ST Pharm (237690) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue was KRW 275.9B, operating profit KRW 30.2B and net profit KRW 22.9B; Q4 revenue was KRW 117.9B, operating profit KRW 25.2B and net profit KRW 2.8B.

• Lower generic API sales were offset by improved profit margins as new-drug API business grew; CRO operating profit turned positive in Q4 as sales increased.

Financial highlights

• FY revenue fell 3.2% YoY to KRW 275.9B; Q4 revenue declined 2.2% YoY to KRW 117.9B.

• FY gross profit was KRW 97.3B, down 13.3% YoY; Q4 gross profit was KRW 40.5B, up 0.1% YoY.

• FY operating profit was KRW 30.2B and net profit KRW 22.9B; Q4 operating profit was KRW 25.2B and net profit KRW 2.8B.

Outlook and guidance

• A $158.2M oligonucleotide backlog at end-Q3 2024 is expected to support sales growth through 2025.

• 2025 milestones include NDA submissions for one oligo and one small-molecule project, plus a major oligo project readout.

• Interim data from in-house HIV therapy STP0404 and operational readiness of the second oligo plant are expected in 2025; the plant is targeted for Q4.