Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<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

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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> reported 1Q26 revenue of KRW169B, up 9% YoY, driven by both base business and IDT. Operating loss widened due to higher R&amp;D and non-recurring base effect.</li>
<li>Although short-term profitability was limited, SKBS is preparing to leap forward by investing for future growth. Excluding these investments, SKBS would have reported operating loss of KRW8B for 1Q26.</li>
<li>The company plans to expand its CDMO business centered on IDT while accelerating the development of core pipelines to prepare for full-scale growth in the global market.</li>
</ul>



SK Bioscience (302440 KS) reported 1Q26 revenue of KRW169B, up 9% YoY, driven by both base business and IDT. Operating loss widened due to higher R&amp;D and non-recurring base effect.
Although short-term profitability was limited, SKBS is preparing to leap forward by investing for future growth. Excluding these investments, SKBS would have reported operating loss of KRW8B for 1Q26.
The company plans to expand its CDMO business centered on IDT while accelerating the development of core pipelines to prepare for full-scale growth in the global market.


SK Bioscience (302440 KS): Solid Growth Centered on IDT in 1Q; Operating Loss Widened

<ul>
<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> ended 2025 with revenue of KRW651B, up 144% YoY, topping guidance of KRW600B, driven by both base business and IDT. IDT contributed KRW466B (up 17% YoY).</li>
<li>Despite continued large-scale investments in R&amp;D and manufacturing facilities, SKBS reduced 2025 operating losses to KRW124B from KRW138B in 2024, reflecting increased contributions from IDT and growth across key products.</li>
<li>The company in-licensed Phase 1a-complete RSV antibody RSM01 from Gates MRI. Backed by global exclusive supply rights, RSM01is positioned as new growth driver targeting global addressable market of ~KRW6T.</li>
</ul>



SK Bioscience (302440 KS) ended 2025 with revenue of KRW651B, up 144% YoY, topping guidance of KRW600B, driven by both base business and IDT. IDT contributed KRW466B (up 17% YoY).
Despite continued large-scale investments in R&amp;D and manufacturing facilities, SKBS reduced 2025 operating losses to KRW124B from KRW138B in 2024, reflecting increased contributions from IDT and growth across key products.
The company in-licensed Phase 1a-complete RSV antibody RSM01 from Gates MRI. Backed by global exclusive supply rights, RSM01is positioned as new growth driver targeting global addressable market of ~KRW6T.


SK Bioscience (302440 KS): Base Business Revives; IDT Turnaround; Preparing for a Leap Toward

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.</li>
<li>Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.</li>
<li>Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.</li>
</ul>


Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.
Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.
Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.


APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

<ul>
<li>Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.</li>
<li>Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.</li>
<li>Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. </li>
</ul>


Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.
Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.
Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. 


APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

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)

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

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim