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
Optus Pharm is simultaneously pursuing eye-drop revenue growth, CMO expansion, an 86-billion-won new plant investment, and the introduction of presbyopia drug QLOSI.
2025 revenue reached KRW 87.16bn and operating profit KRW 8.88bn, extending a four-year streak of revenue growth.
CMO/CDMO revenue is expanding quickly, with a company target of surpassing KRW 30bn in 2026.
An KRW 86bn new-plant investment concludes in September 2026, expanding production capacity by 77%.
The company has secured exclusive domestic rights to presbyopia drug QLOSI, competing in a three-way race with Kwangdong Pharmaceutical and Lotus Pharmaceutical.
Quarterly operating margins fluctuated within a 7-14% range.
Optus Pharm is an eye-drop and ophthalmic solution manufacturer whose largest shareholder is Samchundang Pharm. The company produces eye drops at its Osong plant and conducts quality improvement and new-product research at its central research institute in Suwon.
It is a pharmaceutical company focused on developing, manufacturing, and selling treatments for dry eye disease, glaucoma, and inflammatory eye conditions, having built a market position in Korea with a diverse product lineup including preservative-free eye drops.
Tearin-free eye drops and Hameron eye drops are its flagship products, with the majority of revenue coming from its own branded eye drops.
More recently, CMO/CDMO (contract manufacturing) revenue serving large pharmaceutical clients has grown rapidly, rising from KRW 15bn in 2022 to KRW 20.8bn in 2023, with the company targeting more than KRW 30bn in 2026.
Samchundang Pharm, the controlling shareholder, holds roughly 39-40% of shares and exercises effective control on a voting basis, making Optus Pharm a consolidated subsidiary.
In September 2024, the company secured exclusive domestic licensing rights to the presbyopia treatment QLOSI from US-based Orasis Pharmaceuticals, expanding its portfolio into a broader range of ophthalmic conditions.
To expand production capacity, the company decided on a KRW 86bn new facility investment in February 2026, aiming to raise Osong plant capacity from 470 million to 830 million units.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩21.8B | ₩3.1B | 14.1% |
| 2025Q3 | ₩24.1B | ₩3.2B | 13.4% |
| 2025Q4 | ₩22.6B | ₩1.7B | 7.4% |
| 2026Q1 | ₩23.2B | ₩2.9B | 12.5% |
| 2026Q2 | ₩24.6B | ₩2.3B | 9.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩58.7B | ₩5.3B | ₩5B | 9.0% | 4.0% | 9.5% |
| 2023 | ₩72.4B | ₩8.2B | ₩10.8B | 11.3% | 8.0% | 11.2% |
| 2024 | ₩81.9B | ₩8.6B | ₩10.3B | 10.5% | 7.2% | 15.8% |
| 2025 | ₩87.2B | ₩8.9B | ₩11.4B | 10.2% | 6.9% | 15.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue rose for four consecutive years, from KRW 58.66bn in 2022 to KRW 72.43bn in 2023, KRW 81.90bn in 2024, and KRW 87.16bn in 2025.
Operating profit also increased from KRW 5.26bn in 2022 to KRW 8.88bn in 2025, though the operating margin gradually declined from 11.3% in 2023 to 10.5% in 2024 and 10.2% in 2025.
Net income attributable to owners surged from KRW 5.01bn in 2022 to KRW 10.76bn in 2023, then held in the KRW 10bn-plus range at KRW 10.31bn in 2024 and KRW 11.36bn in 2025.
On a quarterly basis, third-quarter 2025 posted revenue of KRW 24.07bn and operating profit of KRW 3.22bn, an operating margin of roughly 13.4%, the highest margin in the recent window.
Fourth-quarter 2025 saw revenue of KRW 22.56bn and operating profit of KRW 1.66bn, with the operating margin falling to 7.4%, yet net income reached KRW 4.14bn, the highest quarterly figure in the window, suggesting a significant contribution from non-operating items.
Revenue continued to grow in the first quarter of 2026 (KRW 23.19bn revenue, KRW 2.90bn operating profit) and second quarter (KRW 24.64bn revenue, KRW 2.32bn operating profit), though operating margins of 12.5% and 9.4% respectively remained below the third-quarter 2025 level.
