VIVOZON PHARM Q1 2026: Sales Down, Net Loss Widens; New Drug Anapra Launched but Financial Pressures Persist
Consolidated Q1 2026 revenue KRW 14.1bn (down 24% YoY from KRW 18.6bn), operating loss KRW 3.0bn, net loss KRW 5.6bn (vs KRW 3.8bn loss in Q1 2025), losses widening
New drug 'Anapra' (VVZ-149) generated KRW 598mn in sales, launched in H2 2025
March 2026 rights offering issued 10.6mn shares, raising KRW 32.5bn; capital stock increased from KRW 52.9bn to KRW 151.8bn
Debt-to-equity ratio improved to 75% from 128% at year-end 2025
Early redemption of 15th CB KRW 2.5bn; remaining CBs KRW 20.5bn face value
Credit rating B- (NICE), speculative grade
Major litigation: choline alfoscerate clawback lawsuit (lost first instance, appeal ongoing), BMS patent damages suit (appeal in progress)
R&D expense KRW 729mn (5.2% of revenue); capitalized development cost for VVZ-149 KRW 11.4bn
Consolidated retained deficit KRW -309.3bn; allowance for doubtful accounts 53.1% of receivables; weak financial health