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
Binex is pushing forward with Osong and Songdo plant expansions and expanded CDMO contracts with Celltrion, yet quarterly operating and net losses have widened through 2026.
2025 consolidated revenue rose year over year to KRW 168.5 billion, but operating loss remained at KRW -4.5 billion.
Operating losses widened to KRW -9.0 billion in Q1 2026 and KRW -9.2 billion in Q2 2026, while net loss attributable to owners deepened to KRW -15.0 billion in Q2.
Both an expansion of the existing Osong lines (two 5,000-liter lines) and a separate new 10,000-liter plant are underway, with completion and startup targeted for the second half of 2026 through December.
The company has added further biosimilar drug substance CMO contracts with Celltrion, continuing a trend of client and product diversification.
Potential revival of the US BIOSECURE Act targeting Chinese CDMOs is cited as a variable that could reshape the mid- to long-term order landscape.
Binex was founded in 1957 as Suncheondang Pharmaceutical and listed on KOSDAQ in 2001; its business is split between chemical (small-molecule) drug manufacturing and sales, and biologics contract development and manufacturing (CDMO).
The Busan plant handles conventional chemical drug production, while the Songdo and Osong plants are dedicated biologics CDMO facilities.
The company develops and manufactures biologics on behalf of numerous domestic pharmaceutical and biotech firms, collaborating with more than 140 domestic and international partners including Samsung Bioepis and Celltrion.
Its core competitive edge as a small-to-mid-size CDMO lies in specializing in multi-product, small-batch manufacturing tailored to individual clients.
At the Songdo plant, commercial-scale production of Celltrion's biosimilar Aptozma is underway, and the related manufacturing facility received US FDA cGMP approval in January 2026.
In June, Binex signed an additional CMO manufacturing contract with Celltrion covering two clinical-stage biosimilar drug substance products.
The Osong plant is in the process of building a track record progressing from clinical-batch production and PPQ (process performance qualification, commercial-scale trial runs) toward full commercial manufacturing.
The broader biologics CDMO market is undergoing structural change as antibody-drug conjugates (ADCs) and obesity therapeutics proliferate, driving demand for multi-product, small-batch manufacturing capacity, and Binex is positioning itself within this shift as a small-to-mid-size CDMO.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩44.5B | ₩1B | 2.3% |
| 2025Q3 | ₩45.4B | ₩200M | 0.5% |
| 2025Q4 | ₩38.8B | -₩6.3B | −16.3% |
| 2026Q1 | ₩35.3B | -₩9B | −25.4% |
| 2026Q2 | ₩37.8B | -₩9.2B | −24.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩156.7B | ₩17.2B | ₩12.4B | 11.0% | 6.5% | 55.2% |
| 2023 | ₩154.8B | ₩1B | ₩4.7B | 0.7% | 2.6% | 41.7% |
| 2024 | ₩130.1B | -₩30.8B | -₩35.1B | −23.6% | −19.3% | 53.8% |
| 2025 | ₩168.5B | -₩4.5B | -₩3.2B | −2.7% | −1.7% | 66.1% |
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
Binex's annual results have shown significant volatility over the past four years. In 2022, revenue was KRW 156.7 billion with operating profit of KRW 17.2 billion (11.0% operating margin), but in 2023 revenue slipped slightly to KRW 154.8 billion while operating profit collapsed to KRW 1.0 billion (0.7% margin).
In 2024, revenue fell further to KRW 130.1 billion, producing a large operating loss of KRW -30.8 billion (-23.6% margin) and a net loss attributable to owners of KRW -35.1 billion.
In 2025, revenue recovered to KRW 168.5 billion year over year, but the operating loss persisted at KRW -4.5 billion (-2.7% margin), with a net loss attributable to owners of KRW -3.2 billion.
On a quarterly basis, Q2 2025 (revenue KRW 44.5 billion, operating profit KRW 1.0 billion, net profit to owners KRW 1.4 billion) and Q3 2025 (revenue KRW 45.4 billion, operating profit KRW 0.2 billion) posted modest profits.
