ST Pharm Reports Record 2025 Revenue of KRW 331.7B and Operating Profit of KRW 54.9B, Up 21% and 98% YoY – New Oligo Plant Ramp-Up and mRNA CDMO Expansion Drive Growth, Financial Structure Strengthens
Oligonucleotide API CDMO secured 5 commercial projects, generating KRW 237.6B in sales (+35%). Profitability improved due to higher-margin business mix and reduced losses from subsidiaries
Second oligonucleotide plant completed and first phase expansion fully executed (total investment KRW 116.3B). Full-scale production and revenue contribution expected from 2026
In-house mRNA platform technologies (SmartCap, STLNP) secured; global partnerships (Quantoom, Evonik, CEPI) signed to expand mRNA CDMO business
HIV drug STP0404 in US Phase 2a; cancer drug STP1002 completed Phase 1
Debt ratio improved to 32.0% (from 43.5% in 2024), net debt-to-equity ratio 7.8% (from 10.4%), equity ratio 75.8%
Consolidated EPS KRW 2,706 (vs. KRW 1,780 in 2024), maintained cash dividend of KRW 500 per share (total KRW 10.1B)
Remaining 2nd convertible bonds of KRW 59.3B (conversion price KRW 79,648) pose potential dilution risk (~750,000 shares), but conversion price could be adjusted upward given stock price increase
Foreign exchange sensitivity exists (10% change in USD/KRW impacts net profit by ~KRW 9.2B)
[AI Summary]ST Pharm achieved record results in 2025 driven by the oligonucleotide CDMO boom and capacity investments, securing mid- to long-term growth engines through the new plant and mRNA business expansion. However, dilution risk from outstanding convertible bonds and exchange rate volatility warrant investor attention.
KOSDAQ Filing Information
Filing: [Correction of Description] Business Report (2025.12)