KOSPIBiotech & Pharma006280

GC Biopharma

₩126,500▼ 2.17%2026-10-02 close

Market Cap

₩1.5T

Turnover

₩1.9B

Volume

10,000 shares

Shares out.

11.7M

PER

—

PBR

1.2×

EPS

-₩4,372

Dividend Yield

1.18%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,500 per share · Prices as of the 2026-10-02 close

Report overview

ALYGLO Pulls, Seasonality Shakes

Record 2025 revenue was driven by ALYGLO's US ramp-up, but first-half 2026 quarterly operating profit shrank sharply as a subsidiary left the consolidation scope and flu vaccine bulk sales slipped to the second half.

1
2025 consolidated revenue reached KRW 1,991.3bn with operating profit of KRW 69.1bn, up from KRW 1,679.9bn and KRW 32.1bn in 2024, yet owners' net income remained negative after the 2022 profit.
2
Q4 2025 posted KRW 4.6bn operating profit but a KRW 88.3bn owners' net loss, which brokerages attributed to goodwill impairment tied to the past GC Cell merger.
3
Q2 2026 revenue of KRW 421.2bn and operating profit of KRW 1.7bn were down from KRW 500.3bn and KRW 27.4bn a year earlier, which the company linked to the deconsolidation of GC Wellbeing and the shift of flu vaccine bulk sales into Q3.
4
ALYGLO sales rose about 10% from KRW 34.9bn in Q1 2026 to KRW 40.5bn in Q2, with the company maintaining a full-year target of USD 150mn.
5
The debt-to-equity ratio rose from 61.2% in 2022 to 113.1% in 2025, while operating cash flow turned from an outflow in 2024 to a KRW 99.5bn inflow in 2025.

Business structure

GC Biopharma is a leading Korean pharmaceutical company built on plasma-derived therapies and vaccines, alongside prescription drugs and an OTC/consumer healthcare unit.

For Q2 2026 on a parent basis, the company disclosed segment revenue of KRW 138.4bn for plasma-derived therapies, KRW 55.2bn for vaccines, KRW 86.5bn for prescription drugs and KRW 36.3bn for OTC and consumer healthcare.

The growth engine is ALYGLO, its US immunoglobulin product: a 10% concentration product approved by the FDA in December 2023 for primary immunodeficiency in adults aged 17 and over, for which the company chose direct local sales rather than out-licensing.

ALYGLO is the first plasma-derived product developed by a Korean company to enter the US market. On the raw material side, the company acquired US plasma firm ABO Holdings for KRW 138bn in December 2024, renamed it ABO Plasma and folded it in as its US plasma subsidiary.

The vaccine unit centers on the GCFLU influenza vaccine and the Barycela varicella vaccine, while Hunterase for Hunter syndrome anchors rare disease sales; overseas shipments of these high-margin items carry heavy quarterly seasonality.

Consolidated subsidiaries include GC Cell in cell therapy and clinical laboratory services and GC Biopharma MS in diagnostics, while GC Wellbeing left the consolidation scope from Q2 2026 after the share sale closed on 31 March 2026.

Competitively, the US intravenous immunoglobulin market is dominated by large global players, so latecomer ALYGLO needs quality evidence as well as price competitiveness, and IBK Investment & Securities noted in a March 2026 report that ALYGLO holds roughly 1.6% US market share against a mid-to-long-term company target above 10%.

Earnings trend

Quarterly revenue · Operating profit

₩500.3B₩27.4B25Q2₩609.5B₩29.2B25Q3₩497.8B₩4.6B25Q4₩435.5B₩11.7B26Q1₩421.2B₩1.7B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩1.7T₩81.3B2022₩1.6T₩34.4B2023₩1.7T₩32.1B2024₩2T₩69.1B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩500.3B	₩27.4B	5.5%
2025Q3	₩609.5B	₩29.2B	4.8%
2025Q4	₩497.8B	₩4.6B	0.9%
2026Q1	₩435.5B	₩11.7B	2.7%
2026Q2	₩421.2B	₩1.7B	0.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩1.7T	₩81.3B	₩65.5B	4.7%	4.9%	61.2%
2023	₩1.6T	₩34.4B	-₩26.6B	2.1%	−2.0%	71.7%
2024	₩1.7T	₩32.1B	-₩26.3B	1.9%	−2.1%	85.3%
2025	₩2T	₩69.1B	-₩4.7B	3.5%	−0.4%	113.1%

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

Earnings analysis

Annually, revenue stalled from KRW 1,711.3bn in 2022 to KRW 1,626.6bn in 2023 and KRW 1,679.9bn in 2024 before expanding to KRW 1,991.3bn in 2025.

