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
Backed by stable cash flow from its single oral cholera vaccine franchise, Eubiologics is in a transition phase, expanding into follow-on public vaccines such as typhoid and meningococcal, plus premium pipelines for RSV, herpes zoster, and Alzheimer's disease.
2025 revenue of KRW 149.195bn and operating profit of KRW 60.663bn mark a record year, with a 40.7% operating margin
Over 97% of revenue comes from the oral cholera vaccine Euvichol franchise, a highly concentrated structure
Revenue and profit slumped in Q1 2026 before rebounding in Q2, highlighting quarterly volatility tied to international agency order schedules
WHO prequalification of Plant 2 has expanded capacity, while a KRW 111.5bn Plant 3 is being self-funded through 2028
Premium vaccines for RSV, herpes zoster, and Alzheimer's are being developed via the U.S. joint venture EuPOP, with commercialization spread from 2028 to beyond 2030
Eubiologics is a vaccine developer and manufacturer whose flagship product is the oral cholera vaccine Euvichol franchise. As of 2025, oral cholera vaccine sales accounted for 97.3% of total revenue, with the remainder coming from biopharmaceutical contract research and manufacturing (CDMO).
The cholera vaccine is supplied through WHO and UNICEF to the international public procurement market centered on developing countries, and the company plays a role in the WHO's Global Roadmap to Cholera Elimination by 2030 in partnership with the Bill & Melinda Gates Foundation.
Production takes place at facilities in Chuncheon, Gangwon Province, and Plant 2 obtained WHO prequalification for its drug substance (DS) facility, expanding capacity from 33 million to 66 million doses.
Once the drug product (DP) facility is also certified, annual production capacity is expected to reach up to 90 million doses.
The company is reinvesting cash flow from cholera vaccines into follow-on public vaccines such as the typhoid conjugate vaccine (EuTYPH-C) and the 5-valent meningococcal conjugate vaccine (EuNmCV-5), as well as advanced-market premium vaccines for RSV, herpes zoster, and Alzheimer's disease.
Premium vaccines are developed through the U.S.-based joint venture EuPOP Life Sciences, with Eubiologics handling manufacturing and commercial rights using its own antigen display technology (SNAP) and immune-boosting platform (EuIMT), while EuPOP manages clinical development in the United States.
The company also self-produces the carrier protein CRM197 and adjuvant EcML for conjugate vaccines, securing cost competitiveness that underpins future CDMO and licensing businesses.
While the oral cholera vaccine segment holds a dominant position in the international public procurement market, the premium vaccine segment remains at an early clinical stage, requiring further clinical results and competition against major global pharmaceutical companies before commercialization.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩36.2B | ₩11.2B | 31.0% |
| 2025Q3 | ₩41.1B | ₩18.9B | 46.0% |
| 2025Q4 | ₩32.3B | ₩13.6B | 42.1% |
| 2026Q1 | ₩15.6B | ₩2.2B | 14.0% |
| 2026Q2 | ₩33.2B | ₩8.6B | 25.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩55.5B | -₩3.8B | -₩1.1B | −6.8% | −0.9% | 35.7% |
| 2023 | ₩69.4B | ₩7.7B | -₩13.9B | 11.1% | −12.5% | 44.8% |
| 2024 | ₩96B | ₩34.3B | ₩19B | 35.7% | 14.4% | 53.1% |
| 2025 | ₩149.2B | ₩60.7B | ₩41.3B | 40.7% | 23.5% | 37.0% |
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
Consolidated revenue in 2025 reached KRW 149.195bn, up 55.4% from KRW 96.035bn in 2024, while operating profit rose 76.8% to KRW 60.663bn from KRW 34.321bn, marking a record year.
The operating margin climbed from 11.1% in 2023 and 35.7% in 2024 to 40.7% in 2025, an unusually high profitability level among domestic vaccine companies.
Net income attributable to owners swung from losses of KRW -1.099bn in 2022 and KRW -13.879bn in 2023 to profits of KRW 18.992bn in 2024 and KRW 41.264bn in 2025, showing a clear two-year expansion following the turn to profitability.
By quarter, Q3 2025 posted revenue of KRW 41.115bn, operating profit of KRW 18.907bn, and owner net income of KRW 17.425bn, the strongest quarter in the recent window.
In contrast, Q4 2025 recorded revenue of KRW 32.335bn and operating profit of KRW 13.605bn, yet owner net income was only KRW 0.414bn, suggesting a non-operating factor weighed on the bottom line.
Q1 2026 saw a sharp contraction to revenue of KRW 15.643bn and operating profit of KRW 2.192bn, attributed to a combination of international procurement scheduling and a high base effect from prior-year emergency shipments.
Q2 2026 rebounded to revenue of KRW 33.220bn, operating profit of KRW 8.577bn, and owner net income of KRW 7.502bn, bringing the trailing four-quarter window (Q3 2025–Q2 2026) to roughly KRW 122.2bn in revenue and about KRW 29.005bn in owner net income.
