PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Pharmicell posted record 2025 revenue of KRW114.06 billion and operating profit of KRW34.30 billion, driven by expanded low-dielectric electronic material supply to Doosan Electro BG, and growth continued into the first half of 2026.
2025 revenue reached KRW114.06bn (+75.8%) and operating profit KRW34.30bn (+637.6%), lifting operating margin to 30.1%.
Low-dielectric electronic materials (resin and hardener) are supplied exclusively to Doosan Electro BG for Nvidia AI server copper-clad laminates, driving growth.
A third Ulsan plant targets completion by September 2026, expected to roughly double combined capacity versus the existing two plants.
Revenue and operating profit set new quarterly records in 1Q-2Q 2026, though owner net income eased somewhat from the 4Q2025 peak.
The biomedical segment (stem cell therapeutics, CDMO, cosmetics) remains small in revenue share but shows improvement via CDMO collaborations such as with Seoul Asan Medical Center.
Pharmicell operates around two segments: biomedical and biochemical. The biomedical segment covers Hearticellgram-AMI, the world's first commercialized stem cell therapeutic, along with stem cell storage, cosmetics, and contract development and manufacturing (CDMO).
The biochemical segment produces pharmaceutical intermediates (nucleosides, mPEG, etc.), low-dielectric electronic materials, and eco-friendly phosphorus-based flame retardants. The vast majority of revenue comes from the biochemical segment, which accounted for 97% of total sales in 2025.
The key growth driver within it is low-dielectric electronic materials, supplied exclusively to Doosan Electro BG as the core resin and hardener input for AI server copper-clad laminates (CCL), with Nvidia as the ultimate end customer.
Pharmicell co-developed these materials with Doosan over roughly a decade before beginning supply in 2024. Among its intermediates, mPEG is supplied to the multinational pharmaceutical company UCB.
The company states its biomedical CDMO business has built a relatively stable order structure through partnerships with general hospitals such as Seoul Asan Medical Center.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩26.8B | ₩8.2B | 30.5% |
| 2025Q3 | ₩25.6B | ₩8.1B | 31.7% |
| 2025Q4 | ₩34.6B | ₩9.6B | 27.8% |
| 2026Q1 | ₩36.7B | ₩13.1B | 35.6% |
| 2026Q2 | ₩39B | ₩13.2B | 33.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩60.2B | ₩8.9B | ₩10.9B | 14.7% | 13.7% | 41.4% |
| 2023 | ₩56.2B | ₩1.3B | ₩3.6B | 2.3% | 4.5% | 15.1% |
| 2024 | ₩64.9B | ₩4.7B | ₩6.3B | 7.2% | 7.3% | 14.8% |
| 2025 | ₩114.1B | ₩34.3B | ₩40.3B | 30.1% | 32.5% | 26.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue in 2025 reached KRW114.06 billion, up 75.8% from KRW64.85 billion in 2024. Operating profit surged 637.6% to KRW34.30 billion, lifting the operating margin from 7.2% in 2024 to 30.1% in 2025. Owner net income also rose 536.9% to KRW40.29 billion, a record for the company.
This profitability improvement was driven by low-dielectric electronic material revenue jumping 118% from KRW29.7 billion in 2024 to KRW64.7 billion in 2025, accounting for 56% of total sales.
Operating profit fluctuated at KRW8.87 billion, KRW1.30 billion, and KRW4.66 billion in 2022, 2023, and 2024 respectively before the step-change in 2025.
Growth continued quarterly, with revenue rising from KRW26.76 billion in 2Q2025 to KRW34.62 billion in 4Q2025, then KRW36.69 billion in 1Q2026 and KRW38.98 billion in 2Q2026, each a new quarterly high. Operating profit likewise climbed steadily from KRW8.16 billion in 2Q2025 to KRW13.23 billion in 2Q2026.
In contrast, owner net income peaked at KRW15.67 billion in 4Q2025 before easing to KRW11.71 billion in 1Q2026 and KRW10.38 billion in 2Q2026, a pattern that appears linked to non-operating items rather than the operating trend.
Owner net income summed over the most recent four quarters (3Q2025-2Q2026) reached approximately KRW46.53 billion, indicating the annualized profit base has expanded further.
The market for low-dielectric materials used in AI servers is directly linked to global big tech's AI infrastructure investment cycle.
Doosan Electro BG is a key partner supplying AI server CCL to Nvidia and other global big tech firms, and Pharmicell holds an exclusive supply position for resin and hardener to Doosan Electro BG.
Because material properties depend on formulation and process conditions and require re-qualification whenever production equipment changes, new suppliers face a high barrier to entering the supply chain quickly.
Some analysts note that Taiwanese competitor EMC's strategic pivot toward application-specific integrated circuits (ASIC) has reduced the likelihood of dual-sourcing.
Even so, dual-sourcing speculation around low-dielectric materials surfaced in the second half of last year, and the durability of PTFE-based materials remains a variable the market continues to monitor.
Doosan recently announced plans to invest KRW180 billion in a new AI CCL plant in Thailand, a factor that could translate into expanded material demand for Pharmicell.
Pharmicell held a groundbreaking ceremony for its third plant in the Onsan Industrial Complex, Ulsan, in December last year, targeting completion by September 2026 with total investment of about KRW50 billion.
