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
DuChemBio has posted five consecutive quarters of record revenue on the back of expanding sales from its Alzheimer's, Parkinson's and prostate cancer diagnostic trio, while expanding into therapeutic radiopharmaceutical CDMO.
2025 revenue reached KRW 38.57bn (up 8.3% YoY) with operating profit of KRW 7.44bn, lifting the operating margin to 19.3%.
Combined H1 2026 sales of the Alzheimer's, Parkinson's and prostate cancer diagnostic trio rose 45.8% YoY to KRW 7.6bn, expanding their share of total revenue from 28.9% to 36.2%.
Q2 2026 revenue of KRW 11.2bn marked a record quarterly high, though owners' net profit growth was tempered by higher SG&A including bad debt expenses.
The company plans to select a site this year and invest up to KRW 50bn, targeting regulatory approval in 2028 and commercial production in 2030 for a therapeutic radiopharmaceutical CDMO business.
Eli Lilly's Alzheimer's drug Kisunla is reportedly nearing domestic approval, making the pace of companion-diagnostic demand growth a key watch point.
Founded in 2002, DuChemBio is a radiopharmaceutical (RPT) developer and manufacturer, known as Korea's leading player in radiopharmaceutical diagnostic distribution and contract manufacturing. Its flagship product, cancer diagnostic agent FDG, posted H1 2026 sales of KRW 10.8bn and remains the revenue base.
Alzheimer's diagnostics 'Neuraceq' and 'Vizamyl' recorded combined H1 2026 sales of KRW 4.5bn, up 38.2% YoY, while Parkinson's diagnostic '18F-FP-CIT' grew 20.8% to KRW 2.3bn.
Prostate cancer diagnostic 'Prostascint' (Prostasight), launched in December 2025, functions as a companion diagnostic ahead of Novartis's therapy Pluvicto, and its Q2 2026 sales jumped 61% quarter-on-quarter on insurance coverage and expanded distribution.
The company operates the largest number of manufacturing facilities in Korea at twelve, five of which hold GMP certification, backed by a nationwide supply network and diagnostic supply experience with global firms such as GE Healthcare.
Its core business model centers on licensing in radiopharmaceuticals from global pharma companies for domestic development, production and sales.
In the competitive landscape, FutureChem is known for proprietary pipeline development, Cellbion focuses on therapeutics, and SK Biopharmaceuticals is a later entrant, while DuChemBio is positioned as a stable player anchored in diagnostic and manufacturing infrastructure.
Through its subsidiary Radio DNS Labs, the company holds AI-based early diagnostic imaging technology, which contributed to a US patent registration for its Parkinson's diagnostic.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9.5B | ₩1.9B | 19.9% |
| 2025Q3 | ₩9.9B | ₩1.9B | 19.2% |
| 2025Q4 | ₩10.7B | ₩3B | 27.9% |
| 2026Q1 | ₩9.7B | ₩1.3B | 12.9% |
| 2026Q2 | ₩11.2B | ₩1.9B | 17.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩34.7B | ₩5.3B | ₩4B | 15.1% | 18.4% | 126.1% |
| 2024 | ₩35.6B | ₩5.1B | ₩8B | 14.3% | 18.6% | 51.5% |
| 2025 | ₩38.6B | ₩7.4B | ₩6.5B | 19.3% | 13.2% | 57.8% |
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
2025 annual revenue reached KRW 38.57bn, up 8.3% from KRW 35.60bn in 2024, while operating profit surged to KRW 7.44bn from KRW 5.08bn, lifting the operating margin from 14.3% to 19.3%.
However, owners' net profit fell to KRW 6.48bn from KRW 7.99bn in 2024, largely reflecting a base effect from a one-time deferred tax benefit recognized in 2024 that had inflated that year's net profit.
On a quarterly basis, revenue climbed from KRW 9.50bn in Q2 2025 to KRW 9.93bn in Q3 and KRW 10.68bn in Q4, setting new highs each quarter, with Q4 operating profit of KRW 2.99bn and net profit of KRW 3.32bn reflecting a pronounced seasonal peak.
Q1 2026 revenue grew year-on-year to KRW 9.70bn, but operating profit fell to KRW 1.26bn and net profit to KRW 0.87bn, a sharp sequential slowdown attributed to seasonality combined with rising SG&A expenses.
