ST Pharm (237690) Korea Investment Week 2024 presentation summary

Scale and business

• Established in 1983; FY2023 consolidated revenue KRW 285bn, equity KRW 386.9bn, 669 employees, and overseas revenue share 82%.

• Integrated CDMO value chain spans non-clinical animal testing through commercial-scale production.

Oligonucleotide CDMO

• More than 20 oligonucleotide CDMO pipeline projects; growth drivers include late-stage programs, capacity expansion, yield improvements, and indication expansion.

• Batch output rose from 43kg in 2021 to 54kg in 2023 (+25%); synthesis and purification period fell from 27 to 19 days (-29%).

• Planned Plant 2 expansion targets 12–14 lines and 2.3–7t total capacity by 2026; listed total CAPEX is KRW 100bn and KRW 150bn for expansion stages.

• Forecast oligonucleotide therapeutics market grows from $3bn in 2023 to $22bn in 2030; CDMO market from $1bn to $7bn, with respective CAGRs of ~18% and ~17%.

RNA platforms and technology

• SmartCap has more than 30 customizable capping analogues; Korean patent registered, PCT publication ongoing, and efficacy and safety data generated through the STP-2104 clinical trial.

• mRNA commercial-scale facility capacity is 100–120g/month, equivalent to 35m–100m doses/year; STLNP patent application is in the PCT process.

• End-to-end sgRNA platform includes chemically synthesized sgRNA, IVT mRNA, LNP encapsulation, and fill-and-finish services.

• Dimer-block oligonucleotide synthesis produced 4–5% more product than monomeric synthesis at similar efficiency in cited comparisons.