PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩633 per share · Prices as of the 2026-10-02 close
Anguk Pharm posted its strongest quarterly results in years in Q1 2026 on rapid growth of the lipid combination drug Fevarozet and expansion of its Health & Beauty business, but Q2 profit growth moderated following a manufacturing suspension order at its Hwaseong plant.
2025 consolidated revenue reached KRW 306.9bn, up from 2024, with operating profit of KRW 9.8bn, though Q4 swung to an operating loss of KRW 5.9bn on one-off factors
Q1 2026 revenue of KRW 98.9bn and operating profit of KRW 16.0bn marked a record quarter, extending the recovery from prior losses
Q2 2026 revenue of KRW 91.9bn and operating profit of KRW 8.6bn slowed from Q1, partly reflecting a tablet-manufacturing suspension at the Hwaseong plant from May 22 to June 5
Revenue mix is shifting rapidly from respiratory drugs (Synatura) toward cardiovascular products (Fevarozet, Levotension, Levosartan)
The Health & Beauty segment (Tobicom, Rejuvederma) is growing rapidly via retail channels such as Daiso and Olive Young, reducing reliance on prescription drugs
Founded in 1959, Anguk Pharmaceutical is a KOSDAQ-listed drugmaker spanning prescription pharmaceuticals (ETC) as well as health supplements and dermo-cosmetics. The pharmaceutical segment is divided into cardiovascular, respiratory, digestive, and other product lines, accounting for 91% of total revenue in Q1 2026.
Within cardiovascular products, the lipid-lowering combination drug Fevarozet (pitavastatin plus ezetimibe) grew rapidly to become the top-selling item at 11.3% of Q1 revenue, while Levotension, Shuvazet, and Levosartan also posted steady growth.
In contrast, the respiratory segment, which includes the long-standing flagship cough-and-phlegm treatment Synatura, has seen its revenue share shrink.
The Health & Beauty segment, covering supplements and dermo-cosmetics, is expanding consumer reach through the eye-health brand Tobicom and the regenerative cream Rejuvederma, distributed via a multi-channel strategy including Daiso, Olive Young, and the company's own online mall A-Wonder.
Manufacturing takes place at the Hwaseong Hyangnam plant under GMP standards, alongside a contract manufacturing (CMO) business. In the competitive landscape, JW Pharmaceutical's Livalo Zet leads the lipid combination drug market, with Fevarozet pursuing as a later entrant through low-dose line extensions.
In the hypertension triple-combination segment, the company is expanding an indapamide-based product portfolio through co-development arrangements with Daewha Pharm and Boryung.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩76.8B | ₩5B | 6.5% |
| 2025Q3 | ₩77.7B | ₩4.9B | 6.3% |
| 2025Q4 | ₩76.6B | -₩5.9B | −7.7% |
| 2026Q1 | ₩98.9B | ₩16B | 16.2% |
| 2026Q2 | ₩91.9B | ₩8.6B | 9.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩205.4B | ₩9.7B | ₩6.9B | 4.7% | 4.4% | 44.8% |
| 2023 | ₩233.7B | ₩5.1B | ₩1.3B | 2.2% | 0.8% | 57.3% |
| 2024 | ₩271.1B | ₩6.7B | ₩16.8B | 2.5% | 10.2% | 83.6% |
| 2025 | ₩306.9B | ₩9.8B | ₩7.5B | 3.2% | 4.5% | 87.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue rose steadily from KRW 205.4bn in 2022 to KRW 233.7bn in 2023, KRW 271.1bn in 2024, and KRW 306.9bn in 2025. Operating profit, however, moved unevenly, falling sharply from KRW 9.7bn in 2022 to KRW 5.1bn in 2023 before recovering to KRW 6.7bn in 2024 and KRW 9.8bn in 2025.
Net income attributable to owners dropped to KRW 1.3bn in 2023, rebounded sharply to KRW 16.8bn in 2024, then fell back to KRW 7.5bn in 2025, reflecting a one-off operating loss of KRW 5.9bn and net loss of KRW 2.6bn in Q4 2025.
