SK Biopharmaceuticals (326030) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 operating profit of KRW 89.8B and net profit of KRW 102.7B, driven by strong XCOPRIⓇ (cenobamate) sales despite increased R&D and marketing expenses.

• XCOPRIⓇ revenue reached KRW 197.7B ($135M), up 15.8% QoQ and 48.4% YoY, accounting for 98.3% of total sales, with global expansion through licensing and supply agreements.

• Continued investment in R&D, focusing on CNS and oncology, with new pipeline assets and global clinical trials underway.

Financial highlights

• Consolidated revenue for Q1 2026 was KRW 227.9B, up 17.2% QoQ and 57.8% YoY, with gross profit at KRW 213.6B and gross margin of 93.7%.

• Operating profit surged 94.0% QoQ and 249.7% YoY to KRW 89.8B, with operating margin at 39.4%.

• Net profit margin for Q1 2026 was approximately 45%.

• R&D expenses were KRW 47.6B, representing 20.9% of sales.

• Cash and cash equivalents stood at KRW 309.0B at quarter-end.

Outlook and guidance

• FY 2026 XCOPRIⓇ sales guidance maintained at $550–580M.

• FY SG&A expense guidance held at KRW 570.0B; other revenue on track for FY guidance of KRW 110B.

• Focus on accelerating XCOPRIⓇ sales growth in the US and expanding global licensing for cenobamate.

• Advancing clinical development of new CNS and oncology assets, including radiopharmaceutical and TPD platforms.