PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Formerly Woojung Bio, the company has been renamed Kolmar BioTech after being absorbed into the Kolmar Group, and is now in a transition phase diversifying its non-clinical CRO core business into cosmetic ingredients and animal medicine.
Kolmar Holdings secured control via a 35 billion won convertible bond in March 2026, completed the merger process in April, and the company changed its name to Kolmar BioTech in July.
In July 2026 the board approved absorbing its wholly owned subsidiary MOD Materials, a cosmetic ingredient manufacturer, with the merger effective date set for September 22, 2026.
Operating profit turned positive for the first time in the observed window in Q1 2026 (KRW 0.43 billion), though net income attributable to owners remained negative.
Amid a global regulatory push to reduce animal testing, the company is pursuing an ADC/PDX-specialized non-clinical strategy alongside alternative testing methods for cosmetics.
The debt ratio has exceeded 200% in every one of the last four fiscal years, remaining a financial structure concern.
Kolmar BioTech (215380) originated as Woojung Bio, a company focused on non-clinical contract research organization (CRO) services for drug development, with an effective change of control occurring in March 2026 when Kolmar Holdings acquired a 35 billion won private placement convertible bond.
The merger process with Kolmar Holdings was completed in April, and the company officially changed its registered name to Kolmar BioTech in July of the same year.
The company stated plans to strengthen its existing core businesses of bio infrastructure construction and operation along with a non-clinical CRO-based bio cluster, while expanding into new areas such as cosmetic ingredients, animal medicine, active pharmaceutical ingredients, and food ingredients to grow into a comprehensive bio company.
It presented a strategy of combining its accumulated bio R&D support capabilities with the R&D infrastructure built through the Kolmar Group's cosmetics contract development and manufacturing (CDMO) business, upgrading a "Bio Research Foundry" model that grows together with client companies.
As part of this strategy, the board approved absorbing its wholly owned cosmetic ingredient manufacturing subsidiary MOD Materials in July 2026, a subsidiary that reportedly posted revenue of 15.5 billion won in 2025.
In the non-clinical segment, the company has been recruiting specialized personnel and building cooperation networks with a major Japanese global CRO firm to focus on high-complexity modalities such as antibody-drug conjugates (ADC) and patient-derived xenograft (PDX) models.
Conversely, in the cosmetics field where animal testing is already largely restricted, the company is actively adopting alternative testing methods, pursuing a dual-track strategy.
In the domestic non-clinical CRO market, competitors include Notus, Coastem Chemon, HLB Biostep, and Orient Bio, each pursuing diversification in different directions such as organoids, AI platforms, and animal medicine.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩8.3B | -₩1.4B | −16.9% |
| 2025Q2 | ₩7.1B | -₩1.6B | −22.7% |
| 2025Q3 | ₩9.8B | -₩900M | −9.0% |
| 2025Q4 | ₩12.4B | -₩13,400,511 | −0.1% |
| 2026Q1 | ₩11B | ₩400M | 3.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩46.9B | -₩2.5B | -₩1.9B | −5.4% | −6.3% | 219.6% |
| 2023 | ₩38.6B | -₩4.5B | -₩5.1B | −11.5% | −23.0% | 347.5% |
| 2024 | ₩43.2B | ₩1.8B | ₩200M | 4.1% | 0.8% | 222.4% |
| 2025 | ₩37.6B | -₩3.9B | -₩5.5B | −10.4% | −23.7% | 271.3% |
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
Looking at annual results, 2025 revenue was KRW 37.59 billion, down from KRW 43.20 billion in 2024, and operating loss was KRW 3.90 billion, reversing from an operating profit of KRW 1.78 billion in 2024.
Net income attributable to owners also swung from a profit of KRW 225 million in 2024 to a loss of KRW 5.55 billion in 2025.
In 2023 revenue was KRW 38.62 billion with an operating loss of KRW 4.46 billion and a net loss of KRW 5.05 billion, and in 2022 revenue was KRW 46.92 billion with an operating loss of KRW 2.52 billion and a net loss of KRW 1.88 billion, meaning only 2024 was profitable among the last four fiscal years.
On a quarterly basis, the operating loss widened from KRW 1.40 billion on revenue of KRW 8.31 billion in Q1 2025 to KRW 1.61 billion on revenue of KRW 7.09 billion in Q2 2025, before narrowing to a loss of KRW 0.87 billion on revenue of KRW 9.76 billion in Q3 2025 and a near-breakeven loss of KRW 0.013 billion on revenue of KRW 12.43 billion in Q4 2025.