On a quarterly basis, results were stable through Q3 2025 (revenue KRW 77.7bn, operating profit KRW 4.9bn) before turning to a loss in Q4, then rebounding sharply in Q1 2026 to a record quarterly revenue of KRW 98.9bn, operating profit of KRW 16.0bn, and net income of KRW 12.4bn.
This rebound was driven by rapid growth in cardiovascular products such as Fevarozet, with revenue growth outpacing cost of sales and SG&A.
Momentum slowed in Q2 2026, however, with revenue declining to KRW 91.9bn and operating profit and net income falling to KRW 8.6bn and KRW 8.5bn respectively, partly reflecting the tablet-manufacturing suspension at the Hwaseong plant between May 22 and June 5.
On the cash flow side, operating cash flow improved markedly to KRW 45.7bn in 2025 from KRW 4.9bn in 2024 and negative KRW 1.3bn in 2023, indicating a notable strengthening of financial capacity.
The domestic pharmaceutical industry is experiencing steady demand for chronic disease treatments alongside expansion into health-consumer categories such as dietary supplements and dermo-cosmetics.
The dyslipidemia treatment market has grown at roughly 18% annually over the past three years, with the pitavastatin ingredient segment growing even faster at around 32%, placing Anguk's chosen niche among the industry's higher-growth areas.
That said, the segment is already led by JW Pharmaceutical's Livalo Zet with revenue exceeding KRW 110bn, and competition is intensifying as later entrants such as Korea Nelson Pharm, Korea Pharmbio, and Austin Pharm secure bioequivalence approvals.
In the hypertension triple-combination market, long dominated by sartan-plus-CCB-plus-HCTZ formulations, Anguk is pioneering a new indapamide-based combination together with Daewha Pharm and Boryung, drawing interest from competitors including Daewoong Pharmaceutical and Shinpoong Pharmaceutical as a new category takes shape.
Manufacturing and quality compliance (GMP) issues remain an industry-wide risk; in the first half of 2026, Anguk was among a large group of companies—including Daewoong, Yuhan, and Dong-A ST—cited in Ministry of Food and Drug Safety administrative sanctions, underscoring this as a sector-wide regulatory environment.
In the Health & Beauty channel, expanding supplement sales through large offline retail networks such as Daiso and Olive Young is a strategy shared across multiple pharmaceutical companies.
Anguk continues to expand its cardiovascular portfolio, including a low-dose Fevarozet line approved in April 2026. AG-1705, a cardiovascular improved new drug co-developed with Daewha Pharm, is in the approval process, while AG-2304, co-developed with Boryung, is also part of the pipeline.
In March 2026, the company signed an exclusive domestic license and distribution agreement with George Medicines for the hypertension triple-combination drug Widaplik, and in April obtained approval for a related formulation, Levosartan Plus, positioning both as first- and second-line treatment options.
For AG-2303, a generic of the benign prostatic hyperplasia drug Duodart, the company received approval for a bioequivalence study plan to run from June through December 2026, joining the race to capture market share ahead of the originator's re-examination period expiry.
In Health & Beauty, the company has expanded its supplement lineup with new products such as a children's vitamin C using the Baby Shark character license.
Following the manufacturing suspension in May, the company stated it completed staff retraining and internal policy improvements before normalizing tablet production at the Hwaseong plant from June 6. Management has also reaffirmed its intention to maintain R&D spending at roughly 5-6% of revenue.
Anguk's share price relative to net asset value is trading in a range that coincides with an earnings recovery phase, with the price-to-book ratio positioned below net asset value.
Given that earnings moved through a trough in 2023, a recovery in 2024, a temporary loss in Q4 2025, and a rebound in Q1 2026, it is difficult to characterize the valuation level based on any single quarter's results.
On dividends, the company has a history of paying annual cash dividends, though the payout level is relatively modest within the sector.
Earnings over the most recent four quarters (Q3 2025 through Q2 2026) now exceed the annual levels seen in 2022-2024, making it a relevant point of observation how much of this improvement is already reflected in the current valuation relative to historical trading ranges.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Fevarozet more than doubled its revenue share within a year to become the company's top-selling product. Existing cardiovascular items such as Levotension, Shuvazet, and Levosartan are growing in parallel, reducing dependence on any single product.
A low-dose line extension and new triple-combination pipeline candidates provide additional growth drivers going forward.
