PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩30 per share · Prices as of the 2026-10-02 close
Hyundai Pharm confirmed a consolidated earnings turnaround in 2025, but the pace of pipeline progress and cash-flow recovery remain variables to watch.
2025 consolidated revenue reached KRW 191.79bn, with operating profit rising sharply to KRW 4.16bn from KRW 0.18bn in 2024
Owners' net profit swung from a loss of KRW 0.57bn in 2024 to a profit of KRW 2.52bn in 2025, with profitability continuing through Q1-Q2 2026
In-house products such as Miero Fiber and Minoxil account for roughly 65% of sales, underpinning a stable portfolio
Diabetes drug candidate HDNO-1605 is in domestic Phase 2b trials, but US clinical information has been absent from disclosures for five years, leaving uncertainty
Operating cash flow has been negative for four consecutive years, though the shortfall has steadily narrowed
Founded in 1965, Hyundai Pharm is a KOSPI-listed pharmaceutical company spanning prescription drugs (ETC), over-the-counter products (OTC), and functional beverages.
In-house manufactured and approved products such as the dietary fiber drink Miero Fiber and hair-loss treatment Minoxil account for roughly 65% of sales, while externally sourced products such as the hemostatic agent Tachosil and breakthrough pain treatment Actiq make up the remaining approximately 35%.
By segment, the pharmaceutical division accounts for roughly 85% of total sales, with the food and other segments supplementing this. The flagship Miero Fiber brand has surpassed cumulative sales of 2.3 billion units (100ml basis) since its 1989 launch.
The hair-care cosmetics brand Minoxcell is expanding distribution through online channels, military PX outlets, and warehouse-style pharmacies.
On the R&D side, the company is developing incrementally modified drugs and new formulations, alongside its self-developed drug candidate HDNO-1605, an oral type 2 diabetes treatment with a first-in-class GPR40 agonist mechanism, currently in domestic Phase 2b trials.
In 2023, the company signed an exclusive domestic license agreement with US-based Cosmo Pharmaceuticals for an acne treatment ingredient (clascoterone), launching Winlevi Cream domestically in May 2026 on that basis.
R&D spending has consistently remained around 10% of sales, a relatively high ratio among small and mid-cap pharmaceutical companies, and the company faces distinct competitive dynamics across the hair-care, obesity, and diabetes markets.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩48.4B | ₩1.1B | 2.2% |
| 2025Q3 | ₩51.6B | ₩3.5B | 6.7% |
| 2025Q4 | ₩48.7B | ₩42,668,887 | 0.1% |
| 2026Q1 | ₩46.5B | ₩2.5B | 5.4% |
| 2026Q2 | ₩55.6B | ₩1B | 1.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩162.7B | ₩8B | -₩200M | 4.9% | −0.2% | 109.3% |
| 2023 | ₩180.8B | ₩6.9B | ₩6.1B | 3.8% | 7.2% | 82.6% |
| 2024 | ₩175.7B | ₩200M | -₩600M | 0.1% | −0.7% | 97.8% |
| 2025 | ₩191.8B | ₩4.2B | ₩2.5B | 2.2% | 3.1% | 98.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
On a consolidated basis, revenue rose from KRW 162.69bn in 2022 to KRW 180.76bn in 2023, dipped to KRW 175.74bn in 2024, and rebounded to a four-year high of KRW 191.79bn in 2025.
Operating profit fell from KRW 7.97bn in 2022 to KRW 6.93bn in 2023 and sharply to KRW 0.18bn in 2024, before recovering strongly to KRW 4.16bn in 2025.
Owners' net profit swung from a loss of KRW 0.16bn in 2022 to a profit of KRW 6.12bn in 2023, back to a loss of KRW 0.57bn in 2024, and returned to profit at KRW 2.52bn in 2025.
By quarter, operating profit peaked at KRW 3.46bn in Q3 2025 before plunging to KRW 0.04bn in Q4 2025, then registered KRW 2.52bn in Q1 2026 and KRW 0.98bn in Q2 2026, underscoring notable quarter-to-quarter volatility.
