Sam Chun Dang Pharm 82nd Business Report Analysis: Aflibercept Biosimilar Commercialization and Consolidated Operating Profit Turnaround Signal Improved Shareholder Value
Sam Chun Dang Pharm recorded consolidated revenue of 231.8 billion KRW in 2025, up 9.9% year-on-year, and successfully turned to an operating profit of 8.5 billion KRW.
Commercialization of the aflibercept biosimilar SCD411 for wet AMD has begun in Canada, Korea, and Europe, with exclusive supply agreements in the US and Latin America with Fresenius Kabi, marking full-scale global expansion.
In September 2025, the company issued 295.4 billion KRW in 4th series exchangeable bonds with an exchange price of 196,946 KRW, potentially issuing up to 149,594 new shares upon conversion, posing dilution risk.
The company declared a year-end cash dividend of 50 KRW per share, totaling approximately 1.16 billion KRW, with a payout ratio of 22.1% of consolidated controlling net income.
The BIS ratio is 0.22%, debt-to-equity ratio is 54.4%, and net debt is negative at 261.1 billion KRW, indicating a stable financial structure.
R&D expenses amounted to 15.6 billion KRW, representing 6.73% of sales. The company completed bioequivalence studies for oral semaglutide generics and signed a partnership with Daiichi Sankyo in Japan, securing new growth drivers.
[AI Summary]Sam Chun Dang Pharm has significantly improved its consolidated performance through the global launch of its key pipeline, the aflibercept biosimilar. However, potential dilution from exchangeable bonds and cash flow pressures from large facility investments are factors to consider. In the mid to long term, as the biosimilar and oral therapeutic portfolios contribute meaningfully to revenue, the stock appears to have sufficient upside potential.
KOSDAQ Filing Information
Filing: [Correction of Description] Business Report (2025.12)