ST Pharm (237690) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached ₩331.6B, operating profit ₩55.1B and net profit ₩54.5B; oligonucleotide CDMO growth supported higher sales and margins.

• Management cited sustained API demand from clients’ oligo and small-molecule new drugs, with operating-margin growth expected to accelerate alongside revenue growth.

Financial highlights

• FY2025 revenue was ₩331.6B, up 21.1% YoY; gross profit was ₩136.1B, up 41.5%, and operating profit was ₩55.1B, up 98.9%.

• FY2025 net profit was ₩54.5B, up 67.9% YoY; gross margin was 41.0%, operating margin 16.6% and net margin 16.4%.

• Q4 revenue was ₩129.0B, operating profit ₩26.4B and net profit ₩31.0B; Q4 gross, operating and net margins were 37.1%, 20.5% and 24.0%, respectively.

Outlook and guidance

• Year-end 2025 backlog was $208.9M, adjusted for Q4 2025 revenue; backlog may vary with FX assumptions and shipment schedules.

• 2026 milestones include STP0404 (Pirmitegravir) Phase 2a topline in Q2–Q3 and client chronic-disease program NDA approvals or trial readouts.