However, starting in Q4 2025 the operating loss widened to KRW -6.3 billion, then to KRW -9.0 billion in Q1 2026 and KRW -9.2 billion in Q2 2026. Net loss attributable to owners also deepened from KRW -3.7 billion in Q4 2025 to KRW -9.6 billion in Q1 2026 and KRW -15.0 billion in Q2 2026.
Analysts have attributed the weak Q4 2025 results in part to a shutdown at the Songdo plant for line upgrades, while separate analysis noted that CDMO revenue tied to Celltrion expanded significantly as a share of total 2025 revenue.
Operating cash flow also swung from a net inflow of KRW 17.1 billion in 2022 to a net outflow of KRW -23.3 billion in 2025, adding pressure to the balance sheet.
The global biologics market is rapidly diversifying from single-product mass manufacturing toward multi-product, small-batch demand, driven by the spread of new modalities such as antibody-drug conjugates (ADCs) and GLP-1 obesity therapeutics, alongside intensifying competition among antibody drugs targeting the same targets.
This shift is opening new opportunities for small-to-mid-size CDMOs, though facilities holding both US FDA and European EMA certification remain limited.
Binex is cited as one of the Asian small-to-mid-size CDMOs meeting this dual-certification bar, building a position based on both track record and regulatory approval.
Potential revival of the US BIOSECURE Act is also flagged as a key industry variable; if passed, restrictions on dealings with Chinese CDMOs could shift demand toward Asian small-to-mid-size players. However, the legislation remains under discussion, with its passage and timing uncertain.
Domestically, the government is reportedly reviewing measures to foster the CDMO industry, creating some expectation of policy support.
In terms of competitive structure, large players such as Samsung Biologics and Celltrion lead the market, while smaller firms like Binex pursue a niche strategy centered on small-batch, multi-product clinical and early commercial volumes that larger players are less suited to serve.
The company's medium-term growth narrative centers on capacity expansion and regulatory certification. The Osong plant is undergoing an expansion adding two 5,000-liter lines to existing capacity, targeted for completion and startup in the second half of 2026.
Separately, a new 10,000-liter Osong plant that broke ground last year is targeting startup by December 2026; upon completion, the company states total production capacity will roughly double from 11,380 liters to 22,380 liters. Additional expansion on Osong land is reportedly also under review.
For the Osong facility, FDA and EMA cGMP inspections are expected sometime in 2026, with IBK Securities forecasting in a March report that such inspections would likely materialize in the second half of the year.
Analysts have suggested that approval could expand the range of commercial production items and support earnings growth momentum.
Collaboration with Celltrion continues to expand, with ongoing commercial production of Aptozma and additional biosimilar drug substance CMO contracts, and the company along with some brokerages expect more products at the Osong plant to transition from PPQ runs to commercial volumes.
However, actual profit and loss through the first half of 2026 has moved in the opposite direction, with losses widening rather than narrowing, meaning the point at which expansion and certification translate into earnings remains pushed toward the latter half of the year or beyond.
The price-to-book ratio is currently trading at a level that reflects some premium over net asset value, which can be read as the market partially pricing in the company's capacity-expansion and certification narrative.
On the earnings side, however, while the direction improved from a large loss in 2024 to a smaller loss in 2025, losses widened again in the first half of 2026, leaving the underlying earnings trajectory that would anchor any valuation assessment still unsettled.
On the dividend side, repeated net losses in recent years have kept the capacity to pay dividends limited.
Historically, the share price has been sensitive to business-momentum news such as plant expansions and major client contracts, and going forward, news flow related to capacity expansion and certification is likely to remain a factor influencing valuation.
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
Binex is cited as one of the Asian small-to-mid-size CDMOs holding both FDA and EMA cGMP approvals, and such dual-certified facilities are still considered limited in the market. Its multi-product, small-batch specialization could align with diversifying CDMO demand driven by ADCs and obesity therapeutics. Continued collaboration with major biosimilar players such as Celltrion is helping build a track record.
The simultaneous expansion of existing Osong lines and construction of a new 10,000-liter plant is expected to roughly double total production capacity upon completion. Greater capacity could create room to spread fixed-cost burdens as utilization rises.
