted
Treasury shares: 41,910 (0.19%), no dividends
One lawsuit as defendant (195mn KRW) pending