PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Revenue and operating profit have grown for four consecutive years, but net income attributable to owners has swung sharply on non-operating factors, while the company simultaneously pursues a divestiture of its DSK stake and moves to strengthen control over its new-drug affiliate.
2025 consolidated revenue reached KRW 113.0 billion (+24.8% YoY) and operating profit KRW 19.2 billion (+19.0% YoY), while net income attributable to owners fell 71.0% YoY to KRW 3.0 billion.
Among the trailing four quarters (2025Q3-2026Q2), owner net income swung to a loss of KRW 2.9 billion in 2025Q4 before recovering in both 2026Q1 and 2026Q2.
A contract to sell the entire DSK stake (a battery/display equipment maker whose subsidiary Protox makes botulinum toxin) to a Yoonjin Partners-led consortium was signed in August 2025, with closing-related disclosures still being filed as of August 2026.
New-drug affiliate Neurobiogen's obesity and dementia candidate KDS2010 completed Phase 1 and received domestic Phase 2 approval, and the company said in April 2025 it signed a license and collaboration agreement with a U.S. pharmaceutical firm.
The conversion price on the 14th convertible bond was adjusted downward as the share price declined, and the company decided in June 2026 to retire its own treasury bonds ahead of maturity.
Synergy Innovation was founded in 1998 as a fabless semiconductor company and listed on KOSDAQ, but after a period of weak performance it transformed its business through acquisitions of medical device and bio companies between 2016 and 2018.
Its consolidated operations now consist of three segments—biotechnology (microbial culture media), medical devices (stents), and health functional foods—plus a new-drug and investment segment.
Culture media products are supplied to hospitals, testing centers, and pharmaceutical companies nationwide for in-vitro diagnostics and environmental monitoring in drug manufacturing, produced under ISO13485 and medical device GMP-certified facilities.
The medical device segment, through subsidiary MI Tech, produces both vascular and non-vascular stents, with demand for non-vascular stents rising amid an aging population and expanding indications.
According to a first-quarter 2026 revenue breakdown compiled by job portal Jobkorea, non-vascular stents accounted for roughly 50% of sales, culture media and related products about 19%, health functional foods about 11%, vascular stents and related products about 9%, and other items about 12%.
The health functional food segment operates OEM/ODM and proprietary-brand businesses through subsidiary Novis Bio.
The company has also invested in new-drug affiliate Neurobiogen, which holds obesity and dementia candidate KDS2010, and in DSK, a battery and display equipment maker that also owns botulinum toxin subsidiary Protox.
Most recently, the company has been restructuring its portfolio by divesting its DSK stake while moving to strengthen control over its new-drug-related affiliates.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩27.7B | ₩4.7B | 17.0% |
| 2025Q3 | ₩30.4B | ₩6.4B | 21.0% |
| 2025Q4 | ₩27.8B | ₩3.3B | 11.9% |
| 2026Q1 | ₩27B | ₩3.8B | 14.1% |
| 2026Q2 | ₩31.4B | ₩5.4B | 17.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩30.3B | ₩1.2B | ₩16.1B | 4.0% | 11.5% | 32.5% |
| 2023 | ₩83.2B | ₩15B | ₩2.3B | 18.0% | 1.3% | 28.4% |
| 2024 | ₩90.6B | ₩16.1B | ₩10.4B | 17.8% | 5.7% | 33.6% |
| 2025 | ₩113.1B | ₩19.2B | ₩3B | 17.0% | 1.4% | 23.7% |
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
Consolidated revenue expanded for four straight years, from KRW 30.3 billion in 2022 to KRW 83.2 billion in 2023, KRW 90.6 billion in 2024, and KRW 113.1 billion in 2025, while the operating margin stabilized in the 17-18% range from 2023 through 2025 after a low 4.0% in 2022.
Net income attributable to owners, however, moved in a direction disconnected from operating results—KRW 16.1 billion in 2022, KRW 2.3 billion in 2023, KRW 10.4 billion in 2024, and KRW 3.0 billion in 2025—reflecting significant volatility.
Notably, in 2025, even as revenue rose 24.8% and operating profit rose 19.0% year over year, owner net income fell 71.0%, suggesting sizable non-operating items or minority-interest allocations weighed on the bottom line that year.
On a quarterly basis, the third quarter of 2025 (revenue of KRW 30.4 billion, operating profit of KRW 6.4 billion, owner net income of KRW 3.8 billion) posted the highest operating margin among the trailing five quarters.
