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KREDKRED
237690KOSDAQ

ST Pharm

92,900
-3,500 (-3.63%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

ST Pharm was established in 2008 and is listed on the KOSDAQ market. The company is a member of the Dong-A Socio Group.

The company provides CDMO services for oligonucleotide and small molecule active pharmaceutical ingredients. It also operates in the mRNA CDMO sector and provides related lipid supplies. The company offers a value chain including CRO services and develops proprietary new drugs.

Business overview as filed

가. 주요사업의 내용(요약)

에스티팜은 1983년 설립된 삼천리제약으로 출발해 2010년 동아쏘시오그룹에 편입되었으며, 저분자 신약 CDMO에서의 경험과 기술을 바탕으로 새로운 치료제 분야인 올리고핵산치료제 CDMO로 사업 영역을 확장하였습니다. 2018년 올리고핵산치료제 전용 신공장을 반월캠퍼스에 준공함으로써 글로벌 3위 수준의 올리고 생산능력을 갖추었습니다. 그 이후 올리고치료제의 원료 수요 증가에 대응하고자 2020년 글로벌 제약사의 설비투자 지원(공동설비 증설)을 포함한 두 차례 설비 증설을 실시하였습니다. 또한 2025년 제2올리고동을 증설하면서 올리고 생산능력은 글로벌 최고수준의 올리고 생산능력을 확보하게 되었습니다. 제2올리고동은 2025년 4분기부터 본격적으로 생산을 시작하였으며 2026년부터 매출에 기여할 예정입니다.

에스티팜은 올리고 CDMO를 통해 축적한 기술과 cGMP 역량을 바탕으로 2020년 11월 mRNA 사업에 진출하였습니다. 2022년 5월에는 북미 소재 글로벌 mRNA 신약개발사에 177억원 규모 LNP용 지질 공급계약을 체결했습니다. 2024년 8월에는 벨기에 mRNA 장비 업체인 Quantoom Bioscience와 캡핑(SmartCap®) 공급 계약을 체결하였습니다. 나아가, 2025년 1월에는 독일 Evonik Industries와 전략적 제휴를 체결했고 12월에는 국제기구 감염병혁신연합(CEPI)이 추진하는 중증열성혈소판감소증후군(SFTS) mRNA 백신 개발 프로젝트의 제조/기술 파트너로 선정 되었습니다. 그 외에도 mRNA 사업 Track Record를 쌓기 위해 글로벌 빅파마 및 바이오텍과 다양한 사업제휴에 대해 논의 중입니다.에스티팜은 2019년 유럽 소재 CRO 업체 두 곳(스위스, 스페인)을 인수하고 2021년 4월, 8월 미국에 xRNA 및 유전자치료제(CAR-NKT) 개발을 위한 바이오텍 회사를 통해, 신약 개발 - CRO - CDMO로 이어지는 신약 개발의 전과정을 One-stop-service로 처리 가능한 차별화된 밸류체인 시스템을 구축하게 되었습니다.

에스티팜은 혁신적인 신약개발 전략 Virtual R&D를 통해 현재 2개의 자체개발 신약이 글로벌 임상 중에 있습니다. 계열 내 약물로는 처음으로 인체 대상 임상이 진행 중인 First-in-class 에이즈치료제 STP0404(Pirmitegravir, 피르미테그라비르)는 프랑스에서 임상1상을 마치고 미국에서 임상 2a상이 진행 중입니다. 현재 코호트 1,2를 마치고 그 중간결과를 2025년 10월 글로벌 감염병학회인 IDWeek에서 발표하였습니다. 코호트3 임상 데이터를 포함한 임상 2a상 최종 데이터는 2026년 내 발표할 계획입니다. 대장암, 비소세포성폐암, 간암 등 진행성고형암을 대상으로 하는 First-in-class 항암제 STP1002(Basroparib, 바스로파립)의 임상1상 결과는 2024년 9월에 공개되어 안정성이 입증되었고, 자세한 내용은 2024년 9월 13일~17일 개최된 ESMO Congress 2024 학회에서 발표되었습니다.

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 중소기업 등 해당 여부

다. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

라. 회사의 법적, 상업적 명칭

(1) 당사의 명칭 : 에스티팜주식회사(2) 영문 표기 : ST Pharm Co.,Ltd.(3) 약식 표기 : 에스티팜(주) 또는 ST PHARM

마. 설립일자 등

당사는 2008년 8월 18일 유켐 주식회사로 설립되어, 2010년 9월 30일 주식회사 삼천리제약을 흡수합병하면서 상호를 에스티팜주식회사로 변경하였습니다.당사는 2016년 6월 23일 코스닥시장에 상장하였습니다.

바. 본사의 주소, 전화번호 및 홈페이지

(1) 주소 : 경기도 시흥시 협력로231(정왕동, 시화공단 1나 802호)(2) 전화번호 : 031)499-3002(3) 홈페이지 : http://www.stpharm.co.kr

사. 주요 사업의 내용

당사는 신약 원료의약품 및 제네릭 원료의약품을 판매하고 있습니다. 당사의 주요 제품은 올리고핵산치료제(Oligonucleotide) 및 small molecule(저분자 화학합성 신약) 원료의약품(API) CDMO입니다. 2022년부터 신사업인 mRNA CDMO 관련 매출이 발생하고 있습니다. 에스티팜은 단일 사업본부 체제로 운영되고 있으나 투자자 편의를 위해 구분한 부문별 매출 현황은 다음과 같습니다.

당사 정관에 나와있는 목적사업은 다음과 같습니다. 상세한 내용은 본 보고서 Ⅱ.

