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
BioFD&C's stable cash generation from its skin-booster (GFX) business, combined with new plant-derived PDRN and centella cell materials, drove a rebound in second-quarter 2026 earnings.
FY2025 annual revenue reached KRW 19.18 billion (+19.4%) and operating profit KRW 6.25 billion (+28.9%), improving scale and profitability together.
After a temporary slowdown in Q1 2026, Q2 revenue of KRW 5.36 billion and operating profit of KRW 2.10 billion were the highest in the past five quarters.
New plant-cell-based materials such as PDRN and centella cells have entered the early commercialization stage through collaboration with large partners like Kolmar Korea.
Large pharma and biotech players such as Daewoong Pharmaceutical, GC Green Cross Wellbeing, and L&C Bio are increasing investment in the skin-booster market, widening the competitive field.
The company currently pays no dividend, and the share price trades close to its net asset value.
BioFD&C is a biomaterials company that designs and cultures plant cell lines to produce active ingredients, extracts, and recombinant proteins.
Its portfolio consists of plant-cell-derived ingredients (PCX), growth-factor-based skin booster finished products (GFX), and microneedle patches, with its core skin booster products containing high-function growth factors such as EGF, involved in wound healing and skin regeneration, and FGF, which supports dermal regeneration and collagen synthesis.
The company has built a vertically integrated production system, designing cell lines with its proprietary high-frequency stimulator SMART-RC² and CRISPR/Cas9 gene-editing technology, and internalizing mass cell culture.
It has recently been pursuing portfolio diversification through joint fragrance-material development with Swiss flavor and fragrance company Givaudan and polar-plant-based cosmetics as new high-value businesses.
In the plant-derived PDRN field, the company holds three related patents and has secured a rose-cell-based prototype through joint development with Kolmar Korea, the country's largest cosmetics OEM/ODM company.
The skin booster business maintains a stable cash-generating base through expansion of clinic channels, while the microneedle patch unit is pursuing growth via the start of exports to China.
On this base, the company is gradually strengthening a multi-layered strategy that combines its own brand with OEM/ODM operations. Its customer base spans domestic and overseas cosmetics brands, clinics, and large ODM companies, combining ingredient supply with finished-product sales.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.7B | ₩1.8B | 39.4% |
| 2025Q3 | ₩5.1B | ₩1.7B | 33.4% |
| 2025Q4 | ₩5.1B | ₩1.3B | 25.0% |
| 2026Q1 | ₩4B | ₩1B | 25.7% |
| 2026Q2 | ₩5.4B | ₩2.1B | 39.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩15.9B | ₩4.9B | ₩4.3B | 30.8% | 8.2% | 11.4% |
| 2023 | ₩15.6B | ₩5B | ₩5.6B | 32.3% | 9.5% | 7.2% |
| 2024 | ₩16.1B | ₩4.9B | ₩4.5B | 30.2% | 7.1% | 6.6% |
| 2025 | ₩19.2B | ₩6.3B | ₩6.7B | 32.6% | 9.6% | 5.2% |
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
BioFD&C's consolidated FY2025 revenue rose 19.4% year over year to KRW 19.18 billion from KRW 16.07 billion in 2024, while operating profit increased 28.9% to KRW 6.25 billion from KRW 4.85 billion.
Net income attributable to owners rose 48.2% to KRW 6.67 billion from KRW 4.50 billion, with profit growth outpacing revenue growth. The company attributed the earnings improvement primarily to increased sales of its growth-factor-based skin booster (GFX) line.
Operating margin moved from 30.8% in 2022 to 32.3% in 2023, dipped to 30.2% in 2024, and recovered to 32.6% in 2025, staying within a low-to-mid-30% profitability range.
On a quarterly basis, revenue of KRW 5.07 billion and operating profit of KRW 1.70 billion in Q3 2025 were followed by a slight revenue increase to KRW 5.10 billion in Q4, though operating profit slowed to KRW 1.27 billion.
Q1 2026 saw a sharp sequential decline to revenue of KRW 4.00 billion and operating profit of KRW 1.03 billion. However, Q2 2026 rebounded with revenue of KRW 5.36 billion, operating profit of KRW 2.10 billion, and owners' net income of KRW 1.97 billion, all the highest levels of the past five quarters.
