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326030KOSPI

SK Biopharmaceuticals

75,800
-900 (-1.17%)

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

SK Biopharmaceuticals Co., Ltd. was established on April 1, 2011, following a physical split from the Life Science division of SK Inc. The company is listed on the KOSPI market.

The company develops and distributes new drugs, focusing on central nervous system and sleep disorders. Its main products include cenobamate and solriametol. It distributes products directly in the United States and utilizes technology export agreements for other global regions including Europe, China, Japan, and Korea.

Business overview as filed

당사는 1993년, SK그룹의 차세대 성장동력 발굴을 위해 신약 연구 개발을 시작했으며, 거대한 글로벌 신약 시장을 타겟으로 중추신경계 분야 중 특히 뇌전증 분야의 혁신 신약 개발에 집중해 왔습니다.

당사가 기술 수출한 수면장애 신약인 솔리암페톨은 미국 FDA로부터 승인 받아 출시되었습니다(2019년 7월, 제품명 SUNOSI®).

또한 당사가 자체개발한 주력 제품 뇌전증 치료 신약 ‘세노바메이트’는 2019년 11월 FDA NDA 승인을 받고 미국시장에 2020년 5월 제품명 XCOPRI®로 출시되었으며, 2021년 3월에는 유럽 EC 판매허가를 획득하고, 2021년 6월 유럽시장에 제품명 ONTOZRY®로 출시되었습니다.

당사는 직접 판매하고 있는 미국시장을 제외하고, 유럽을 포함한 중국, 일본, 한국, 호주, 캐나다, 라틴아메리카, 중동 및 북아프리카(MENA) 지역 등 대부분의 국가에 기술수출 계약을 체결하는 성과를 거두었습니다.

또한 당사는 RPT(Radiopharmaceutical Therapy, 방사성의약품), TPD(Targeted Protein Degradation, 표적단백질분해 치료제)의 2가지 영역의 새로운 Modality로 진출하여 CNS 개발 역량을 항암 분야로 확대해나가기 위해 노력하고 있습니다. SK Lifescience Labs社(구, ProteoVant社) 인수를 통한 TPD 기술 확보, 방사성의약품 후보물질 SKL35501, SKL37321 도입 등의 성과를 달성하였습니다.

이 외에도 Open Innovation을 추진하고 외부로부터 신약 발굴 기회를 확대하기 위해, 미국의 헬스케어 전문 창업투자사인 LifeSci Venture Partners와 계약을 체결하였습니다. 당사는 LifeSci Venture Partners의 펀드에 전략적 투자자 지위로 참여하여 유망 후보물질 및 기술을 탐색하고 있습니다.

이처럼 당사는 글로벌 시장을 타겟으로 혁신 신약 개발에 앞장서 왔으며, 앞으로도 높은 현금 창출 및 자금 조달 능력을 기반으로 활발한 Inorganic Activity를 통해 혁신기술을 도입, 지속적으로 신약을 개발하는 Big Biotech으로 도약하고자 합니다.

2025년 연결 재무제표 기준 매출은 7,067억원을 기록하였습니다. 이 중 세노바메이트의 매출이 6,830억원으로 전체 매출의 96.7%를 차지하였으며, 솔리암페톨의 매출이 114억원으로 1.6%를 차지하였습니다.

Company overview

가. 연결대상 종속회사 개황

연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

회사명은 "SK 바이오팜 주식회사"라 말하고, 한글로는 "에스케이바이오팜 주식회사"로 표기하며, 영문으로는 "SK Biopharmaceuticals Co., Ltd."로 표기합니다.

다. 설립일자

당사는 SK 주식회사의 Life Science 사업부문을 단순ㆍ물적 분할하여 신설된 회사로서, 설립일은 분할기일인 2011년 4월 1일입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 대한민국에 대리인이 있는 경우에는 이름(대표자), 주소 및 연락처

보고서 작성기준일 현재 해당사항이 없습니다.

사. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

당사 및 당사의 자회사는 신약개발 및 판매 사업을 영위하고 있으며, 세노바메이트 및 솔리암페톨의 성공적인 신약개발 경험을 바탕으로 지속적으로 뇌질환 및 수면질환 관련 신규 물질 발굴을 진행하고 있습니다. 또한, CNS 질환의 약물 개발뿐만 아니라, 항암 분야에서 유효 물질을 발굴하고 개발하기 위해 연구에 매진하고 있습니다. 또한, 뇌전증과 CNS 질환에 대한 신약 제품 및 신약 후보물질에 대한 라이선스 인(License-in)이나 판매권 인수 계약 체결도 추진할 것입니다. 특히 당사의 신약 및 기존 제품 포트폴리오에 유의미한 가치를 더할 수 있는 의약품에 초점을 맞출 계획입니다.

당사의 현행 정관상 주요 목적사업은 다음과 같습니다.

아. 계열회사의 총수, 주요 계열회사의 명칭 및 상장여부

자. 신용평가에 관한 사항

보고서 작성기준일 현재 해당사항이 없습니다.

차. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

3.34%
[2.16%, 5.74%] · As of 2026-09-29
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 47.1% (2026-09-30). 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

0.37
Beta [0.22, 0.53] · KOSPI200 · As of 2026-10-02
Intercept
-0.257%[-0.540%, +0.027%]
R squared
0.22
Observations
252
Trading-time corrected beta
0.28[0.09, 0.47]
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 KOSPI200 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

2019202020212022202320242025TTM
RevenueKRW 100M1,2392604,1862,4623,5495,4767,0678,613
Revenue growth%—-79.011,510.23-41.2044.1654.3029.06—
Operating incomeKRW 100M-793-2,395950-1,311-3759632,0393,032
Operating income growth%———-238.04——111.69—
Net incomeKRW 100M-715-2,474648-1,394-3542,2702,5333,919
Net income growth%———-315.02——11.58—
Attributable to ownersKRW 100M—————2,4072,6704,010
Attributable to minoritiesKRW 100M—————-138-137-91
Operating margin%-63.99-921.1822.68-53.24-10.5717.5928.8635.20
Net margin%-57.75-951.6315.49-56.64-9.9741.4535.8345.50
ROE%—————44.0732.8339.24
ROA%-51.43-49.4610.07-20.99-4.8921.8921.1327.62
Debt ratio%-1,167.7231.9744.91109.83125.3280.6345.0338.85
Current ratio%67.76615.62317.74299.21202.27164.37231.45271.65
Quick ratio%63.13582.99282.72243.45159.84136.19197.49241.91
Reserve ratio%-162.79862.941,010.57657.08570.241,183.241,866.112,362.76
Free cash flowKRW 100M-945-2,217-972-1,648-9669351,694—
FCF margin%-76.33-852.91-23.21-66.96-27.2217.0823.98—
OCF conversion%——-143.22——41.8169.63—
Capex to revenue%10.6642.401.031.990.670.250.98—
Inventory daysdays—2,752.6612.6690.31,035.8907.0901.5—
EPSKRW-1,100-3,448828-1,780-4203,0743,4095,120
PERx——117.39——36.1436.5516.91
BPSKRW—4,8405,6724,0423,6226,97510,38213,047
PBRx—34.9117.1417.8427.7215.9312.006.64
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
7,067
Gross profit
6,638
Cost of sales
429
SG&A expenses
4,599
Operating income
2,039
Profit before tax
1,509
Income tax benefit
1,024
Non-operating expenses
531
Net income
2,533

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

2019202020212022202320242025
1,3915,0026,4376,6427,23210,36811,983
1,5211,2121,9953,4774,0224,6283,720
-1303,7914,4423,1663,2105,7408,263

Income statement

2019202020212022202320242025
1,2392604,1862,4623,5495,4767,067
-793-2,395950-1,311-3759632,039
-845-2,399713-1,425-4397261,509
-715-2,474648-1,394-3542,2702,533
Basic earnings per shareKRW-1,100-3,448828-1,780-4203,0743,409
Diluted earnings per shareKRW-1,100-3,448828-1,780-4203,0743,409
-717-2,534651-1,276Not applicable2,5302,523

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement-715-2,474648-1,394-3542,2702,533
Total adjustments to operating cash flowcomputed-98367-1,577-205-588-1,321-769
-813-2,107-929-1,599-9429491,763
-395-3,1872,590-9572,253-109-354
9725,409-461,34966-45-1,567
Cash at beginning of periodKRW 100M7435115932,2591,0412,3973,228
5115932,2591,0412,3973,2283,078
Net change in cash and cash equivalentsKRW 100M-232821,666-1,2191,356Not 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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 15한영회계법인2025-12-31
2024적정의견Term 14한영회계법인2025-12-31
2023적정의견Term 13삼일회계법인2025-12-31
2022적정Term 12삼일회계법인2022-12-31
2021적정Term 11삼일회계법인2022-12-31
2020적정Term 10한영회계법인2022-12-31

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.

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 · 2026-10-024.37%
BetaDaily 5Y0.54
%
%
Cost of equity7.06%
Weighted average cost of capital7.06%
Initial growth32.8%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW75,800

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 FCFF91,066+20.1%
Discounted cash flow FCFE59,173-21.9%
Residual income model RIM150,079+98.0%
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 = 4.37% + 0.54 × 5.00% = 7.06%

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(32.83% × (1 − 0.00%), 0) = 32.83%

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 = 10,382 KRW, ROE = 32.83%, payout ratio = 0.00%, r = 7.06%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
110,3823,4097332,6760.93412,500
213,7914,5289733,5550.87253,102
318,3196,0151,2924,7220.81503,849
424,3337,9901,7176,2730.76134,775
532,32310,6132,2818,3320.71115,925
Terminal value168,1050.7111119,546

P_0 = 10,382 + 20,151 + 119,546 = 150,079 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,763.3 − 68.9 + 64.4 × (1 − 0.00%) = 1,758.9 KRW hundred million

Weighted average cost of capital

E = 59,361.4, D = 0.0 KRW hundred million; equity weight = 100.00%, debt weight = 0.00%; cost of debt k_d = 4.37%

WACC = 100.00% × 7.06% + 0.00% × 4.37% × (1 − 0.00%) = 7.06%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
132.83%2,336.40.93412,182.4
225.13%2,923.40.87252,550.7
317.42%3,432.50.81502,797.6
49.71%3,765.80.76132,866.9
52.00%3,841.10.71112,731.5
Terminal value2.00%77,495.70.711155,109.9
Total68,239.1

Firm value = 68,239.1; less borrowings 0.0; plus cash 3,077.7 → 71,316.8 KRW hundred million

P_0 = 71,316.8 KRW hundred million ÷ 78,313,250 (shares) = 91,066 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,763.3 − 68.9 + -500.0 (net borrowing) = 1,194.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
132.83%1,586.60.93411,482.0
225.13%1,985.20.87251,732.2
317.42%2,331.00.81501,899.8
49.71%2,557.30.76131,946.9
52.00%2,608.40.71111,855.0
Terminal value2.00%52,626.40.711137,424.4
Total46,340.3

P_0 = 46,340.3 KRW hundred million ÷ 78,313,250 (shares) = 59,173 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 KOSPI list