아. 신용평가에 관한 사항

당사는 보고서 작성 기준일 현재 신용평가를 받은 사항이 없습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.02), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.01%
[3.12%, 8.42%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 49.8% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.77
Beta [0.63, 0.90] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.021%[-0.314%, +0.356%]
R squared
0.39
Observations
252
Trading-time corrected beta
0.89[0.64, 1.13]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M1,3812,0042,0289779331,2411,6562,4932,8502,7383,3173,865
Revenue growth%—45.131.22-51.81-4.5933.0833.4750.5214.31-3.9421.16—
Operating incomeKRW 100M345776618-156-267-18856179335277549708
Operating income growth%—125.06-20.30-125.30———220.0687.73-17.3698.37—
Net incomeKRW 100M252614450-93-185-13234175175325546768
Net income growth%—143.86-26.75-120.60———418.620.0485.2668.07—
Attributable to ownersKRW 100M252614450——-12133180196347550768
Attributable to minoritiesKRW 100M—————-1015-21-22-40
Operating margin%24.9738.7230.49-16.01-28.63-15.163.377.1611.7610.1216.5618.33
Net margin%18.2530.6622.19-9.48-19.87-10.602.047.036.1511.8616.4519.88
ROE%——12.82——-4.111.035.335.096.909.2712.20
ROA%10.8416.7011.79-2.68-5.43-2.950.683.032.594.506.979.06
Debt ratio%109.5817.418.674.2012.3250.1552.9267.3074.5743.5231.9734.81
Current ratio%88.50436.88786.391,680.66888.331,266.03323.94151.35416.00247.66226.20227.87
Quick ratio%34.25259.36583.951,272.20636.131,022.07216.7291.30271.83152.40123.34127.78
Reserve ratio%1,735.963,289.553,665.073,461.953,160.893,033.033,216.533,336.733,430.694,542.175,254.715,586.18
Free cash flowKRW 100M137347267-164-367-379-445-534-419266-331—
FCF margin%9.9417.3413.19-16.78-39.39-30.56-26.88-21.44-14.729.73-9.97—
OCF conversion%142.2182.67120.98———215.2540.147.41337.1525.64—
Capex to revenue%16.018.0013.6627.806.6713.6931.2724.2615.1730.2514.19—
Receivable daysdays———86.1100.9119.3119.4115.0————
Inventory daysdays—255.1221.6189.6156.9151.3213.5214.4241.1254.6276.8—
Payable daysdays———25.134.928.629.7132.9————
Cash conversion cycledays———250.6222.9242.0303.2196.5————
EPSKRW2,9063,8612,422-497-993-6511779571,0411,7802,7063,680
PERx—11.6213.65———786.4491.5465.1349.9444.0535.92
BPSKRW——18,81917,77316,13215,83017,31217,95120,44524,98828,66630,166
PBRx——1.761.111.856.568.044.883.323.564.164.38
Dividend per shareKRW—500500500——500500500500——
Payout ratio%—12.9520.64———282.4952.2548.0328.09——

Consolidated basis

Profit flowKRW 100M

Revenue
3,317
Cost of sales
1,955
Gross profit
1,362
SG&A expenses
813
Operating income
549
Non-operating income
38
Profit before tax
587
Net income
546
Income tax expense
42

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
2,3243,6783,8153,4553,411*4,4564,9865,787*6,7547,2197,826
1,2155453041393741,4881,7252,2952,8852,1891,896
1,1093,1323,5113,3163,037*2,9683,2603,4113,8695,0305,930

Income statement

20152016201720182019202020212022202320242025
1,3812,0042,0289779331,2411,6562,4932,8502,7383,317
345776618-156-267-18856179335277549
356805592-134-250-16813192*234427587
252614450-93-185-13234175175325546
Basic earnings per shareKRW2,9063,8612,422-497-993-6511779571,0411,7802,706
Diluted earnings per shareKRW2,0113,7582,411-497-993-6511779571,0411,7802,688
295582457-102-189-12751195Not applicable323558

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement252614450-93-185-13234175175325546
Total adjustments to operating cash flowcomputed106-10694200-120-7839-105-162770-406
358508544108-305-2097370131,095140
-331-932-263-268-98-691-80-57-824-865-263
66852-91-90531,159-1108814-110-201
Cash at beginning of periodKRW 100M24118552723477128386392502501634
118552723477128386392502501634305
Net change in cash and cash equivalentsKRW 100M94428190Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.06.02.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 18삼정회계법인2025-12-31
2024적정의견Term 17삼일회계법인2025-12-31
2023적정의견Term 16삼일회계법인2025-12-31
2022적정Term 15삼일회계법인2022-12-31
2021적정Term 14삼일회계법인2022-12-31
2020적정Term 13삼일회계법인2022-12-31
2019적정Term 12삼일회계법인2019-12-31
2018적정Term 11삼일회계법인2019-12-31
2017적정Term 10삼일회계법인2019-12-31
2016적정Term 9삼정회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.83
%
%
Cost of equity8.54%
Weighted average cost of capital—
Initial growth9.3%
Effective tax rate7.1%
Base fiscal year2025
Current priceKRW92,900

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM32,716-64.8%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.83 × 5.00% = 8.54%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(9.27% × (1 − 0.00%), 0) = 9.27%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 28,666 KRW, ROE = 9.27%, payout ratio = 0.00%, r = 8.54%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
128,6662,6562,4482080.9213192
231,3232,9032,6752280.8488193
334,2253,1722,9232490.7821195
437,3973,4653,1942720.7205196
540,8623,7873,4892970.6638197
Terminal value4,6340.66383,076

P_0 = 28,666 + 973 + 3,076 = 32,716 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSDAQ list