ST Pharm (237690) Q2 2025 earnings summary

Executive summary

• Q2 consolidated revenue was KRW 68.2bn, up 52.8% YoY; operating profit was KRW 12.8bn versus a KRW 3.1bn loss, and net profit was KRW 4.7bn versus KRW 0.9bn.

• H1 revenue reached ₩120.7bn, with operating income of ₩13.9bn versus a ₩1.2bn loss; H1 net income was ₩6.1bn.

Financial highlights

• Q2 gross profit rose 103.7% YoY to KRW 31.1bn; cost of goods sold increased 26.3% to KRW 37.0bn.

• Q2 SG&A was KRW 18.3bn, down 0.2% YoY, and R&D was KRW 6.1bn, up 0.2%.

• H1 gross profit was ₩51.3bn versus ₩34.3bn in H1 2024; cash and cash equivalents were ₩41.7bn at June 30, down from ₩63.4bn at year-end 2024.

• H1 operating cash flow was ₩5.9bn versus ₩44.7bn in H1 2024; investing cash flow was negative ₩59.5bn.

Outlook and guidance

• FY2025 revenue guidance was reiterated at KRW 320bn; minor CRO losses were expected.

• The second oligonucleotide building began production in July; small-scale clinical batches were planned for Q3 and commercial batch production from Q4, with phased capacity expansion through 2028 and beyond.

• A dedicated GMP sgRNA line was planned for completion in Q3 2025, expanding capacity for gene-editing therapy materials.

• STP0404 completed recruitment for its Phase 2a interim analysis in May; interim results were planned for October 2025 and final results for 2026.