Operating profit fell from KRW 81.3bn in 2022 to KRW 34.4bn in 2023 and KRW 32.1bn in 2024, then recovered to KRW 69.1bn in 2025, lifting the operating margin from 1.9% to 3.5%.

Owners' net income, however, swung from a KRW 65.5bn profit in 2022 to losses of KRW 26.6bn in 2023, KRW 26.3bn in 2024 and KRW 4.7bn in 2025, so the operating recovery has not fully reached the bottom line.

By quarter, Q3 2025 was the peak at KRW 609.5bn revenue and KRW 29.2bn operating profit, while Q4 2025 delivered KRW 497.8bn revenue and a slim KRW 4.6bn operating profit alongside an KRW 88.3bn owners' net loss.

Brokerages attributed that net loss to impairment of goodwill recognized at the time of the past GC Cell merger, describing it as a non-cash, one-off charge.

In 2026, Q1 showed KRW 435.5bn revenue, KRW 11.7bn operating profit and KRW 20.5bn owners' net income, but Q2 slowed sharply to KRW 421.2bn, KRW 1.7bn and KRW 2.0bn respectively, against KRW 500.3bn and KRW 27.4bn in Q2 2025.

The company explained that flu vaccine bulk sales normally booked in Q2 were pushed back because a WHO-designated institution was late in securing reference strains, that the volume was fully shipped in July for Q3 recognition, and that overseas Hunterase sales are concentrated in the second half this year.

On the balance sheet, the debt-to-equity ratio climbed from 61.2% in 2022 to 71.7% in 2023, 85.3% in 2024 and 113.1% in 2025, while operating cash flow reversed from outflows of KRW 5.5bn in 2023 and KRW 53.5bn in 2024 to a KRW 99.5bn inflow in 2025.

Summing the last four quarters (Q3 2025 to Q2 2026), operating profit was positive while owners' net income stayed negative, showing that non-operating items such as goodwill impairment still weigh on the reported figures.

Industry analysis

In plasma-derived therapies, secured plasma volume dictates output and cost, so sourcing capability matters as much as the sales network. iM Securities noted in August 2026 that the US plasma therapy market remains in excess demand with rising prices, and that ALYGLO's channels are broadening from specialty pharmacies toward clinics.

On formulation, IBK Investment & Securities said in a March 2026 report that subcutaneous immunoglobulin is priced roughly 30% above the intravenous form and that the US subcutaneous market is expected to grow 17%, above the 6% for intravenous.

Domestically, the high weight of seasonal items such as influenza vaccine makes the timing of revenue recognition a key swing factor between halves.

On policy, some brokerages argued that GC Biopharma's low exposure to chronic-disease generics and higher weight of blood products and rare disease drugs limit the direct impact of generic price cuts.

On trade risk, the company said that plasma-derived therapies were included in the exemption list under the US tariff policy announced in April 2026, removing uncertainty over its US business environment.

That said, US immunoglobulin demand keeps growing but the market is contested by large global plasma players, so securing prescribing institutions, pharmacy benefit managers and specialty pharmacy distribution is decisive.

Within Korea, GC Biopharma is specialized in high-barrier blood products and vaccines, so its cycle and cost structure differ from peers focused on small-molecule drugs.

Outlook

The nearest checkpoint is whether the deferred sales actually land. The company said the flu vaccine bulk volume was fully shipped in July for recognition in Q3 and that overseas Hunterase sales are expected to concentrate in the second half. For ALYGLO, it has set a full-year sales target of USD 150mn.

On sourcing, the company introduced a new plasma collection system in Q3 2025 to narrow ABO Plasma's Q4 loss and targets halving its operating loss in 2026 versus the prior year. Longer term, it aims to enter Phase 3 for subcutaneous immunoglobulin in 2027, complete trials by 2030 and file for FDA approval in 2031.

In addition, it plans to invest about KRW 140bn over the next three years in production facilities with the goal of extending ALYGLO to children aged two and above from late 2027, while also developing new vaccines including a high-immunogenicity influenza vaccine, a varicella vaccine and an mRNA COVID-19 vaccine.