This was followed by Q1 2026, when revenue reached KRW 11.03 billion and operating profit turned positive at KRW 0.43 billion, the first quarterly operating profit within the observed window (Q1 2025 through Q1 2026).
However, net income attributable to owners in the same quarter remained negative at KRW -0.21 billion despite the operating-level profit, suggesting non-operating factors such as restructuring-related costs or financial items tied to the Kolmar Holdings integration and name change may have weighed on the bottom line.
The trailing four-quarter sum (Q2 2025 through Q1 2026) of net income attributable to owners remained negative at KRW -3.68 billion.
Cash flow from operations swung to outflows of KRW -3.22 billion in 2023, KRW -1.13 billion in 2024, and KRW -0.63 billion in 2025 after an inflow of KRW 2.50 billion in 2022, marking three consecutive years of cash outflow, indicating that earnings improvement and cash generation recovery have not yet occurred together.
Korea's non-clinical CRO industry is broadly assessed as having posted weak results since the 2020-2022 boom driven by drug pricing system reforms ended.
However, some in the industry point to the resumption of clinical trials delayed by medical system disruptions and ongoing drug pricing reforms as potential catalysts for an earnings rebound.
At the same time, global regulators are accelerating efforts to reduce animal testing in drug development, putting pressure on animal-model-based non-clinical CROs to transform their business structures. The U.S.
Food and Drug Administration has announced plans to phase out animal testing and introduce a pilot program to replace it, with initial application to certain drugs such as monoclonal antibodies before expanding further.
In response, domestic competitors are pursuing different strategies: industry leader Notus is shifting its focus toward animal medicine CRO, Coastem Chemon is developing organoid-based alternative testing methods, and HLB Biostep is building a hybrid platform combining AI, organoids, and organ-on-a-chip technology.
Orient Bio, which combines experimental animal supply with non-clinical CRO in a largely single-track structure, is attempting diversification through AI-based prediction services.
Kolmar BioTech is responding to these trends with a dual-track strategy of expanding into non-CRO new businesses such as cosmetics and health foods while specializing in high-complexity non-clinical work like ADC, positioning it to leverage business synergies with the Kolmar Group's cosmetics and pharmaceutical affiliates relative to peers.
In July 2026 the board approved absorbing its wholly owned subsidiary MOD Materials, with the merger agreement dated July 21, an effective date of September 22, and registration expected around October 1.
The company explained that this merger is intended to secure medium-to-long-term growth drivers by integrating business capabilities with its cosmetic ingredient manufacturing subsidiary and improving management efficiency, adding that it expects profitability gains from economies of scale by leveraging Kolmar Group infrastructure.
In the non-clinical segment, the company has recruited a specialized executive to establish an antibody-drug conjugate (ADC)-focused strategy and is expanding cooperation networks with external drug metabolism and pharmacokinetics (ADME) specialist firms and a Japanese global CRO company.
In cosmetics, it is actively adopting animal-alternative testing methods to respond to regulatory changes, part of an industry-wide shift toward incorporating human-predictive in vitro models such as 3D tumor spheroids and intestinal permeability assays into service offerings.
The company has added numerous new business purposes covering cosmetic ingredients, animal medicine, active pharmaceutical ingredients, and food ingredients in preparation for future revenue diversification.
However, it will likely take time for these new businesses to meaningfully expand their share of revenue, and whether the Q1 2026 operating profit turnaround can be sustained in subsequent quarters remains a key point to watch.
The current share price trades above the most recently disclosed book value per share, indicating the stock carries a certain premium relative to net asset value.
However, because net income attributable to owners was in a loss position in 2025 and the trailing four-quarter net income sum also remains negative, a conventional price-to-earnings style valuation comparison is difficult to apply meaningfully at this time.
The operating profit turnaround in Q1 2026, the first quarterly operating profit in the observed window, could be read as an early sign of earnings recovery, though it is premature to conclude that the earnings structure has fully normalized given the continuing net loss.
Regarding dividends, no recent per-share cash dividend has been confirmed, making a dividend yield comparison against dividend-paying peers difficult, a situation tied to the ongoing loss-making phase.
The debt ratio, which has remained above 200% in every one of the last four fiscal years, is also a factor worth monitoring alongside valuation from a financial soundness perspective.
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
Operating losses narrowed progressively from KRW 1.40 billion in Q1 2025 to KRW 0.013 billion in Q4 2025, before turning to an operating profit of KRW 0.43 billion in Q1 2026.