Q2 2026 revenue hit another record at KRW 11.20bn, though operating profit of KRW 1.93bn and net profit of KRW 1.20bn grew at a slower pace than revenue.
Management attributed the gap between operating profit and revenue growth in Q2 to a base effect from one-time high-margin sales in the year-earlier quarter, along with higher bad debt expenses and R&D-related SG&A, while characterizing underlying recurring profitability as solid.
Trailing four-quarter owners' net profit (Q3 2025 through Q2 2026) totaled KRW 6.83bn, and despite quarterly volatility, the annual trend points to a profit recovery. The debt-to-equity ratio fell sharply from 126.1% in 2023 to 51.5% in 2024 and 57.8% in 2025, indicating a stabilized balance sheet structure.
The global radiopharmaceutical market, spanning both diagnostics and therapeutics, is viewed as a sector of sustained growth, with global pharma majors including Novartis, AstraZeneca and Eli Lilly pursuing M&A to secure related technologies, driving broader market attention.
In Korea, DuChemBio is reported to hold over 94% share of the amyloid PET diagnostic market and is regarded as the domestic leader in radiopharmaceutical contract manufacturing (CDMO).
Among competitors, FutureChem leads with a proprietary pipeline ahead of therapeutic commercialization, Cellbion focuses on improving therapeutic radiopharmaceutical technology and combination therapy expansion, and SK Biopharmaceuticals is entering as a well-capitalized later mover.
On the policy front, the Ministry of Health and Welfare has designated strengthened early diagnosis systems as a core task in its fifth comprehensive dementia management plan, and PET-CT is regarded as one of the most precise methods for Alzheimer's diagnosis.
Novartis's prostate cancer therapy Pluvicto received an FDA label expansion in July 2026 that doubled the eligible patient population, a development that could translate into greater demand for PSMA-targeted diagnostics.
Because radiopharmaceuticals involve isotopes with short half-lives, rapid post-production supply infrastructure is considered a key competitive factor, an area where DuChemBio's large manufacturing footprint and nationwide distribution network are seen as a strength.
The company has stated plans to finalize site selection this year and invest up to KRW 50bn in an R&D center and radiopharmaceutical CDMO facility, targeting regulatory approval by 2028 and commercial production by 2030.
AI-based early diagnostic imaging technology linked to its Parkinson's diagnostic 18F-FP-CIT completed US patent registration in May 2026, followed by FDA Drug Master File (DMF) registration for its key raw material in July of the same year, establishing a foothold for North American market entry.
Management has expressed confidence in achieving record annual revenue this year, citing consecutive quarterly growth and the historical pattern of stronger second-half sales.
Prostate cancer diagnostic Prostascint completed its supply network across the Yeongnam and Jeolla regions in H1 2026, broadening reach to tertiary hospitals operating PET-CT, with additional demand tailwinds cited from Novartis's Pluvicto label expansion driving companion diagnostic needs.
In the Alzheimer's therapy market, following Eisai Korea's Leqembi, Eli Lilly's Kisunla (donanemab) domestic approval was reported as imminent as of June 2026, with potential for expanded demand for companion diagnostics Vizamyl and Neuraceq upon approval.
The company has also pursued technology expansion in diagnostics, including a joint development agreement with brain-disease AI diagnostics firm Neurophet for a next-generation neurodegenerative disease diagnostic platform.
The therapeutic radiopharmaceutical CDMO business, if it proceeds as planned, holds potential as a new revenue source from 2030 onward, though it remains at an early stage without disclosed customer contracts.
DuChemBio's net profit has shown year-to-year volatility, moving from a profitable 2023, to an expanded 2024 aided by a one-time tax effect, to a decline in 2025 as that effect faded, followed by a renewed recovery trend.
Given this net profit volatility, assessing valuation through operating profit trends alongside simple earnings multiples is warranted rather than relying on net income multiples alone.
The current earnings multiple sits toward the upper end of the trading band the company has established since its listing, and the stock also trades at a valuation reflecting a premium over book value.
No dividend payment history has been confirmed based on the most recent fiscal year, suggesting limited appeal from a dividend yield perspective.
Views on the appropriate valuation level may diverge among market participants depending on the pace of the new CDMO business and the extent to which diagnostic demand materializes from an expanding Alzheimer's therapy market.
