Korea Drug Q1 2026: Net Profit Up 50%, Debt-Free with Cash of KRW 9.4B

Q1 2026 revenue KRW 13.34B (up 1.9% YoY), operating profit KRW 1.18B, net profit KRW 1.20B (up 50% YoY)
Cash and cash equivalents KRW 9.40B (up 92% from year-end), zero borrowings, very sound financial structure
Holding 175,840 treasury shares, disposed 4,497 shares during the quarter
Uncertainty over choline alfoscerate clinical reevaluation: recognized refund liability of KRW 1.12B, litigation ongoing (lost in first instance, appeal in progress)
R&D expenses KRW 0.30B (2.24% of revenue), continued development of new drugs and health functional foods pipeline
Key risks: choline alfoscerate clawback risk, executive indicted for violating Pharmaceutical Affairs Law (trial ongoing)

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