In contract manufacturing, it signed an agreement with US affiliate Curevo to secure CMO rights for a shingles vaccine, citing a global shingles vaccine market of roughly KRW 6tn.

Analyst Jung Jae-won at iM Securities said in August 2026 that one-off cost issues had cleared and that deferred revenue recognition from Q3 could produce a second half stronger than the first.

Conversely, if the deferred sales fall short of expectations or US selling and marketing costs rise, the scale of any second-half recovery could be limited.

Valuation

PER

—

PBR

1.2×

ROE

-4.0%

EPS

-₩4,372

BPS

₩108,376

Dividend per share

₩1,500

Summing the last four reported quarters (Q3 2025 to Q2 2026), owners' net income is negative, so a price-to-earnings multiple cannot be computed, reflecting the goodwill impairment booked in Q4 2025 that still sits inside that window.

As a result, relative comparison currently leans more on net-asset-based multiples and the operating margin trend than on earnings-based multiples. The price-to-book multiple sits modestly above accounting net assets, meaning its interpretation could shift materially depending on whether earnings normalize.

On shareholder returns, the company has set a policy of paying out at least 20% of parent-basis net income over the three years from 2025 to 2027.

The operating margin improved from 1.9% in 2024 to 3.5% in 2025, but quarterly margins fell again in the first half of 2026, so second-half margins once deferred sales are recognized are likely to become the practical basis for any multiple debate.

Alongside the real-time multiples shown on the screen card, it is useful to review operating-level profitability excluding one-off items such as impairment.

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

Bull factors

Sequential ALYGLO growth and US direct-sales leverage

ALYGLO sales expanded from KRW 48.6bn in 2024 to KRW 151.1bn in 2025. In 2026, Q2 sales reached KRW 40.5bn, up about 10% from Q1.

Analyst Lee Ji-won at Heungkuk Securities said in May 2026 that US prescription expansion was progressing smoothly and that consolidated profit contribution would rise more steeply as ALYGLO's revenue share increases. With direct-sales fixed costs already absorbed, incremental revenue can flow through to profit more strongly.

Progress in vertical integration of plasma sourcing

The company built a chain in which plasma supplied by ABO Plasma is processed into ALYGLO at its Ochang plant in Korea and sold in the US.

One brokerage analysis noted that all six US collection centers had obtained FDA approval and that with eight centers running, roughly 80% of the plasma needed for ALYGLO could be self-supplied, allowing further cost-ratio improvement.

Reports later indicated that the count of FDA-approved plasma centers rose to seven with the opening of the Laredo center in Texas. A higher share of in-house raw material leaves room for improvement in both cost of goods and supply stability.

Break from the chronic Q4 loss pattern and cash flow reversal

Q4 2025 operating profit was KRW 4.6bn, a turn to profit from an operating loss in Q4 2024. Brokerages highlighted that this broke, for the first time in eight years, the pattern of Q4 losses caused by vaccine revenue concentrating in Q3 and heavy year-end selling expenses.

Operating cash flow also reversed from a KRW 53.5bn outflow in 2024 to a KRW 99.5bn inflow in 2025. If year-end seasonal damage narrows, the volatility of annual earnings itself can decline.

Bear factors

Quarterly profit remains thin in absolute terms

Q2 2026 operating profit of KRW 1.7bn was very thin against KRW 421.2bn of revenue and far below the KRW 27.4bn a year earlier. Even combined with Q1's KRW 11.7bn, first-half profit sits at an early stage relative to full-year ambitions.

Reports noted wide dispersion in brokerage estimates for Q2 operating profit and differing views on the pace of US prescription expansion and the timing of margin improvement. With a thin profit base, a single cost line can swing quarterly results materially.

Rising financial leverage and subsidiary variables

The debt-to-equity ratio rose from 61.2% in 2022 to 113.1% in 2025, while total equity fell from KRW 1,566.6bn to KRW 1,394.3bn over the same period. The company said it sold its entire GC Wellbeing stake to holding company GC in March 2026 to improve its financial structure and focus on core businesses.

However, GC Wellbeing had posted 2025 revenue of KRW 164.7bn and operating profit of KRW 17.3bn, so deconsolidation reduces both scale and profit contribution. Whether the subsidiary restructuring translates into parent-level profit needs separate confirmation.

