ST Pharm (237690) investor relations material

Executive summary

• Q2 2026 revenue was KRW 108.5bn, operating profit KRW 18.3bn and net income KRW 13.2bn; growth reflected higher commercial-stage and clinical-stage sales.

• H1 2026 consolidated revenue was KRW 175.445bn, operating income KRW 29.836bn and net income KRW 28.352bn; all exceeded H1 2025 results.

• Oligonucleotide and small-molecule API CDMO remained core businesses, with API manufacturing contributing KRW 155.633bn of consolidated segment revenue.

• STP0404 HIV-1 therapy Phase 2a topline results were released July 14, with further clinical data planned for presentation at a global conference in H2.

Financial highlights

• Q2 revenue rose 58.9% YoY to KRW 108.5bn; COGS increased 91.4% to KRW 69.4bn and gross profit rose 22.2% to KRW 39.1bn.

• Q2 operating profit increased 41.7% YoY to KRW 18.3bn and net income increased 145.0% to KRW 13.2bn; SG&A rose 9.0% to KRW 20.8bn and R&D rose 19.5% to KRW 7.3bn.

• H1 consolidated revenue was KRW 175.445bn versus KRW 120.671bn; gross profit was KRW 70.233bn versus KRW 51.274bn.

• H1 operating income was KRW 29.836bn versus KRW 13.944bn; net income was KRW 28.352bn versus KRW 6.076bn.

• Parent-attributable basic EPS was KRW 1,358 versus KRW 321; diluted EPS was KRW 1,355 versus KRW 321. Cash and cash equivalents were KRW 53.834bn at June 30, 2026.

Outlook and guidance

• Higher utilization of Plant 2’s L-line is expected to support a profitability tailwind in 2H.

• Seven additional oligonucleotide projects are targeted in 2H after eight new projects were secured in 1H; Small Molecule CDMO volume and orders are expected to grow gradually.

• A second oligonucleotide facility expansion phase is planned, with new production lines to be added progressively through 2029.

• Existing supply contracts are scheduled for fulfillment; payment is generally expected within three months of delivery, and contract amounts and timing may change with production and customer requests.