ST Pharm (237690) Global Investors Conference 2025 presentation summary

2Q25 financial performance

• Revenue KRW 68.3bn, up 53.1% YoY; operating profit KRW 12.9bn and net profit KRW 5.4bn.

• Gross margin 46.9%, up from 34.3% YoY; operating margin 18.9%, versus -6.9% in 2Q24; net margin 7.9%.

• Annual revenue guidance reiterated at KRW 320bn; minor losses expected from CRO operations.

Oligonucleotide CDMO momentum

• Oligonucleotide API sales rose 83.0% YoY in 2Q25, supported by stable commercial-project sales; most clinical-project sales were expected in 4Q.

• Oligo backlog stood at $240M as of June 2025, including $47.5M in commercial and $38.3M in clinical projects newly added during 2025.

• Oligo Plant 2 began operations in July 2025; small-scale clinical batches were planned for 3Q, with commercial production from 4Q.

• Further expansion of Plant 2 is planned for 2027–2028.

Capacity and platform partnerships

• mRNA and lipid nanoparticle facilities have maximum capacity of 100M doses per year.

• SmartCap has more than 30 customizable capping analogues; STLNP showed 1.72x the delivery efficiency of the ALC-0315 comparator in a nonclinical study.

• Quantoom Biosciences and Evonik partnerships support mRNA platform development and commercialization.