ST Pharm (237690) Macquarie Asia Conference 2026 presentation summary

First-quarter 2026 financial performance

• Revenue KRW67.0bn, up 27.7% YoY; gross profit KRW31.1bn, up 61.6%.

• Operating profit KRW11.5bn vs KRW1.0bn; net income KRW15.2bn vs KRW0.7bn YoY.

• Gross margin 46.5%, up from 36.8%; operating margin 17.2%, up from 2.0%.

• High-margin product sales and a strong USD supported profit growth; margins remained robust despite higher R&D and raw-material costs.

• CRO subsidiaries contributed to revenue growth and improved profitability in 1Q26.

Segment performance and backlog

• 1Q26 oligo commercial sales KRW27.1bn, down 16.5% YoY; oligo clinical sales KRW12.9bn, up 151.1%.

• Small-molecule sales KRW4.7bn, up 313.1% YoY; mRNA and other sales KRW0.7bn, up 30.7%.

• Commercial projects represented 67% of sales; four new clinical projects contributed to portfolio diversification.

• Backlog reached $329m at 2025 year-end, with commercial projects at 80%; at 2026.03, oligo backlog was $263m and small-molecule backlog $52m.

• Two major commercial projects are expected to lead annual sales growth; first sales were recognized from a new early-stage sgRNA project.

Business strategy and manufacturing

• Two-track oligo strategy targets chronic-disease seeding projects and additional-vendor roles for approved drugs; existing-facility improvements target 25% line-production and cost-efficiency gains.

• Plans include expanding small-molecule offerings into conjugation intermediates and specialty monomers, including GalNAc-, peptide- and oligo-conjugating linkers.

• Banwol added three oligo lines in 2025; two small-molecule OEL3A kilo-scale lines were planned by 1H26. Sihwa plant upgrades and capacity expansion are planned through 2028.

• Oligo plant expansion is planned through 2029; chemical-plant specialty-monomer expansion is planned through 2028.

• Hybrid enzymatic ligation and liquid-phase oligonucleotide synthesis are being developed for full-length oligo production and cost-effective, large-scale shortmer manufacturing.