Revenue also showed seasonal variation, moving from KRW 12.43 billion in Q4 2025 to KRW 11.03 billion in Q1 2026, but the underlying improvement trend in profitability is clearly observable. Whether this trend continues in subsequent quarters is a key point to watch.
Kolmar Holdings' acquisition of control through a KRW 35 billion convertible bond brought in funding aimed at improving the financial structure.
Plans have been presented to pursue R&D synergies with Kolmar Korea, which handles the cosmetics business, and HK inno.N, which handles the pharmaceutical business, while integration of business capabilities is also underway through the absorption of the cosmetic ingredient subsidiary. The company has stated that it expects economies of scale from leveraging group infrastructure.
Despite the global trend toward reducing animal testing, the company is concentrating capabilities in high-complexity areas such as antibody-drug conjugates (ADC) and patient-derived xenograft (PDX) models that are difficult to fully replace with alternative testing methods.
This is being paired with the hiring of specialized executives and the building of cooperation networks with overseas global CRO firms, raising the possibility that regulatory change could become an opportunity for highly specialized operators.
Among the last four fiscal years, only 2024 (KRW 225 million) posted a net profit, while 2025 swung back to a net loss attributable to owners of KRW 5.55 billion. Even though operating profit turned positive in Q1 2026, net income attributable to owners in the same quarter remained negative at KRW -0.21 billion.
The trailing four-quarter net income sum also remains negative at KRW -3.68 billion, indicating that operating-level improvement has not yet fully translated into net income.
The debt ratio stood at 219.6% in 2022, 347.5% in 2023, 222.4% in 2024, and 271.3% in 2025, remaining above 200% in every one of the last four fiscal years.
Cash flow from operations also recorded outflows for three consecutive years from 2023 through 2025, suggesting financial capacity warrants scrutiny amid large-scale restructuring and new business investment.
As global regulators accelerate efforts to reduce animal testing, the very business model of non-clinical CROs that grew on the back of experimental animal use is being challenged.
The domestic CRO industry has also broadly continued to post weak results since the 2020-2022 boom, meaning it may take time before the shift to new businesses translates into meaningful revenue contribution.
Multiple structural changes—Kolmar Holdings integration, the name change, and the subsidiary merger—are proceeding simultaneously within a short period.
As management changes and numerous new business purposes are added at the same time, there is a possibility of temporary costs or inefficiencies arising from organizational integration.
The domestic CRO industry has broadly underperformed since the 2020-2022 boom, and the government's drug pricing system reform, which is moving to lower generic pricing calculation rates, could affect pharmaceutical companies' capacity to invest in clinical and non-clinical research.
The timing of demand recovery for CRO services may vary depending on the pace of clinical trial resumption and the implementation timeline of pricing reforms.
Regulators in major markets such as the United States are shifting policy toward phasing out animal testing, raising the possibility that the demand base for traditional animal-model-based non-clinical services could shrink over the long term.
With alternative testing method standardization still incomplete, there could be a burden from upfront investment in new equipment and personnel.
The effective date of the MOD Materials merger, when the integration of the cosmetic ingredient manufacturing subsidiary is substantively completed.
The scheduled merger registration date for MOD Materials, when the legal completion of the merger process can be confirmed.
Expected timing for the Q3 2026 earnings disclosure, when it will be important to check whether the operating profit turnaround seen in Q1 continues.
Progress on the ADC-specialized non-clinical strategy and cooperation network with the Japanese CRO firm, as well as revenue contribution from new businesses (cosmetic ingredients, animal medicine, active pharmaceutical ingredients, food ingredients), should be monitored continuously.
Kolmar BioTech is a company in transition, having simultaneously changed its name and business structure as the non-clinical CRO specialist formerly known as Woojung Bio was absorbed into the Kolmar Group.
While a chronic net loss structure persisted through 2025, the operating profit turnaround in Q1 2026—the first in the observed window—is a notable change.
However, net income in the same quarter remained negative, and the trailing four-quarter net income sum also stays in negative territory, making it premature to conclude that earnings recovery has fully taken hold.
The debt ratio exceeding 200% for four consecutive years and operating cash flow outflows for three consecutive years remain factors to watch from a financial structure perspective.
The absorption of the cosmetic ingredient subsidiary, the ADC-specialized non-clinical strategy, and business synergies with the Kolmar Group are presented as core pillars of a medium-to-long-term growth story, but translating these into actual revenue and profit contributions appears to require further time and execution.
Whether the operating profit trend continues in coming quarters and how much new businesses contribute to revenue remain the key points to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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