Samjin Pharmaceutical Q1 2026: Sales -3.9%, Operating Profit -25.8%, R&D Investment Expands (12.24% of Sales)

Q1 2026 sales: KRW 68.07bn (YoY -3.9%), operating profit: KRW 3.59bn (-25.8%), net profit: KRW 1.39bn (-62.6%). One-off corporate tax refund base effect vanished.
Debt ratio: 63.0%, total equity: KRW 277.59bn, cash equivalents: KRW 7.14bn. Stable financial structure.
R&D expenses: KRW 8.33bn (12.24% of sales), pipeline progressing (multiple Phase 1, AR1001 global Phase 3).
Dividend policy: 3-year (2025-2027) payout of at least 20% of net profit, maintaining base dividend of KRW 800 per share.
Treasury shares: 662,225 shares (4.97%), completed cancellation of 580,000 shares in prior period.
License-in agreement with AriBio for AR1001 (total KRW 100bn, upfront KRW 10bn paid) ongoing.
Largest shareholder: Cho Eui-hwan and related parties 13.41% (changed in Sep 2024).
Past corporate tax surcharge and quality non-compliance sanctions, but currently managing risks.