Single-product dependence and latecomer position

Heavy reliance on a single product for the earnings recovery narrative is a structural weakness.

One outlet noted that it remains to be seen whether one product can keep carrying overall results, and that since US expansion brings marketing and distribution costs, selling expense efficiency must improve alongside revenue. Its US intravenous immunoglobulin share was estimated at roughly 1.6% as of March 2026. If share gains slow, the payback period on fixed costs could lengthen.

Risk factors

Regulatory and approval

For blood products, approval timelines govern the entire business plan. ALYGLO received two complete response letters for its 5% product from 2015, faced delayed FDA site inspections due to COVID-19, went through another complete response letter for the 10% product in 2022, and was approved only at the end of 2023.

Pediatric label expansion and subcutaneous development must also clear clinical and regulatory steps, so schedule slippage is an ever-present possibility. Timing of individual US plasma center approvals also directly affects raw material planning.

Seasonality and revenue recognition timing

As in Q2 2026, external institutional schedules can shift revenue recognition and swing quarterly results. In Q2, delayed WHO supply of international influenza vaccine reference standards deferred bulk sales, compounded by the loss of a deconsolidated subsidiary's revenue and higher OTC advertising spend.

The second-half concentration of high-margin items such as vaccines and Hunterase makes annual profit back-loaded. If deferred sales are not recognized on schedule, full-year variance could widen.

Accounting and non-cash charges

The KRW 88.3bn owners' net loss in Q4 2025 shows how the bottom line can be damaged even with operating profit.

The company said it reflected fair value assessment of goodwill recognized at the end-2021 merger of GC LabCell and GC Cell, describing it as a one-off, non-cash accounting item with no further charges planned. Brokerages also assessed the likelihood of additional impairment as limited.

Still, intangible asset valuations can be revisited as subsidiary business performance changes, warranting ongoing monitoring.

What to watch next

10 September 2026
Cumulative voting is scheduled to take effect following the March 2026 shareholder meeting that removed the charter clause excluding it. This is a point to check for changes in governance-related shareholder rights.
Late October to early November 2026
In the Q3 preliminary earnings disclosure, the key items are whether the flu vaccine bulk volume fully shipped in July and the second-half-weighted overseas Hunterase sales are actually recognized, and how far the quarterly operating margin recovers versus the first half. Sequential growth in quarterly ALYGLO sales is also worth checking.
Q4 2026
This is the window to verify progress toward the company's full-year ALYGLO target of USD 150mn and its goal of halving ABO Plasma's operating loss versus the prior year. Additional plasma center activation in the US would also be a clue to the direction of the cost ratio.
January to February 2027
In the FY2026 disclosure, the focus is whether a Q4 operating profit holds for a second consecutive year and whether any further impairment of goodwill or other intangibles arises. It is also worth checking how the policy of paying out at least 20% of parent-basis net income is reflected in the actual dividend resolution.
During 2027
Whether the Phase 3 entry schedule for subcutaneous immunoglobulin and the expansion to children aged two and above with the related production facility investment proceed as planned will determine the realization of the mid-to-long-term growth axis. Disclosures on changes to clinical and regulatory timelines should be tracked alongside.

Overall view

For GC Biopharma, 2025 was a year of recovery in both scale and operating profitability, with revenue of KRW 1,991.3bn and operating profit of KRW 69.1bn, yet owners' net income still closed in the red because of Q4 goodwill impairment.

Q1 2026 extended the improvement with KRW 435.5bn revenue and KRW 11.7bn operating profit, but Q2 slowed sharply to KRW 421.2bn and KRW 1.7bn.

The company attributed this mainly to the deconsolidation of GC Wellbeing and the deferral of flu vaccine bulk sales after a WHO-designated institution was late in securing reference standards.

The bull case rests on sequential ALYGLO growth, progress in US plasma vertical integration, and the break from the chronic Q4 loss pattern.

The bear case rests on thin quarterly profit, leverage that rose from a 61.2% debt-to-equity ratio in 2022 to 113.1% in 2025, single-product dependence, and the challenge of gaining share as a latecomer.

The next checkpoints are therefore whether deferred sales are actually recognized in Q3 and whether the annual ALYGLO target stays on track. This material is for information purposes only and contains no buy or sell recommendation on any specific security.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

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.