Cumulative owners' net profit over the trailing four quarters (Q3 2025-Q2 2026) reached KRW 4.18bn, already exceeding the full-year 2025 figure of KRW 2.52bn. This improvement is attributed, according to market data providers, to new dementia-treatment product launches alongside cultivation of existing product lines.
Operating cash flow, however, has remained negative for four straight years — KRW 11.62bn positive in 2022 turning to negative KRW 4.55bn in 2023, negative KRW 2.37bn in 2024, and negative KRW 0.12bn in 2025 — despite a steady narrowing of the shortfall.
Analysis by TheBell attributes this to rising working capital, with trade receivables and related items climbing from KRW 43.3bn at end-2022 to KRW 65.2bn as of Q3 2025 amid an aggressive sales strategy.
The consolidated debt ratio eased modestly from 109.3% in 2022 to 98.8% in 2025, remaining close to the 100% mark, though separate-basis reporting reportedly showed a decline to around 66% in Q1 2026, indicating differing perspectives on the pace of balance-sheet improvement.
Korea's pharmaceutical and biotech industry is polarized between large prescription-drug manufacturers and small-to-mid-cap companies focused on OTC and health-consumer products, with Hyundai Pharm occupying a distinctive position that spans both areas.
Korea's hair-care market is projected to grow from KRW 307.2bn in 2020 to KRW 499.0bn in 2025, and market attention toward related stocks has intensified amid government discussions on expanding health insurance coverage for hair-loss treatments.
Also drawing market interest is a topical hair-loss treatment developed by Cosmo Pharmaceuticals containing clascoterone, which demonstrated increased hair count versus placebo in global Phase 3 trials.
The obesity and diabetes treatment market remains dominated by GLP-1 injectables, but demand is emerging for combination therapies or oral formulations that address muscle-loss side effects.
Hyundai Pharm's candidate HD-6277 has been noted for presenting a muscle-loss suppression mechanism in this context, though its clinical development stage remains early relative to global large-cap pharmaceutical peers.
The self-developed drug candidate HDNO-1605 is in domestic Phase 2b trials, but information regarding its US Phase 2 status has not appeared in periodic disclosures for five years, leaving market questions about its progress unresolved.
The company set a target of KRW 200bn in annual revenue at its 2025 kickoff event, emphasizing new product launches and portfolio diversification.
In 2026, the new product lineup continues to expand with the acne treatment Winlevi Cream, the contraceptive Seullinda tablet, and the patient-tailored nutritional product Curewell, with the pace at which these products contribute to sales flagged as a key variable for future results.
The hair-care cosmetics brand Minoxcell is expanding distribution through online channels such as GS Shop and offline channels including military PX outlets and warehouse-style pharmacies to drive growth in the consumer segment.
On the pipeline side, the release of domestic Phase 2b results for HDNO-1605 and the subsequent combination-drug development strategy remain the key items to watch.
The market has floated expectations regarding potential additional domestic rights for a clascoterone-based hair-loss treatment, though no formal agreement has been confirmed.
Whether the profitability seen in Q1 and Q2 2026 reflects a structural improvement rather than a one-off will need to be confirmed through subsequent quarterly results and the pace of working-capital recovery.
The current share price is trading in a range that reflects the market's re-rating following the 2025 net profit turnaround and continued earnings improvement in the first half of 2026.
The price-to-earnings ratio calculated on trailing four-quarter cumulative net profit stands relatively high relative to the size of earnings, suggesting the market has priced in a meaningful degree of expectation for future pipeline and new-product outcomes.
In terms of price-to-book, the stock trades at a premium to net asset value, representing a heavier valuation burden compared with the company's period of weaker performance.
The dividend yield runs below the sector average, with the company maintaining a relatively conservative payout policy relative to its earnings size.
This valuation profile is one where market assessment could shift depending on whether earnings prove durable and on progress in the HDNO-1605 and related pipeline programs.
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 2026-08-21
Owners' net profit swung from a loss of KRW 0.57bn in 2024 to a profit of KRW 2.52bn in 2025, with profitability continuing through Q1 and Q2 2026. The consolidated debt ratio eased from 109.3% in 2022 to 98.8% in 2025, with reports indicating a larger improvement on a separate basis. Operating cash flow has also shown a narrowing deficit trend for four consecutive years.