If expansion proceeds on schedule and is followed by new orders, it could provide a foundation for improved operating margins.
2025 revenue recovered to KRW 168.5 billion from 2024 levels, and additional CMO contracts with Celltrion have broadened the client base. The company maintains a collaboration base of more than 140 domestic and international partners including Samsung Bioepis.
Diversifying contracts to reduce reliance on any single major client could contribute to longer-term revenue stability.
After the operating loss widened to KRW -6.3 billion in Q4 2025, losses deepened further to KRW -9.0 billion in Q1 2026 and KRW -9.2 billion in Q2 2026.
Net loss attributable to owners over the same period widened from KRW -3.7 billion to KRW -15.0 billion, opening a gap between turnaround expectations and the actual profit-and-loss trend. This illustrates that a significant lag may exist before expansion and certification effects show up in results.
The Osong expansion and FDA/EMA inspection and approval are all targeted for the second half of 2026 or later, so any schedule delay would also push back when the effects show up in results. As with the earlier Songdo plant shutdown, temporary production disruptions during line upgrades could recur.
Depreciation and fixed-cost burdens from large-scale investment may hit the income statement before utilization rises enough to offset them.
Analysts have pointed to an unfavorable environment for the domestic chemical (small-molecule) drug business due to policy factors such as drug price cuts. Given the high fixed-cost nature of manufacturing, revenue declines can directly affect profitability.
Whether growth in the CDMO segment can offset structural pressure in the chemical drug segment remains a key point to watch.
The company posted consecutive operating and net losses in 2024 and 2025, and losses continued to widen in the first half of 2026. Operating cash flow also showed a net outflow of KRW -23.3 billion in 2025, which could increase funding pressure. The debt ratio stood at 66.1% in 2025, higher than the 2022-2023 levels.
The Osong expansion and FDA/EMA cGMP inspection and approval timeline remain unconfirmed plans, and the timing of inspections or approval outcomes could be delayed or changed.
If utilization does not rise as expected after large capital investment, there is a structural risk that fixed-cost burdens are recognized before offsetting revenue materializes.
Revival of the US BIOSECURE Act remains under legislative discussion, and if it fails to pass or is delayed, anticipated spillover benefits may not materialize. Changes in domestic drug pricing policy remain a variable that could continue to affect the chemical drug segment's revenue and profitability.
Q3 2026 results are due, and it will be important to check whether the widening operating and net loss trend seen over the past four quarters (Q3 2025-Q2 2026) continues.
Investors should track disclosures and IR communications to confirm whether the existing Osong line expansion (two 5,000-liter lines) and the new 10,000-liter plant reach completion and startup on schedule.
FDA and EMA cGMP inspections of the Osong plant are expected to materialize, so the actual inspection schedule and outcomes need to be confirmed.
The FY2026 annual business report will be disclosed, allowing a check on whether full-year 2026 operating profit turned positive and to what extent expansion effects are reflected in results.
The legislative timeline for a potential revival of the US BIOSECURE Act warrants continued monitoring, as its passage could affect the order landscape for Asian small-to-mid-size CDMOs.
Binex is a small-to-mid-size biopharmaceutical company operating both a chemical drug business and a biologics CDMO business, presenting a growth story built around Osong and Songdo plant expansions and expanded contracts with Celltrion. 2025 revenue recovered to KRW 168.5 billion from 2024 levels, but operating profit remained in a loss of KRW -4.5 billion, and in the first half of 2026 both operating and net losses widened further.
Osong plant expansion and FDA/EMA cGMP certification are targeted for the second half of 2026 or later, suggesting a lag before these investments translate into actual results.
A potential revival of the US BIOSECURE Act and growing demand for multi-product small-batch manufacturing driven by ADCs and obesity therapeutics point to a favorable long-term industry backdrop, but neither has reached a confirmed legislative or order-booking stage.
On the financial side, a rising debt ratio alongside a swing to negative operating cash flow warrants attention to funding conditions.
Overall, there is a clear gap between the company's mid- to long-term growth narrative and the short-term earnings trend confirmed through the first half of 2026, making it important to sequentially verify plant completion, certification approval, and quarterly earnings improvement going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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