SK Biopharmaceuticals (326030) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw record operating profit driven by strong XCOPRIⓇ (cenobamate) sales, offsetting lower one-off revenue and higher SG&A expenses.

• Focus on CNS drug development, with flagship products cenobamate (epilepsy) and solriamfetol (sleep disorders) driving global expansion and revenue growth.

• H1 2026 consolidated revenue reached KRW 475.3B, with cenobamate contributing 98.5% of sales.

• Extensive global licensing and commercialization agreements for key products, including new launches in China, Korea, and Brazil.

• New DTC campaign and expanded marketing efforts are expected to support continued growth in H2.

Financial highlights

• Q2 2026 revenue was KRW 247.4B, up 8.5% sequentially and 40.3% year-over-year.

• H1 2026 consolidated revenue: KRW 475.3B; operating income: KRW 186.8B; net income: KRW 187.8B.

• XCOPRIⓇ Q2 sales were KRW 224.4B ($149.5M), up 13.5% QoQ and 45.6% YoY.

• Gross margin: 93.8%; operating margin: 39.3%; net margin: 39.5%.

• Cash and equivalents: KRW 380.0B; total assets: KRW 1.42T; debt-to-equity ratio: 38.85%.

Outlook and guidance

• H1 XCOPRIⓇ sales represent 49-52% of FY guidance ($550-580M), indicating strong progress toward annual targets.

• Continued focus on global expansion of cenobamate, with new launches in China and Korea.

• FY SG&A expense guidance remains at KRW 570.0B.

• DP/API revenue on track to achieve FY guidance of KRW 110B.

• Strategic investments in radiopharmaceuticals and targeted protein degradation (TPD) platforms.