Centered on Tobicom and Rejuvederma, the company is leveraging both large offline retail networks such as Daiso and Olive Young and its own online mall, reducing reliance on prescription drug sales. New product launches such as character-licensed children's supplements are broadening consumer touchpoints. This segment has shown comparatively faster revenue growth than the prescription drug business.
Operating cash flow expanded significantly in 2025, a turnaround from the negative flow seen in 2023.
While the debt ratio rose from 44.8% in 2022 to 87.0% in 2025, detailed metrics such as the capital funding ratio have reportedly shown improvement in recent quarters, which could support greater capacity for future R&D and business investment.
In May 2026, the Hwaseong plant received a 15-day suspension of tablet manufacturing operations for failing to comply with manufacturing control standards. This quality regulatory issue has been cited as a factor in the Q2 earnings slowdown, and the possibility of similar regulatory risk recurring cannot be ruled out.
The Ministry of Food and Drug Safety's first-half sanctions list included numerous large pharmaceutical companies, indicating this is also a structural, sector-wide risk.
In the lipid combination drug market, Livalo Zet already maintains an overwhelming lead with revenue exceeding KRW 110bn, and numerous later entrants—including low-dose variants—have secured bioequivalence approvals to enter the market.
In both the hypertension triple-combination and prostate hyperplasia generic markets, multiple competitors are entering simultaneously, making it uncertain whether new product launches will translate directly into market share gains.
The swing from an operating loss of KRW 5.9bn in Q4 2025 to operating profit of KRW 16.0bn in Q1 2026 and then KRW 8.6bn in Q2 illustrates considerable quarter-to-quarter volatility.
Profits can swing significantly due to one-off factors and external variables such as production disruptions, making it difficult to judge a trend from any single quarter's results.
There is a documented precedent of administrative sanctions for GMP violations, and any recurrence of similar manufacturing suspensions could directly affect production and sales.
Amid ongoing tightening of inspections and regulations by the Ministry of Food and Drug Safety, quality compliance management remains a continuing challenge.
Competition is intensifying in the lipid and hypertension combination drug markets, both against originator companies and numerous domestic followers.
With the re-examination period for Livalo Zet set to expire in July 2027, competition among domestic companies for bioequivalence studies and product approvals is accelerating, and the possibility that Fevarozet's growth pace could slow cannot be ruled out.
Recent quarterly results have fluctuated significantly, resulting in relatively low predictability. A combination of factors—including production disruptions, one-off costs, and non-operating income volatility—can affect results, requiring ongoing monitoring of quarter-to-quarter performance.
The Q3 quarterly report should confirm whether earnings have recovered following normalization of Hwaseong plant production, and whether revenue growth in cardiovascular products such as Fevarozet has continued.
Results of the bioequivalence study for the prostate hyperplasia generic AG-2303 (conducted June-December 2026) and the subsequent approval application timeline should be checked.
The FY2026 annual report should confirm final full-year results and whether new hypertension triple-combination products such as Widaplik and Levosartan Plus have begun contributing meaningfully to revenue.
Additional administrative sanctions on the Hwaseong plant or other production facilities should be periodically checked via the Ministry of Food and Drug Safety's public disclosure data.
Anguk Pharmaceutical has continued to grow its top line, reaching KRW 306.9bn in annual revenue in 2025, and posted a record quarter in Q1 2026 driven by Fevarozet.
However, the temporary operating loss in Q4 2025 and the growth slowdown in Q2 2026 tied to the Hwaseong plant's manufacturing suspension show that quarterly results remain prone to significant swings.
Structurally, the business is clearly shifting from a traditional respiratory-drug focus toward cardiovascular improved new drugs, and from a prescription-drug-centric model toward one incorporating broader consumer touchpoints through Health & Beauty.
A pipeline of new products including Widaplik, AG-1705, and AG-2303 points to medium-term growth drivers, but intensifying competition in the lipid and hypertension combination drug markets and quality-regulation risk are variables that warrant continued observation.
Before drawing conclusions, it is worth monitoring both the durability of the earnings recovery in coming quarters and how quickly new products translate into actual revenue.
Report written 2026-09-05 · Data as of 2026-09-04
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