Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> reports 2.5x jump in revenue and narrowing operating loss in 3Q25, driven by additional revenue contribution and improving profitability of German subsidiary, IDT Biologika.</li>
<li>For 2025, SKBS guided for IDT revenue of KRW410B. With 3Q25 YTD revenue reaching KRW341B (up 19% YoY), IDT is expected to beat the guidance.</li>
<li>2026 will be crucial for the company, with couple of vaccine candidates entering late-stage trials. PCV21 global Phase 3 trial is ongoing. This should keep R&amp;D spend elevated.</li>
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SK Bioscience (302440 KS) reports 2.5x jump in revenue and narrowing operating loss in 3Q25, driven by additional revenue contribution and improving profitability of German subsidiary, IDT Biologika.
For 2025, SKBS guided for IDT revenue of KRW410B. With 3Q25 YTD revenue reaching KRW341B (up 19% YoY), IDT is expected to beat the guidance.
2026 will be crucial for the company, with couple of vaccine candidates entering late-stage trials. PCV21 global Phase 3 trial is ongoing. This should keep R&amp;D spend elevated.


SK Bioscience (302440 KS): IDT Drives Strong 3Q Performance; Operating Loss Narrows

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

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<li>Hankyung Business Daily reported today that SK Chemicals (285130 KS) is pursuing an issuance of exchangeable bonds (EB) worth 240 billion won using its stake in SK Bioscience (302440 KS). </li>
<li>SK Chemicals has not officially announced its plans to issue such EB which is likely to have a positive impact on SK Chemicals and negative impact on SK Bioscience.</li>
<li>SK Chemicals' market cap is now 1.1 trillion won. Its 66.4% stake in SK Bioscience is worth 2.6 trillion won. </li>
</ul>


Hankyung Business Daily reported today that SK Chemicals (285130 KS) is pursuing an issuance of exchangeable bonds (EB) worth 240 billion won using its stake in SK Bioscience (302440 KS). 
SK Chemicals has not officially announced its plans to issue such EB which is likely to have a positive impact on SK Chemicals and negative impact on SK Bioscience.
SK Chemicals' market cap is now 1.1 trillion won. Its 66.4% stake in SK Bioscience is worth 2.6 trillion won. 


SK Chemicals: A Potential EB Issue of 240 Billion Won Using Its Stake in SK Bioscience

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<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> continues to report business recovery, with 2Q25 base business revenue increasing 22% YoY and IDT Biologika revenue increasing sequentially.</li>
<li>The company has guided for 2025 revenue of KRW600B+, aided by IDT acquisition. Excluding IDT, base business revenue is expected at ~KRW200B for 2025, up 28% YoY.</li>
<li>SKBS has built a large-scale commercial production facility which will serve as a production site for GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate.</li>
</ul>



SK Bioscience (302440 KS) continues to report business recovery, with 2Q25 base business revenue increasing 22% YoY and IDT Biologika revenue increasing sequentially.
The company has guided for 2025 revenue of KRW600B+, aided by IDT acquisition. Excluding IDT, base business revenue is expected at ~KRW200B for 2025, up 28% YoY.
SKBS has built a large-scale commercial production facility which will serve as a production site for GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate.


SK Bioscience (302440 KS): Strong Base Business and IDT Contribution Drive 2Q25 Performance

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<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.</li>
<li>IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.</li>
<li>1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.</li>
</ul>



SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.


SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

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<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated phase 3 trial of Sanofi-partnered pneumococcal conjugate vaccine candidate in Australia. This year, Phase 3 trial will be initiated in U.S., Korea, and EU.</li>
<li>This year, SK Bioscience has initiated global Phase 1/2 trials of mRNA Japanese Encephalitis vaccine candidate in Australia and New Zealand. The company aims to secure interim results by 2026.</li>
<li>ITD Biologika is targeting for a 17% revenue CAGR during 2024–2028. The company aims to achieve EBITDA margin of 25%+ by 2028 and become IPO ready.</li>
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SK Bioscience (302440 KS) has initiated phase 3 trial of Sanofi-partnered pneumococcal conjugate vaccine candidate in Australia. This year, Phase 3 trial will be initiated in U.S., Korea, and EU.
This year, SK Bioscience has initiated global Phase 1/2 trials of mRNA Japanese Encephalitis vaccine candidate in Australia and New Zealand. The company aims to secure interim results by 2026.
ITD Biologika is targeting for a 17% revenue CAGR during 2024–2028. The company aims to achieve EBITDA margin of 25%+ by 2028 and become IPO ready.


SK Bioscience (302440 KS): New Vaccine Trial and ITD Turnaround To Improve Long-Term Outlook

South Korea

SK Bioscience Co.,Ltd. operates biopharmaceutical businesses. The Company produces vaccines, sky cellflu prefilled syringes, sky cellflu quadrivalent prefilled syringes, varicella drugs, and other related products. SK Bioscience markets its products throughout South Korea.

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SK Bioscience (302440 KS)