ST Pharm (237690) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached ₩81.9B, up 32.7% YoY; operating profit rose 141.6% to ₩14.7B and net profit increased 49.2% to ₩20.4B.

• 9M 2025 revenue was KRW202.6bn and operating income KRW28.7bn; net income reached KRW23.5bn.

• Oligo CDMO drove growth and margin expansion; the second oligo building began production in July, with commercial batches planned from Q4 2025.

Financial highlights

• Q3 revenue was ₩81.9B versus ₩61.7B YoY; gross profit was ₩37.0B versus ₩22.5B, up 64.6%.

• Q3 COGS increased 14.4% YoY to ₩44.9B; SG&A rose 35.9% to ₩22.3B and R&D rose 20.2% to ₩6.7B.

• Q3 gross margin was 45.2%, up 8.8 percentage points YoY; operating margin was 18.0%, up 8.1 points, and net margin was 25.0%, up 2.8 points.

• 9M gross profit was KRW88.3bn versus KRW56.8bn; operating income rose to KRW28.7bn from KRW10.3bn.

Segment performance

• Q3 Oligo revenue was ₩68.6B, up 92.9% YoY, comprising ₩34.1B commercial and ₩34.5B clinical revenue; commercial projects were 49.6% of Oligo API CDMO revenue.

• Q3 Small Molecule revenue was ₩0.1B, down 99.1%; mRNA revenue was ₩1.4B, up 82.2%, from early-stage R&D projects including SmartCap.

• Q3 generic revenue was ₩2.4B, down 79.9%; subsidiaries generated ₩9.3B, up 106.9%, with CRO profits at break-even level.

• 9M API manufacturing revenue was KRW177.1bn, with segment operating profit of KRW31.0bn; CRO revenue was KRW30.7bn and its operating loss narrowed to KRW0.6bn.

• 9M revenue mix included new-drug API KRW131.9bn, generic API KRW27.1bn and services KRW42.6bn.