In contrast, the fourth quarter of 2025 saw revenue fall to KRW 27.8 billion and operating profit to KRW 3.3 billion, while owner net income swung to a loss of KRW 2.9 billion, pointing to one-off items in that quarter.
The company then recovered in the first quarter of 2026 (revenue of KRW 27.0 billion, operating profit of KRW 3.8 billion, owner net income of KRW 3.8 billion) and the second quarter of 2026 (revenue of KRW 31.4 billion, operating profit of KRW 5.4 billion, owner net income of KRW 5.2 billion), returning owner net income to positive territory across the trailing four-quarter window of 2025Q3-2026Q2.
Operating cash flow, a measure of cash generation, declined gradually from KRW 35.4 billion in 2023 to KRW 26.5 billion in 2024 and KRW 14.8 billion in 2025, though it remained positive for four consecutive years.
The debt ratio improved from 33.6% in 2024 to 23.7% in 2025, and equity attributable to owners grew steadily from KRW 178.0 billion in 2023 to KRW 211.5 billion in 2025.
The domestic microbial culture media market has a stable demand base anchored by hospitals, testing centers, and pharmaceutical companies, and the company has built its position there over decades on ISO13485 and GMP certifications.
The stent market is growing on the back of an aging population and expanding treatment indications, and rising preference for less invasive procedures has increasingly translated into demand for non-vascular stents, a trend reflected in recent results.
By contrast, the botulinum toxin market that Protox—the toxin subsidiary of the DSK affiliate the company partly owned—is entering is intensely competitive, with more than 16 domestic firms already holding product approvals, an environment some in the industry describe as a red ocean.
The global botulinum toxin market itself is growing at roughly a 9% annual rate, driven by both cosmetic and expanding therapeutic indications, but new entrants must contend with the marketing scale and financial resources of established leaders.
In the new-drug segment, amid a broader global trend of expanding obesity and dementia treatment pipelines, Neurobiogen's KDS2010 is at the domestic Phase 2 clinical stage, making it an early-stage asset whose value could shift substantially depending on trial outcomes.
The company expanded its manufacturing facilities starting in 2024, completing the project in the first half of 2025, and whether the resulting capacity and productivity gains show up in future results is a key point to watch.
Structurally, in August 2025 the company signed a contract to transfer a stake in subsidiary DSK (initially 25.0%, worth about KRW 45.0 billion) to Yoonjin Partners and others, which later expanded into a larger transaction covering roughly 11.07 million shares (about a 43% stake), though contract amendments and related disclosures continued as of August 2026, meaning the final closing date remains unconfirmed.
The company has said that once the deal closes, it plans to acquire the Medica Korea stake held by a DSK subsidiary to strengthen its control, since Medica Korea holds the exclusive commercialization rights to KDS2010, the drug candidate being developed by Neurobiogen—making the potential internalization of this new-drug asset a point of interest.
Neurobiogen is currently conducting domestic Phase 2 trials of KDS2010 for obesity and Alzheimer's indications, and the company has said it signed a license and collaboration agreement with a U.S. pharmaceutical company in April 2025 for the candidate's development and commercialization.
On the financial side, the conversion price of the 14th convertible bond was adjusted downward following the share price decline, and the company decided in June 2026 to retire its own treasury bonds ahead of maturity as part of ongoing capital structure management.
Going forward, both the stable growth of the core stent and culture media businesses and the restructuring of new-drug and subsidiary holdings are likely to jointly influence results and equity value.
The company's price-to-book ratio, on both its own calculation and the KRX-reported figure, sits below 1x, meaning the shares trade at a discount to consolidated net asset value.
That said, given that owner net income has recently moved in a direction disconnected from operating profit improvement, interpreting a single year's price-to-earnings figure requires also examining the non-operating factors behind it.
The company currently maintains a no-dividend policy, suggesting resources are being allocated toward business restructuring and internalizing new-drug assets rather than shareholder returns.
Across the trailing four quarters (2025Q3-2026Q2), profitability turned negative in the fourth quarter of 2025 before recovering, underscoring that quarter-to-quarter volatility is also a factor to weigh.
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
Consolidated revenue grew from KRW 30.3 billion in 2022 to KRW 113.1 billion in 2025, and the operating margin has held steady in the 17-18% range since 2023. Facility expansion completed in the first half of 2025 has laid the groundwork for capacity-based growth. The steady top-line expansion of core stent and culture media businesses is a positive factor.