The dietary fiber drink Miero Fiber has surpassed cumulative sales of 2.3 billion units since its 1989 launch, while the Minoxil hair-loss treatment and Minoxcell cosmetics brand are expanding online and offline channels to provide a stable revenue base.
These in-house products account for roughly 65% of sales, offering a more margin-stable structure than resale merchandise.
The acne treatment Winlevi Cream, launched domestically in May 2026 based on a license agreement with Cosmo Pharmaceuticals, represents a new revenue source, alongside the contraceptive Seullinda tablet and nutritional product Curewell expanding the new-product lineup.
The market has also focused on the possibility of securing additional domestic rights for a clascoterone-based hair-loss treatment.
Five years after receiving US FDA approval for Phase 2 trials, information on the progress of core drug candidate HDNO-1605 has disappeared from periodic disclosures, raising questions about the company's commitment to out-licensing. Domestic Phase 2b trials are ongoing, but the timing of results has not yet been confirmed.
Operating profit plunged from KRW 3.46bn in Q3 2025 to KRW 0.04bn in Q4 2025, then registered KRW 2.52bn in Q1 2026 and KRW 0.98bn in Q2 2026, showing substantial quarter-to-quarter swings. This suggests earnings can be heavily influenced by the timing of new-product launches or marketing expenditure.
Operating cash flow has been negative for four consecutive years since 2022, largely attributed to an increase in working capital such as trade receivables. The debt ratio also remains close to 100% on a consolidated basis, leaving securing internal funding capacity for investment as an ongoing challenge.
The absence of confirmed information on HDNO-1605's US clinical status for five years has raised concerns about potential trial suspension or hold.
Under the Korea Exchange's pharmaceutical and biotech disclosure guidelines, clinical trial suspensions or holds are designated as material disclosure items, so disclosure transparency could become a more prominent issue going forward.
While discussions on expanding health insurance coverage for hair-loss treatments have acted as a positive catalyst for related stocks, the actual timing and scope of any policy decision remain uncertain. Should the policy direction differ from expectations, related sentiment could reverse.
In the hair-care market, competition is intensifying from overseas drug candidates such as those from Cosmo Pharmaceuticals, while in the obesity and diabetes space, Hyundai Pharm's pipeline remains at an early development stage relative to GLP-1 class treatments led by major global pharmaceutical companies.
Q3 2026 consolidated earnings disclosure will show whether the first-half profit improvement continues and how quickly working capital is being recovered.
Domestic Phase 2b results and any follow-up disclosure regarding US clinical status will be a key indicator of the pipeline's direction.
The specific scope and implementation timing of any policy decision could influence demand for the hair-care business segment.
It will be important to confirm whether market expectations of securing additional domestic rights materialize into an actual agreement.
Hyundai Pharm emerged from its 2024 earnings slump to post a clear consolidated turnaround in 2025 — revenue of KRW 191.79bn, operating profit of KRW 4.16bn, and net profit of KRW 2.52bn — with the trend continuing through Q1 and Q2 2026.
A stable product portfolio, with in-house brands Miero Fiber and Minoxil accounting for roughly 65% of sales, along with an expanding new-product lineup including Winlevi Cream and Seullinda tablet, forms the core of its growth.
However, operating cash flow has remained negative for four consecutive years, and the debt ratio remains close to 100% on a consolidated basis, meaning a full recovery in financial health will take time.
The core pipeline candidate HDNO-1605 is undergoing domestic Phase 2b trials, but a five-year gap in disclosed US clinical information leaves uncertainty regarding the pipeline's direction.
Quarterly earnings volatility has also been pronounced, warranting a comprehensive approach that tracks upcoming earnings releases, clinical trial data, and government policy developments together.
The current valuation reflects a re-rating tied to the earnings turnaround, with future direction likely to hinge on the durability of profits and progress in the pipeline.
Report written 2026-09-05 · Data as of 2026-09-04
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