Ilyang Pharm Q1: Operating Loss but Net Profit Surges on One-Time Dividend

Consolidated revenue KRW 65.1B (up 5.0% YoY), operating loss KRW 7.4B (vs profit of KRW 5.0B in prior year), net profit KRW 17.0B (up 379% YoY)
Surge in net profit due to one-time recognition of approx. KRW 24.5B from Tonghua Ilyang Health Products (undistributed dividends and trademark infringement damages)
Completed disposal of all shares in Tonghua Ilyang and liquidation (Apr 7, 2026)
Standalone: revenue KRW 62.7B (up 5.2% YoY), operating loss KRW 8.2B (vs profit of KRW 3.4B), net profit KRW 17.7B (up 566% YoY)
R&D expenses: consolidated KRW 10.4B (16.0% of revenue), standalone KRW 10.4B (16.6%)
Key pipelines: Noltec (NSAIDs combination) phase 3 ongoing; Supect (CML) NDA submitted in China; Parkinson's phase 2 (France) ongoing
Quadrivalent influenza vaccine pediatric indication approval (Apr 2026)
FSS sanctions: fine KRW 6.23B on company, CEO dismissal recommendation and 6-month suspension, prosecution referral (administrative litigation pending, stay of execution granted)
Total assets KRW 465.5B, liabilities KRW 208.0B, equity KRW 257.5B (debt ratio 80.8%)
Cash & cash equivalents KRW 34.8B (up 47.1% from year-end), net debt KRW 77.2B (down 24.7%)
Dividend: FY55 cash dividend KRW 150 per share (yield 1.19%), payout ratio 40%