This quarterly volatility appears to reflect a business structure in which revenue recognition is dispersed according to order timing from major clients and new-product line ramp-up schedules.
Annual operating cash flow rose steadily from KRW 5.57 billion in 2022 to KRW 7.28 billion in 2025, indicating improving earnings quality alongside profit growth.
In the cosmetics and aesthetic medicine market, PDRN/PN-family ingredients touting regenerative and anti-inflammatory efficacy have become a central trend, expanding their application from skincare products to clinic-administered skin boosters.
In Korea's skin booster market, Pharma Research is reported to hold a manufacturing monopoly on salmon-derived PN through patents that will remain in effect until 2028, meaning latecomers must enter the market through patent-avoiding technology or alternative materials during that period.
Amid this, large pharmaceutical companies such as Daewoong Pharmaceutical and GC Green Cross Wellbeing, part of the GC Biopharma group, are successively expanding their aesthetic product lineups including fillers and skin boosters, reshaping competition from single products to comprehensive solution offerings.
GC Green Cross Wellbeing is building a dedicated skin booster factory, and L&C Bio is also expanding production capacity, accelerating supply-side investment.
On the ingredient side, global cosmetics ODM companies such as Cosmax and Kolmar Korea lead the functional-ingredient market with their own patents and refining technologies, making collaborative relationships with these players key to business expansion for a small ingredient supplier like BioFD&C.
Downstream, APR (Medicube) is rapidly increasing sales of PDRN/PN-family products while also building its own raw-material production line targeted for completion in 2027, reflecting a trend of brand companies internalizing ingredient production.
Against this backdrop, BioFD&C differentiates itself by producing PDRN from plant cells rather than animal-derived sources, presenting relatively lower exposure to raw-material supply constraints under international biological-resource agreements as a competitive advantage.
BioFD&C has begun supplying plant-derived PDRN raw material to major domestic cosmetics companies and has stated that shipments to the United States, once realized, would be reflected in earnings in earnest.
It has also succeeded in mass-producing centella (gotu kola) cells through cell-culture technology, confirming wound-healing and anti-aging efficacy through human-application testing, and is reportedly in discussions with a US-based cosmetics company on a raw-material supply contract.
The company has indicated that if a contract is signed, initial volume would be small but annual revenue contribution could gradually expand.
With Kolmar Korea, the company has prepared a rose-cell-based PDRN prototype through joint development, opening the possibility of large-scale commercialization through Kolmar's domestic and overseas OEM/ODM production lines.
A new product with enhanced ingredient stability, the freeze-dried active cube, has been introduced as a contributor to second-half results, alongside expansion of the plant-derived PDRN lineup supported by a government national research project.
The microneedle patch segment is cited as an area expected to grow following the start of exports to China.
New portfolio initiatives such as joint fragrance-material development with Swiss company Givaudan and polar-plant-based cosmetics are also underway, indicating a shift in growth drivers away from a sole reliance on skin boosters toward a more diversified base.
However, most of these new businesses remain at an early stage of contract execution or revenue recognition, requiring confirmation of progress through future disclosures and quarterly results.
BioFD&C's share price trades close to the company's net asset value, without a large premium or discount relative to book value.
The price multiple based on combined net income over the most recent four quarters (Q3 2025 through Q2 2026) should be considered alongside the steady directional improvement in revenue and operating profit from 2022 through 2025.
Net income fluctuated over this period but overall maintained a profitable trend without any loss-making year, with profit scale gradually expanding. The company currently pays no dividend, suggesting a capital-allocation policy weighted toward reinvestment and business expansion rather than shareholder returns.
Because revenue contribution from new businesses such as plant-derived PDRN and centella cells remains at an early stage, the pace at which these businesses translate into results remains an important variable for interpreting the price multiple going forward.
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
Operating margin improved to 32.6% in 2025, up from 30.2% in 2024. In Q2 2026, operating profit exceeded KRW 2.1 billion, the highest level of the past five quarters. The company attributed this improvement primarily to increased skin booster (GFX) sales.
