1. What Happened? : Analyzing the Decline

Aprogen Biologics reported revenue of ₩14.8 billion, an operating loss of ₩17.9 billion, and a net loss of ₩66.8 billion for the first half of 2025. Sales in the pharmaceutical segment decreased significantly year-over-year, and the biosimilar division also struggled. Furthermore, the new semiconductor equipment parts business has yet to generate any revenue, failing to contribute as a new growth engine.

2. Why the Decline? : Unpacking the Causes

This downturn is attributed to several factors, including increased competition in the pharmaceutical market, high R&D costs in the biosimilar segment, and the underperformance of the new business venture. Drug pricing policies and uncertainties surrounding biosimilar development further contribute to the negative performance.

3. What’s Next? : Future Outlook & Investment Strategies

In the short term, the stock price is likely to remain under pressure due to the poor performance. However, potential positive factors exist, including successful biosimilar development, expansion of the CMO/CDMO business, and the launch of new synthetic drugs. Investors should carefully monitor the company’s progress and financial improvements before making any investment decisions.

4. Investor Action Plan : Proceed with Caution

  • Short-term investments carry significant risk and should be approached with extreme caution.
  • For those considering long-term investments, continuous monitoring of biosimilar development progress and the performance of the new business is crucial.
  • Investors must assess the company’s financial restructuring efforts and objectively evaluate its future growth potential.