The new plant is expected to have capacity of up to KRW200 billion in annual sales terms, roughly double the combined capacity of the existing two plants, with full operation expected from 2027. The company said it is also pursuing new customers but will focus on meeting Doosan's demand for now.
Sample-related revenue tied to Nvidia's next-generation Rubin AI chip is reportedly being partially recognized as well. In the biomedical segment, the company said CDMO revenue continues to be generated, including a stem cell contract manufacturing agreement with Seoul Asan Medical Center.
Cellgram-LC, a treatment for alcoholic liver cirrhosis, remains in Phase 3 clinical trials, and the company is also pursuing an advanced regenerative medicine treatment plan application through the regulatory sandbox.
Pharmicell's profit base showed a clear turnaround between 2023 and 2025, and the price-to-earnings multiple the market assigns now reflects a different baseline than before the earnings surge. In terms of price-to-book, the stock still trades at a level that reflects a premium over net asset value.
Dividends, first paid in 2024, continued for a second consecutive year in 2025 with a higher per-share amount, though the dividend yield itself is estimated to run below the sector average.
Recent brokerage reports have expressed a positive view citing expanded sales to Doosan and the new plant's start-up, but these reflect the judgment of individual securities firms and market assessments may vary.
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 2026-09-04
Pharmicell exclusively supplies low-dielectric resin and hardener to Doosan Electro BG, benefiting from expanding AI server demand at end customer Nvidia. This supply structure carries high entry barriers due to lengthy material optimization and re-qualification requirements.
DS Securities stated in a May 13, 2026 report that it viewed 1Q operating profit as exceeding expectations and raised its target price from KRW25,000 to KRW26,000.
Once the third plant, targeted for completion in September 2026, becomes operational, capacity is expected to roughly double versus the combined first and second plants.
Doosan has also disclosed plans for a new AI CCL plant investment in Thailand, making the pace of utilization ramp-up after completion a key point to watch. This reflects potential room for improvement in the business metric of capacity utilization, separate from any judgment on share price direction.
Operating margin rose from 2.3% in 2023 to 30.1% in 2025, marking a shift to a higher-margin structure. The company said biomedical segment revenue is also gradually increasing through CDMO agreements such as the one with Seoul Asan Medical Center.
Continued mPEG supply to UCB in the pharmaceutical intermediates business is also cited as a positive factor for diversification.
Most low-dielectric electronic material revenue comes from Doosan Electro BG, indicating high dependence on a single customer. If Doosan's order volume or contract terms change, earnings sensitivity could increase.
Supply contracts are typically renewed on a several-month basis, making contract continuity an important variable.
Speculation about dual-sourcing of low-dielectric electronic materials surfaced in the second half of last year. Whether competitors such as Taiwan's EMC continue their strategic shift needs ongoing monitoring. If new entrants emerge, pricing or volume allocation could be affected.
The stem cell therapeutics business, the company's original identity, contributes relatively little to revenue, and the biomedical segment has recorded operating losses in the past. New revenue sources such as CDMO and the regulatory sandbox may take time to translate into actual sales. Earnings remain heavily dependent on the electronic materials segment.
High revenue dependence on a single customer, Doosan Electro BG, means changes in contract terms or reduced orders could significantly affect earnings. Supply contracts appear to be renewed on a several-month cycle, requiring monitoring of terms at each renewal. Pharmicell's volumes may also move in tandem with trends at Doosan's own end customers.
Low-dielectric materials carry high entry barriers due to re-qualification requirements, but the possibility of the supply structure changing due to alternative materials or competitor technology advances cannot be ruled out. The market landscape could shift depending on the strategic direction of competitors such as Taiwan's EMC.
The stem cell therapeutics pipeline, including Cellgram-LC, is undergoing Phase 3 trials and regulatory sandbox procedures, with approval outcomes and timing uncertain. Converting an advanced regenerative medicine treatment plan application into revenue could take time due to regulatory procedures.
Check whether the third Ulsan plant is completed on schedule and the state of operational readiness; completion is expected to roughly double capacity.
Review the 3Q2026 quarterly report for changes in Doosan-related sales and the share of low-dielectric material revenue.
Monitor progress on sample and mass-production volumes tied to Nvidia's Rubin chip, as well as the progress of Doosan Electro BG's new plant investment in Thailand.
Track whether the Cellgram-LC regulatory sandbox application and advanced regenerative medicine treatment plan receive approval.
Pharmicell has expanded its identity from a biotech firm to an AI materials supplier, posting record 2025 results and continuing to set new quarterly revenue and operating profit highs through the first half of 2026.
The core growth driver is its exclusive supply of low-dielectric electronic materials to Doosan Electro BG, directly linked to AI server demand from end customer Nvidia. With a third Ulsan plant targeting completion in September 2026, how the resulting capacity expansion feeds into earnings is the next point to watch.
However, high dependence on a single customer and ongoing dual-sourcing speculation or competitive shifts remain variables requiring continued monitoring.
The core biomedical business of stem cell therapeutics and CDMO still contributes a limited share of revenue, and the progress of pipeline clinical and regulatory procedures also warrants attention. This report is for informational purposes only and does not include a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.