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
The share of the Alzheimer's, Parkinson's and prostate cancer diagnostic trio expanded from 28.9% to 36.2% of revenue, driving 81% of overall sales growth. Alzheimer's diagnostics in particular are seeing rising demand alongside domestic therapy market expansion. Prostascint has grown quickly since its launch year, aided by insurance coverage and distribution expansion.
The company is investing up to KRW 50bn to build a therapeutic radiopharmaceutical CDMO facility, targeting commercial production by 2030.
US patent registration for AI imaging technology tied to its Parkinson's diagnostic, along with FDA DMF registration for a key raw material, has laid groundwork for North American expansion.
Growing investment by global pharma majors in therapeutic radiopharmaceuticals carries potential to boost contract manufacturing demand.
Revenue set new quarterly records in three of the four quarters from Q2 2025 through Q2 2026. The operating margin also improved from 14.3% in 2024 to 19.3% in 2025, showing simultaneous growth in scale and profitability.
Management has expressed confidence in record annual revenue, citing the seasonal pattern of stronger second-half sales.
The 2024 net profit of KRW 7.99bn was boosted by a one-time deferred tax effect, and 2025 net profit fell to KRW 6.48bn once that effect faded. Q1 2026 net profit also dropped sharply from the prior quarter, underscoring pronounced quarterly variability. This volatility makes it difficult to read earnings as a simple linear trend.
Q2 2026 operating profit growth trailed revenue growth, attributed to higher bad debt expenses and R&D-related SG&A. A base effect from one-time high-margin sales in the year-earlier quarter also played a role. Future margin trends may vary depending on whether these cost items recur.
The therapeutic radiopharmaceutical CDMO is a long-horizon project targeting 2028 approval and 2030 commercial production, entailing an investment burden of up to KRW 50bn. No specific customer contracts have been disclosed yet, leaving uncertainty over the timing and scale of eventual results. The scarcity of precedent CMO contracts for therapeutic radiopharmaceuticals globally is also a variable.
Diagnostic revenue is sensitive to national health insurance reimbursement decisions and shifts in government dementia management policy. Changes to reimbursement criteria or fee schedules could affect the pace of prescription expansion. Institutional changes such as PET-CT procedure reimbursement reviews directly influence diagnostic demand.
Radiopharmaceuticals require rapid post-production supply due to short isotope half-lives, and unstable raw isotope supply could affect revenue. Managing utilization across twelve manufacturing facilities and maintaining GMP certifications are ongoing operational challenges. There is also potential for regulatory approval delays during the new CDMO facility build-out.
Domestic competitors such as FutureChem and Cellbion are expanding proprietary pipeline development and entry into the therapeutic radiopharmaceutical market, potentially intensifying competition.
Given the licensing-based business model, there is also risk tied to changes in license-in contract terms or renewal with global pharma partners. The time and cost required to internalize technology for the new CDMO business are additional variables.
Expected timing for Q3 2026 earnings disclosure; worth checking the seasonal H2 uplift and any shift in Prostascint and Alzheimer's diagnostic revenue mix.
A point to check whether Eli Lilly's Alzheimer's drug Kisunla receives domestic regulatory approval from Korea's MFDS, with potential implications for companion diagnostic demand if approved.
Whether the site selection for the therapeutic radiopharmaceutical CDMO facility is finalized and the investment scale confirmed.
Annual 2026 earnings disclosure will show whether the company's stated target of record annual revenue was actually achieved.
DuChemBio has built stable revenue from flagship cancer diagnostic FDG while establishing the Alzheimer's, Parkinson's and prostate cancer diagnostic trio as a new growth axis, delivering consecutive record quarterly revenue.
The 2025 operating margin improved to 19.3% from the prior year, though owners' net profit actually declined as a one-time 2024 tax benefit faded, highlighting year-to-year earnings volatility.
The company is investing up to KRW 50bn in a new therapeutic radiopharmaceutical CDMO business targeting 2030 commercial production, a core pillar of its medium-to-long-term growth story but still at an early stage.
With Eli Lilly's Kisunla reportedly nearing domestic approval following Leqembi in the Alzheimer's therapy market, the extent of resulting diagnostic demand growth stands as a key variable for future results. Absent a confirmed dividend history, the stock trades at a valuation carrying a premium over book value.
Prior to any investment decision, it is worth monitoring concrete progress on the CDMO business, shifts in the diagnostic revenue mix, and quarterly SG&A trends.
Report written 2026-09-05 · Data as of 2026-09-04
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