Cash generation has also been solid, with annual operating cash flow rising from KRW 6.440bn in 2022 to KRW 49.101bn in 2025, while the debt ratio improved from 53.1% in 2024 to 37.0% in 2025.
The oral cholera vaccine market is centered on international public procurement through WHO and UNICEF, and is assessed as structurally distinct from the premium vaccine market, which is estimated to be dozens of times larger than the roughly KRW 300bn cholera vaccine market.
Eubiologics has established itself as essentially the sole supplier in this cholera vaccine procurement market, and as the monopoly global supplier ramping up shipments, its expansion is seen as a factor that clarifies the likelihood of meeting annual performance targets.
However, vaccine orders are governed by international agencies' demand forecasts, budgets, stockpile levels, and vaccination priorities, so revenue does not always move in proportion to disease outbreak scale, and orders can be constrained even in expanding outbreak areas if funding or vaccination capacity is insufficient.
Rising dependence on the cholera vaccine product line has also increased earnings sensitivity to changes in international agency order volumes and supply prices, with UNICEF's recent supply price showing a downward trend, making volume expansion and cost reduction key variables going forward.
Follow-on public vaccines such as the typhoid and meningococcal conjugate vaccines are assessed to have a cost advantage based on self-produced carrier protein CRM197, and expectations exist that they could grow into a 'second Euvichol' if WHO prequalification succeeds.
The advanced-market premium vaccine segment—RSV (about KRW 6 trillion), herpes zoster (about KRW 7 trillion), and Alzheimer's-related markets (over KRW 8 trillion)—is large but already occupied by major global pharmaceutical companies, making clinical and commercialization competition intense.
Domestically, other vaccine developers such as SK Bioscience, EyeGene, and Samjin Pharm are also expanding their development and supply achievements, intensifying competition across both public and premium vaccine markets.
The company stated that shipments of internationally ordered volumes resumed in earnest in the second quarter, driving a quick recovery, and that given the current order backlog and supply schedule, it expects to comfortably meet this year's business plan targets.
As of the end of June, the order backlog stood at 54.39 million doses, and the company explained that a significant portion of the roughly KRW 51.6bn in cholera vaccine supply secured under a Q2 single-sale supply contract disclosure would be recognized as Q3 revenue.
On the pipeline side, the final clinical study report (CSR) for the herpes zoster vaccine's domestic Phase 1 trial is planned for September, while the Alzheimer's therapeutic vaccine PADIVAX had its Phase 1 IND filed with the Ministry of Food and Drug Safety in August, alongside the formal announcement of a Parkinson's disease vaccine program.
The typhoid conjugate vaccine EuTYPH-C is undergoing WHO prequalification review; if approved, it would gain access to UNICEF and Gavi procurement markets with a target launch in the second half of 2026, though the company has said the timing of material revenue remains fluid and expects substantial sales from 2027.
Meningococcal conjugate vaccines in the EuTCV/EuMCV5 series are slated to enter public procurement markets in 2026 and 2028 respectively, developed with support from the Gates Foundation.
On infrastructure, a total of KRW 111.5bn will be invested in Plant 3, to be built in stages from 2026 to 2028, equipping finished-product lines for typhoid and meningococcal vaccines, drug substance production for RSV, herpes zoster, and Alzheimer's vaccines, expanded CRM197 and EcML production, and animal cell-based CDMO and antibody-drug conjugate (ADC) service lines, all funded internally without debt.
The company is expanding technology licensing and co-development discussions with global pharmaceutical companies and investors centered on its RSV, herpes zoster, and Alzheimer's programs at global conferences such as BIO USA 2026, and has articulated a vision to become a global vaccine specialist by 2030 built on twin pillars of public and premium vaccines.
Eubiologics has continued a profit-recovery trend, moving from losses in 2023 to profits in 2024 and 2025, and during this process its shares have tended to trade at a certain premium relative to net asset value.
Market participants appear to be pricing in both the stable cash flow from public vaccines and the potential of the premium vaccine pipeline.
Dividends have not been paid through the most recent fiscal year, reflecting an early-growth-stage structure in which profits are reinvested into capital expenditure such as Plant 3 and R&D rather than shareholder returns.
Quarterly results show significant volatility tied to international agency ordering and shipment schedules, making it difficult to judge the overall direction of the business from valuation metrics at any single point in time.
Another notable feature is that the market's valuation benchmark itself could shift depending on when clinical and licensing milestones for the premium vaccine pipeline materialize.
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
2025 revenue of KRW 149.195bn, operating profit of KRW 60.663bn, and a 40.7% operating margin marked a record year, with owner net income also jumping to KRW 41.264bn.
Cash generation strengthened as annual operating cash flow expanded to KRW 49.101bn while the debt ratio fell to 37.0%, underpinning financial soundness. Notably, a business structure specialized in cholera vaccines produced unusually high margins over a short period.
WHO prequalification of Plant 2's drug substance facility raised capacity to 66 million doses, and once the finished-product facility is also certified, annual production of up to 90 million doses will be possible.