Aging demographics and expanding treatment indications are driving demand for non-vascular stents, contributing to improved medical device revenue. A shift toward less invasive procedures also supports this demand.
As of the first quarter of 2026, non-vascular stents accounted for roughly half of total revenue, underscoring their significance.
Neurobiogen's KDS2010 has completed Phase 1 and is in domestic Phase 2 trials, and the company said in April 2025 it signed a license and collaboration agreement with a U.S. pharmaceutical firm. Acquiring the Medica Korea stake after the DSK deal closes would strengthen control over the related exclusive rights. This could represent a structural shift that brings new-drug asset value inside the company.
In 2025, even as revenue and operating profit rose 24.8% and 19.0% respectively, net income attributable to owners fell 71.0%. Owner net income even swung to a loss in the fourth quarter of 2025. Recurring non-operating items or minority-interest allocations make it harder to assess the quality of earnings.
Since the August 2025 contract, the closing date and terms of the DSK stake sale have been amended multiple times, with corrective disclosures continuing as of August 2026. The contract carried preconditions, including the product approval of subsidiary Protox, which left uncertainty in place. Such repeated schedule changes make it difficult to gauge when the restructuring will be finalized.
The conversion price on the 14th convertible bond was adjusted downward from KRW 2,776 to KRW 2,109 following the share price decline. The company has taken steps such as retiring its own treasury bonds ahead of maturity, but this can also be read as a signal that ongoing financial capacity management is needed.
The sizable non-controlling interest portion, which can constrain income attributable to owners, is also worth noting.
Both the DSK stake sale and the planned Medica Korea stake acquisition are structured as conditional contracts, meaning the closing timeline and final terms could still change. Because the consortium includes financial investors, shifts in their positions could affect deal progress.
If the transaction is delayed or terms are renegotiated, recognition of related asset value could also be pushed back.
Neurobiogen's KDS2010 remains at the Phase 2 clinical stage, an early-stage asset whose trial outcomes and commercialization timeline are not yet confirmed.
New drug development carries an ever-present risk of trial failure or delay, and the actual monetization timing under the license agreement may vary depending on whether follow-on conditions are met.
The company itself has also taken a cautious stance on linking the subsidiary stake transaction directly to new drug development progress.
The botulinum toxin market is viewed as intensely competitive, with more than 16 domestic firms already holding product approvals.
The domestic microbial culture media market is stable but mature, offering limited room for high growth, while the stent business also faces ongoing share competition from domestic and global rivals.
For newly entered businesses, the challenge of competing against the marketing scale and financial resources of established leaders remains.
The 2026 third-quarter report is due for disclosure—worth checking whether the profit recovery seen across the trailing four quarters (2025Q3-2026Q2) continues, and how the revenue mix between stent and culture media segments evolves.
Disclosures related to the closing of the DSK stake sale—given the contract terms and closing date have been amended multiple times, it is worth confirming whether final closing occurs and under what payment conditions.
Disclosures related to the Medica Korea stake acquisition—if completed, it will be worth confirming whether control over new-drug candidate KDS2010 is actually strengthened.
Progress on Neurobiogen's domestic Phase 2 trials (obesity and Alzheimer's) for KDS2010—clinical data readouts or fulfillment of follow-on contract conditions are important variables for assessing the new-drug asset's value.
Synergy Innovation has grown revenue and operating profit for four consecutive years on the back of stable cash-generating businesses in stents, culture media, and health functional foods, but a defining feature of its recent results is that net income attributable to owners has swung sharply in a direction disconnected from operating performance due to non-operating factors.
At the same time, the company is pursuing two parallel restructuring efforts—divesting its DSK stake and acquiring a stake in new-drug-related affiliate Medica Korea—both structured as conditional contracts whose timelines have been amended repeatedly.
New-drug affiliate Neurobiogen's KDS2010 is at the domestic Phase 2 clinical stage and has an overseas license agreement on record, but multiple stages of uncertainty remain before actual commercialization.
On the financial structure side, the debt ratio has improved and equity attributable to owners has grown steadily, though the convertible bond conversion price adjustments and the declining trend in operating cash flow are also worth monitoring.
In valuation terms, the shares trade at a discount to net asset value, but given the non-operating volatility in net income, tracking the progress of the restructuring alongside simple numerical comparisons is warranted.
Going forward, the sustainability of the quarterly profit recovery, the completion status of the DSK transaction, and the clinical progress of the new-drug pipeline are the key variables to watch together.
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.