Equity grew from KRW 124.47bn in 2022 to KRW 165.01bn in 2025, while the debt ratio edged up from 9.5% to 15.8% over the same period, remaining at a relatively low level overall.
Operating cash flow jumped from KRW 2.05bn in 2022 to KRW 12.44bn in 2023, then varied at KRW 8.90bn in 2024 and KRW 16.23bn in 2025, showing year-to-year fluctuation relative to net income.
Korea's eye-drop market is growing moderately as dry eye disease cases increase amid rising smart device use and air pollution. Dry eye prevalence reportedly rose from 11.4% in 2013 to 17.0% in 2021.
Optus Pharm, a leading domestic developer of single-use artificial tears, has been expanding CMO/CDMO transactions with large pharmaceutical companies through its Osong plant infrastructure, with its client base growing year-over-year to newly include several top-tier domestic pharmaceutical firms.
The most significant recent industry shift is the opening of an entirely new therapeutic category: presbyopia eye drops.
In the United States, AbbVie's Vuity (2021), Orasis's QLOSI (October 2023), Lens Therapeutics' VIZZ (August 2025), and a new product from Tenpoint Therapeutics (January 2026) have received sequential FDA approvals.
Domestically, a three-way race has formed with Optus Pharm (QLOSI), Kwangdong Pharmaceutical (a competing product), and Lotus Pharmaceutical/Alvogen Korea (VIZZ) each securing licensing rights and preparing for commercialization.
Industry observers note that while presbyopia eye drops offer a new option for improving near vision through pupil constriction, the temporary nature of the effect and non-reimbursed pricing barriers are variables for market adoption.
Korea's presbyopia population is estimated at roughly 17 million, suggesting substantial latent demand should the market open.
In its 2026 IR materials, the company presented a target of KRW 85bn in revenue and KRW 9.3bn in operating profit (an operating margin of roughly 11%), representing year-over-year growth of 17.4% in revenue and 13.4% in operating profit.
Expansion of CMO/CDMO revenue is positioned as the core growth driver, with the company stating its goal of securing new client relationships and strengthening specialized personnel infrastructure to grow both scale and profitability simultaneously.
The KRW 86bn new plant and facility investment aimed at expanding production capacity runs through September 2026, with improved production efficiency expected from automated equipment following completion.
A company representative stated that facility investment for a second plant would begin this year, targeting maximum utilization by 2028.
The new growth driver, presbyopia drug QLOSI, is targeted for domestic commercialization within the year pending regulatory approval, and if achieved would carry the symbolic significance of being the first presbyopia treatment launched in Korea.
However, competition from Kwangdong Pharmaceutical, Lotus Pharmaceutical, and others is expected in the presbyopia drug space, meaning whether the company secures first-mover advantage could affect future performance.
According to one industry analysis, based on past expansion precedents, the effects of the new plant are expected to be substantially reflected in revenue starting the year after completion.
Net income over the most recent four quarters has settled in the low double-digit billion-won range, indicating that the earnings growth trend has continued.
The multiple of share price to net asset value sits near the lower end of the band this stock has historically traded in, indicating the shares trade at a discount relative to net assets. The earnings multiple similarly sits below the upper end of its historical range.
There has been no dividend payout on record for the most recent fiscal year, suggesting capital is being prioritized for reinvestment such as the new plant rather than shareholder returns.
Future variables including whether the presbyopia drug is successfully commercialized and how the new plant's utilization rate trends could shift how the market evaluates the stock's 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 2026-08-23
First-quarter CMO revenue reached KRW 6.5bn, up roughly 40% year-over-year, with the client base expanding year-over-year to newly include several top-tier domestic pharmaceutical companies. CMO revenue grew from KRW 15bn in 2022 to KRW 20.8bn in 2023, and the company has set a target of surpassing KRW 30bn in 2026.
This contract manufacturing expansion could serve as an additional growth axis separate from branded eye-drop sales.
