Samsung Pharm Q1 2026: Net Income Plunges but PSP Conditional Approval Filed and Lawsuits Resolved

Q1 2026 revenue: 9.02 billion KRW (down 20.5% YoY from 11.36 billion), operating loss of 1.89 billion continues.
Net profit 8.77 billion (down 76.5% from 37.25 billion YoY) due to reduced equity valuation gains (42.64→12.19 billion).
GV1001 (PSP) treatment: conditional approval filed in Korea on Jan 20, 2026; preparing Phase 2b/3.
Alzheimer's GV1001: domestic Phase 3 trial preparation ongoing (amendment approved Mar 2024).
Largest shareholder GemVax & KAEL holds 10.46% stake; company holds GemVax stock valued at 79.46 billion (fair value).
32nd convertible bonds: face value 26.9 billion, early redemption option exercisable from Aug 2026.
Two damage lawsuits from BioBill (total 19.61 billion) withdrawn on Apr 30, 2026.
Production line (lyophilization) halted for GMP improvement (Jan-Jun); outsourced production normal.
Cash and cash equivalents: 8 billion; borrowings: 4 billion; net cash: 4 billion.
R&D expenses: 0.67 billion (7.42% of revenue).