SK Biopharmaceuticals (326030) Q4 2025 earnings summary

Executive summary

• FY25 XCOPRIⓇ sales reached $443M, near the upper end of guidance, with operating profit surpassing KRW 200B.

• Q4 2025 revenue was KRW 194.4B, up 19.2% year-over-year, with operating profit at KRW 46.3B.

• Net profit for FY25 totaled KRW 253.3B, an 11.6% increase year-over-year.

• XCOPRIⓇ is expected to secure dominant market leadership in 2026, supported by tailored marketing and inventory normalization.

Financial highlights

• Q4 2025 XCOPRIⓇ sales were KRW 170.8B ($118M), flat sequentially but up 32.1% year-over-year.

• FY25 operating profit surged 111.7% year-over-year to KRW 203.9B, driven by operating leverage.

• Royalty revenue for FY25 reached KRW 26.9B, exceeding guidance, with further growth expected.

• SG&A expenses for FY25 were KRW 459.9B, up 12.7% year-over-year, reflecting R&D expansion.

Outlook and guidance

• FY26 XCOPRIⓇ sales guidance is $550M–$580M, with other revenue projected at KRW 110B.

• Royalty revenue is expected to reach KRW 35B in FY26.

• SG&A expenses for FY26 are guided up to KRW 570B, reflecting continued R&D investment.