Optus Pharm secured exclusive domestic licensing rights to QLOSI from US-based Orasis Pharmaceuticals in September 2024. QLOSI received FDA approval in October 2023 and features a low-concentration pilocarpine formulation designed to reduce side effects.
The company is targeting domestic commercialization within the year by leveraging its ophthalmology hospital network.
The debt ratio edged up from 9.5% in 2022 to 15.8% in 2025 but remains at a low level, while equity grew from KRW 124.47bn to KRW 165.01bn over four years. Financial stability has not been significantly impaired even while pursuing a large-scale facility investment.
The KRW 86bn new plant and facility investment represents a substantial commitment relative to equity, with the investment period running through September 2026.
Based on past expansion precedents, the effect on revenue is expected to materialize substantially only from the year after completion, creating a time lag between investment burden and revenue recognition. Fixed costs such as depreciation could be recognized ahead of the corresponding revenue contribution.
Kwangdong Pharmaceutical and Lotus Pharmaceutical/Alvogen Korea have each also secured licensing rights and are preparing to enter the presbyopia drug market. Industry observers cite the temporary nature of the treatment effect and non-reimbursed pricing barriers as variables for market adoption. The timing of domestic approval and launch, as well as eventual market share, remain undetermined.
Most revenue is generated from the eye-drop product line, which limits product diversification. Given close governance ties to controlling shareholder Samchundang Pharm, changes in the parent company's fundraising activities or business strategy could affect Optus Pharm's operations and trading dynamics.
Domestic marketing approval for QLOSI is in progress, and the timing and conditions of approval depend on the outcome of the regulatory review. Delayed approval or conditional approval could push back the commercialization schedule. Given the nature of pharmaceuticals, regulatory approval risk lowers earnings visibility.
In the presbyopia drug segment, competitors including Kwangdong Pharmaceutical and Lotus Pharmaceutical have each secured licensing rights to FDA-approved products and are preparing to enter the domestic market. Competitive pressure also persists in the existing eye-drop market. Failure to secure first-mover advantage could mean returns fall short of what the investment implies.
The KRW 86bn facility investment amounts to more than ten times the prior year's operating profit, meaning cash outflows and fixed-cost burdens could increase during the investment execution period.
There is also a possibility that the operating margin could fall short of the company's roughly 11% target until the investment's effects become visible. If utilization rates fall short of expectations, depreciation burden could weigh on profitability.
The end of the KRW 86bn new plant and facility investment period, a point to check whether the targeted production capacity of 830 million units is secured and how initial ramp-up progresses.
A point to check whether third-quarter 2026 results show CMO revenue on track toward the annual target of KRW 30bn and whether the operating margin recovers toward the company's roughly 11% guidance.
A point to check whether QLOSI receives approval from Korea's Ministry of Food and Drug Safety, its actual launch timing, and the approval sequence relative to competing products from Kwangdong Pharmaceutical and Lotus Pharmaceutical.
The company's stated target for maximum second-plant utilization, a long-term point to assess whether economies of scale from the new plant investment translate into actual margin improvement.
Optus Pharm is a Samchundang Pharm affiliate focused on eye drops and ophthalmic solutions, having shown steady revenue growth and recovering profitability over the past four years.
It is simultaneously pursuing several major growth initiatives, including CMO/CDMO expansion, a large new plant investment, and the introduction of presbyopia drug QLOSI.
Annual revenue reached KRW 87.16bn with operating profit of KRW 8.88bn in 2025, and the company has set a 2026 target of KRW 85bn in revenue and KRW 9.3bn in operating profit.
Quarterly operating margins fluctuated within a 7-14% range, and net income diverged from operating profit trends in certain quarters, warranting attention to non-operating factors.
Completion of the new plant investment (September 2026) and whether the presbyopia drug receives domestic approval and launches remain key variables for future performance.
The presbyopia drug market includes competitors such as Kwangdong Pharmaceutical and Lotus Pharmaceutical, and first-mover outcomes have yet to be confirmed. The financial structure maintains a low debt ratio, providing relatively solid stability even as the company continues large-scale investment.
Report written 2026-09-05 · Data as of 2026-09-04
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