Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

SK Biopharmaceuticals   / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> announced strong 1Q26 result, with revenue increasing 58% YoY and 17% QoQ to KRW228B, with Xcopri U.S. revenue increasing 48% YoY and 16% QoQ to KRW198B.</li>
<li>This quarter is significant in that operating profit approached approximately KRW90B, reaching an all-time high despite increased research and development and marketing expenses compared to the previous year. </li>
<li>For full-year 2026, SKBP guided for Xcopri U.S. revenue of $550–580M, up 24–31% YoY. Considering 1Q26 momentum, the company is well-positioned to meet the guidance.</li>
</ul>



SK Biopharmaceuticals (326030 KS) announced strong 1Q26 result, with revenue increasing 58% YoY and 17% QoQ to KRW228B, with Xcopri U.S. revenue increasing 48% YoY and 16% QoQ to KRW198B.
This quarter is significant in that operating profit approached approximately KRW90B, reaching an all-time high despite increased research and development and marketing expenses compared to the previous year. 
For full-year 2026, SKBP guided for Xcopri U.S. revenue of $550–580M, up 24–31% YoY. Considering 1Q26 momentum, the company is well-positioned to meet the guidance.


SK Biopharmaceuticals (326030 KS): Record High Operating Profit in 1Q; Xcopri Guidance Maintained

Event-Driven

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<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> (SKBP) has announced that <a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Inc (034730 KS)</a> plans to offload ~11M shares of SKBP on March 30, 2026 at a price of KRW114,500 per share.</li>
<li>Although SK Inc is reducing its stake ~14% in SKBP, it will remain the majority shareholder, thereby retaining the control and management rights in the company.</li>
<li>SK Inc’s stake sale should not impact future growth prospect of SKBP, as the company has multiple growth drivers. FDA-approved epilepsy drug Xcopri is the main and near-term growth engine.</li>
</ul>



SK Biopharmaceuticals (326030 KS) (SKBP) has announced that SK Inc (034730 KS) plans to offload ~11M shares of SKBP on March 30, 2026 at a price of KRW114,500 per share.
Although SK Inc is reducing its stake ~14% in SKBP, it will remain the majority shareholder, thereby retaining the control and management rights in the company.
SK Inc’s stake sale should not impact future growth prospect of SKBP, as the company has multiple growth drivers. FDA-approved epilepsy drug Xcopri is the main and near-term growth engine.


SK Biopharmaceuticals (326030 KS): Parent’s Stake Sale Does Not Tarnish Future Growth Prospect

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

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<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

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<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> reported 1Q26 result, with all key parameters showing improvement compared to year-ago period. Continued strong sales of mainstay prescription drug business remained the key driver.</li>
<li>Significant improvement in profitability, driven by double-digit growth in major prescription drug products, along with strong growth in K-CAB China royalty, is the key highlight of 1Q26 result.</li>
<li>HK inno is expected to maintain growth momentum, with U.S. approval of K-CAB being the next catalyst. The company is strengthening prescription drug business and innovative drug pipeline beyond K-CAB.</li>
</ul>



HK inno.N (195940 KS) reported 1Q26 result, with all key parameters showing improvement compared to year-ago period. Continued strong sales of mainstay prescription drug business remained the key driver.
Significant improvement in profitability, driven by double-digit growth in major prescription drug products, along with strong growth in K-CAB China royalty, is the key highlight of 1Q26 result.
HK inno is expected to maintain growth momentum, with U.S. approval of K-CAB being the next catalyst. The company is strengthening prescription drug business and innovative drug pipeline beyond K-CAB.


HK Inno.N (195940 KS): Modest Show In 1Q26; All Eyes on Maiden US Approval; Strengthening Pipeline

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<li>Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. </li>
<li>SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.</li>
<li>Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.</li>
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Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. 
SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.
Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.


South Korea

SK Biopharmaceuticals Co., Ltd. researches and develops new drugs. The Company develops and markets brain disorders treatment drugs, central nervous system disorders treatment drugs, and other products. SK Biopharmaceuticals markets its products worldwide.

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SK Biopharmaceuticals (326030 KS)