ST Pharm (237690) Q1 2025 earnings summary

Executive summary

• Q1’25 revenue was ₩52.42bn versus ₩51.72bn a year earlier; operating income was ₩1.03bn versus a ₩1.71bn loss.

• Consolidated net income was ₩0.71bn versus ₩5.42bn; net income attributable to parent shareholders was ₩1.04bn versus ₩6.23bn.

• Oligo CDMO sales grew 8.9% YoY, with backlog at $232.7m as of Apr. 25, including $78.5m added in 2025.

Financial highlights

• Gross profit was ₩19.27bn versus ₩19.00bn; cost of sales rose to ₩33.15bn from ₩32.72bn.

• SG&A rose 6.5% YoY to ₩18.2bn and R&D rose 11.2% to ₩5.51bn; cost of goods sold was ₩33.2bn.

• Subsidiaries recorded ₩1.7bn in losses, down from ₩3.6bn in Q1’24.

• Operating cash flow was ₩17.36bn versus ₩37.32bn in Q1’24.

• Basic and diluted EPS were ₩52, down from ₩331 in Q1’24.

Outlook and guidance

• Full-year expectations for small-molecule and generic API were unchanged; 2025 milestones included an HAE NDA, FCS/SHTG Phase 3 results, a mitochondrial deficiency project NDA and Pirmitegravir Phase 2 interim results.

• Second oligo facility construction, validation and finishing work were underway, with completion targeted for December 2025 and production expected from Q4’25.

• STP0404 Phase 2a interim results were expected in H2 2025, with final results expected in 2026.

• Kilo-scale work on production sectors 3 and 4 was scheduled to begin in Q2’25, with operations planned for Q2’26.