1. SK Biopharmaceuticals H1 2025 Performance: What Happened?
SK Biopharmaceuticals reported revenue of KRW 176.2 billion (+3% YoY), operating profit of KRW 61.8 billion (+70% YoY), and net profit of KRW 29.5 billion (-7% YoY) for H1 2025. Revenue and operating profit beat market expectations, but net profit fell short.
2. What Drove the Performance?
- Positive Factors: Cenobamate’s consistent global growth and efficient cost management drove the increase in revenue and operating profit.
- Negative Factors: Increased financial expenses due to exchange rate fluctuations and high R&D expenses (18.9% of revenue) are the main reasons for the decline in net profit.
3. Investment Strategies Going Forward
- Long-term Investors: Considering Cenobamate’s growth potential and SK Biopharmaceuticals’ drug development capabilities, a positive outlook can be maintained. However, continuous monitoring of the R&D pipeline and commercialization strategies is necessary.
- Short-term Investors: Carefully analyze the reasons for the lower-than-expected net profit, along with potential risks such as lawsuits and market competition.
4. Key Observation Points
- Analysis of the reasons for lower net profit
- Changes in Cenobamate’s market share
- Progress of the R&D pipeline
- Lawsuit-related issues
- Exchange rate fluctuation trends