The company differentiates itself by producing PDRN from plant cells rather than animal sources, and has secured a prototype through joint development with Kolmar Korea. It has also succeeded in mass-producing centella cells and is reportedly discussing a raw-material supply contract with a US cosmetics company. If commercialization progresses, it could reduce reliance on the skin booster business alone.
New initiatives are underway in parallel, including the start of microneedle patch exports to China and joint fragrance-material development with Switzerland's Givaudan. The company is also strengthening a multi-layered strategy combining its own brand with OEM/ODM operations. This can be interpreted as reducing dependence on any single customer or channel.
Q1 2026 revenue fell sharply from the prior quarter to KRW 4.00 billion, with operating profit of just KRW 1.03 billion. This pattern of quarterly swings tied to major clients' order timing has recurred. Although results rebounded in Q2, similar volatility could recur in the future.
Large pharma and biotech companies such as Daewoong Pharmaceutical, GC Green Cross Wellbeing, and L&C Bio are expanding their aesthetic product lines including skin boosters and fillers, reshaping competition into a comprehensive-solution contest.
Mega ODM companies like Cosmax and Kolmar Korea also lead the functional-ingredient market with their own patents and refining technology. As a small ingredient supplier, BioFD&C's business opportunities may hinge on maintaining collaborative relationships with these larger players.
APR (Medicube) is rapidly increasing sales of PDRN/PN-family products while building its own raw-material production line, targeted for completion in 2027. If brand companies internalize raw-material production, demand for external ingredient suppliers could decline relatively. This could become a variable affecting the long-term customer base of ingredient suppliers such as BioFD&C.
Pharma Research is reported to hold a monopoly on salmon-derived PN through patents effective until 2028, requiring latecomers to enter the market via patent-avoiding technology or alternative materials until then.
As a new material, plant-derived PDRN may also require additional cosmetic-ingredient registration or approval procedures in each country. Delays in regulatory approval schedules could also delay revenue recognition timing for new businesses.
The company's revenue relies relatively heavily on the clinic channel and a small number of large ODM and brand partners. There have been cases where order-timing adjustments by major clients directly affected quarterly results. Weakening relationships with specific clients or changes in contract terms could pressure revenue stability.
New businesses such as plant-derived PDRN and centella cells remain at an early stage of contract execution or revenue recognition. The centella cell supply contract with a US cosmetics company is still under discussion, with neither its conclusion nor timing confirmed.
If commercialization is delayed beyond the planned schedule, expectations for these new businesses may need to be adjusted.
Expected disclosure date for the Q3 2026 quarterly report, a point to check whether the Q2 rebound continues and whether quarterly volatility eases.
A point to check whether the discussed centella cell raw-material supply contract with a US cosmetics company is finalized and its initial order size.
It is necessary to confirm how much plant-derived PDRN exports to the United States and product applications through Kolmar Korea are actually reflected in revenue.
Expected disclosure of the FY2026 annual business report, allowing a check of changes in revenue mix from new businesses beyond GFX (PDRN, centella cells, microneedle patches) and the annual operating margin trend.
BioFD&C is a biomaterials company whose revenue and operating profit grew steadily from 2022 to 2025, centered on its skin booster (GFX) business.
Q1 2026 saw a sharp sequential decline in revenue and operating profit, but Q2 rebounded to revenue of KRW 5.36 billion and operating profit of KRW 2.10 billion, the highest levels in the past five quarters.
New materials such as plant-cell-based PDRN and centella cells have entered the early commercialization stage through collaboration with large partners like Kolmar Korea, and an additional supply contract with a US cosmetics company is reportedly under discussion.
However, competition is intensifying as large pharmaceutical companies such as Daewoong Pharmaceutical and GC Green Cross Wellbeing, along with mega ODM companies like Cosmax and Kolmar Korea, increase investment in the aesthetic medicine and functional-ingredient markets, and downstream brand companies are also attempting to internalize raw-material production.
Since the revenue contribution from new businesses remains at an early stage, confirming the pace of contract execution and revenue recognition through upcoming quarterly results and disclosures appears important.
The company's debt ratio remains low, in the single digits, and annual operating cash flow has shown a steady upward trend since 2022.
Report written 2026-09-05 · Data as of 2026-09-04
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