The order backlog stood at 54.39 million doses as of end-June, boosting visibility for second-half revenue. A KRW 111.5bn Plant 3 is also under self-funded construction, supporting mid-to-long-term supply capacity.
The pipeline is expanding into follow-on public vaccines such as typhoid and meningococcal conjugate vaccines, and premium vaccines for RSV, herpes zoster, and Alzheimer's disease.
The herpes zoster vaccine has completed domestic Phase 1 trials with a final CSR expected in September, while the Alzheimer's vaccine has already had its Phase 1 IND filed.
Discussions on technology licensing and co-development with global pharmaceutical companies are also underway through the U.S. joint venture EuPOP Life Sciences.
In 2025, 97.3% of revenue came from the oral cholera vaccine, indicating very high product and customer concentration. Changes in international agency order volumes and supply prices feed directly into results, and UNICEF's supply price has recently trended downward.
Industry observers note that securing new revenue sources to complement the cholera vaccine is an urgent priority.
Cholera vaccine sales follow a seasonal pattern of roughly 40% in the first half and 60% in the second half, driven by international procurement schedules and seasonal demand in Africa.
Q1 2026 revenue fell sharply to KRW 15.643bn with operating profit of only KRW 2.192bn, reflecting a high base effect from prior-year emergency shipments combined with procurement delays. Such quarterly swings make earnings forecasting more difficult.
The typhoid vaccine must still pass WHO prequalification and secure procurement contracts, and the company itself has said the timing of material revenue remains fluid.
The meningococcal vaccine targets public market entry in 2028, while premium vaccines for RSV, herpes zoster, and Alzheimer's target advanced-market entry after 2030, meaning several more years are needed before commercialization. In the interim, the pipeline remains exposed to clinical delays and intensifying competition.
Cholera vaccine performance depends on the budgets and procurement policies of international agencies such as UNICEF and WHO, and recent supply prices have trended downward. If agency budgets shrink or procurement priorities shift, order volumes could decline regardless of disease outbreak trends. If cost reduction fails to keep pace with price declines, margins could be eroded.
The typhoid and meningococcal vaccines must clear multiple steps including WHO prequalification and procurement contracts, raising the possibility of schedule delays.
Premium vaccines for RSV, herpes zoster, and Alzheimer's are still at an early clinical stage, and any efficacy or safety issues in later-stage trials could push back commercialization timelines.
The domestic Phase 3 trial for the COVID-19 vaccine EuCorVac-19 was terminated early due to difficulty securing participants, underscoring the need to verify clinical execution capability.
KRW 111.5bn will be invested in Plant 3 in stages from 2026 to 2028, and if new pipeline commercialization does not proceed as planned, the timing of investment recoupment could be delayed.
The premium vaccine market is large but already occupied by major global pharmaceutical companies, making clinical and marketing competition intense for a late entrant. Domestically, competition among other vaccine developers to deliver results continues, requiring sustained investment to maintain market position.
Check whether the final clinical study report (CSR) for the herpes zoster (HZV) vaccine's domestic Phase 1 trial is secured as planned — this will indicate whether clinical evidence for the premium vaccine pipeline is confirmed.
Check whether Phase 1 IND approval is granted for the Alzheimer's therapeutic vaccine PADIVAX and confirm the trial initiation schedule — this will help gauge the actual progress speed of the EuPOP premium pipeline.
Check the extent of revenue and operating profit recovery from expanded Q3 cholera vaccine shipments and whether annual targets are on track to be met.
Check the approval outcome and subsequent timing of UNICEF/Gavi procurement contracts — this will help determine whether a second public vaccine revenue stream beyond cholera is materializing.
Monitor Plant 3 construction progress and phased capex execution — this will help assess the revenue-generating potential of new CDMO and ADC service lines.
Built on the oral cholera vaccine, Eubiologics recorded a record year in 2025 with revenue of KRW 149.195bn, operating profit of KRW 60.663bn, and owner net income of KRW 41.264bn, continuing a growth trajectory that turned from losses to profits.
However, Q1 2026 revenue and operating profit fell sharply due to a high base effect from prior-year emergency shipments and procurement delays, before rebounding in Q2, clearly demonstrating quarterly volatility driven by international agency ordering and shipment schedules.
A structure in which most revenue comes from a single product—the oral cholera vaccine—serves as both the basis for stable cash generation and a concentration risk.
The company is reinvesting this cash flow into follow-on public vaccines such as typhoid and meningococcal, as well as premium vaccine pipelines for RSV, herpes zoster, and Alzheimer's disease, while simultaneously pursuing Plant 3 construction and global business development through its U.S. joint venture.
The new pipeline must clear multiple stages including WHO prequalification, international procurement contracts, and overseas clinical trials, with commercialization timing spread widely from the second half of 2026 (typhoid) to beyond 2030 (advanced-market premium vaccines).
Future quarterly results therefore warrant monitoring of both the pace of cholera vaccine shipment recovery and the progress of certification and clinical trials for the new pipeline.
Report written 2026-09-05 · Data as of 2026-09-04
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