New Risk • May 16
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2025. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported March 2025 fiscal period end). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (₩81.6b market cap, or US$54.4m). 공고 • Mar 14
PharmGen Science, Inc., Annual General Meeting, Mar 31, 2026 PharmGen Science, Inc., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 50, jeyakgongdan 2-gil, hyangnam-eup, gyeonggi-do, hwaseong South Korea New Risk • Jan 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (₩96.4b market cap, or US$66.8m). New Risk • Dec 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Market cap is less than US$100m (₩75.8b market cap, or US$51.5m). New Risk • Mar 30
New major risk - Revenue and earnings growth Earnings have declined by 2.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.4% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (₩72.6b market cap, or US$49.4m). 공고 • Mar 13
PharmGen Science, Inc., Annual General Meeting, Mar 31, 2025 PharmGen Science, Inc., Annual General Meeting, Mar 31, 2025, at 09:01 Tokyo Standard Time. Location: auditorium, 50, jeyakgongdan 2-gil, hyangnam-eup, gyeonggi-do, hwaseong South Korea Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩352 (vs ₩4,498 in FY 2022) Full year 2023 results: EPS: ₩352 (down from ₩4,498 in FY 2022). Revenue: ₩166.8b (up 11% from FY 2022). Net income: ₩5.73b (down 92% from FY 2022). Profit margin: 3.4% (down from 46% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year. New Risk • Oct 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (5.0% net profit margin). Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Market cap is less than US$100m (₩98.4b market cap, or US$72.9m). Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩5,560, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 58% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩4,498 (vs ₩2,206 in FY 2021) Full year 2022 results: EPS: ₩4,498 (up from ₩2,206 in FY 2021). Revenue: ₩150.9b (up 37% from FY 2021). Net income: ₩70.1b (up 116% from FY 2021). Profit margin: 46% (up from 30% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 16% share price gain to ₩10,400, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 21x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 19% share price gain to ₩12,600, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 25x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 40% share price gain to ₩13,650, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 28x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩9,820, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 25x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improved over the past week After last week's 17% share price gain to ₩14,250, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 26x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 18% share price gain to ₩12,350, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 26x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 42% over the past three years. 공고 • Jun 12
PharmGen Science Inc. announced that it has received KRW 30 billion in funding from Linden Advisors LP, SC Lowy Financial (HK) Limited On June 11, 2021, PharmGen Science Inc. (KOSE:A004720) closed the transaction. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₩10,400, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 30x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 3.7% over the past three years. 공고 • May 18
PharmGen Science Inc. announced that it expects to receive KRW 30 billion in funding from Linden Advisors LP, SC Lowy Financial (HK) Limited PharmGen Science Inc. (KOSE:A004720) announced a private placement of series 33 unregistered coupon non-guaranteed secured private convertible bond at an issue price of KRW 30,000,000,000 for gross proceeds of KRW 30,000,000,000 on May 17, 2021. The transaction will include participation from returning investors SC Lowy Financial (HK) Limited and Linden Capital L.P., a fund managed by Linden Advisors LP for KRW 15,000,000,000 each. The surface interest rate of the bonds is 3.5% and interest rate to maturity is 3.5%. The bonds will mature on May 27, 2026. The bonds will be convertible into 2,255,639 shares at conversion price of KRW 13,300. The conversion period of the bonds will start from May 27, 2022 and end on April 27, 2026. The subscription date of the transaction is May 20, 2021 and payment date is May 27, 2021. The transaction has been approved by the board of directors of the company. The securities are subject to hold period of one year. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improved over the past week After last week's 42% share price gain to ₩15,750, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 31x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 26% share price gain to ₩11,450, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 29x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 16% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩675 (vs ₩26.00 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩96.6b (up 1.6% from FY 2019). Net income: ₩9.22b (up ₩8.92b from FY 2019). Profit margin: 9.5% (up from 0.3% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. 공고 • Mar 05
Wooridul Pharmaceutical Limited, Annual General Meeting, Mar 25, 2021 Wooridul Pharmaceutical Limited, Annual General Meeting, Mar 25, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 23
New 90-day low: ₩9,180 The company is down 23% from its price of ₩12,000 on 25 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 4.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: ₩9,340 The company is down 27% from its price of ₩12,750 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₩10,350 The company is down 38% from its price of ₩16,800 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩10,800, the stock is trading at a trailing P/E ratio of 63.2x, down from the previous P/E ratio of 75.2x. This compares to an average P/E of 30x in the Pharmaceuticals industry in South Korea. Total return to shareholders over the past three years is a loss of 5.7%. Is New 90 Day High Low • Dec 24
New 90-day low: ₩11,800 The company is down 20% from its price of ₩14,800 on 25 September 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: ₩11,900 The company is down 38% from its price of ₩19,150 on 04 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: ₩12,250 The company is down 40% from its price of ₩20,300 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 4.0% over the same period. 공고 • Nov 12
Wooridul Pharmaceutical Limited announced that it expects to receive KRW 20 billion in funding from Linden Advisors LP, SC Lowy Financial (HK) Limited Wooridul Pharmaceutical Limited (KOSE:A004720) announced a private placement of 32 series unregistered coupon non-guaranteed private bonds with warrants for gross proceeds of KRW 20,000,000,000 on November 11, 2020. The company will also issue warrants exercisable into 1,342,281 shares with an exercise price of KRW 14,900 for 9.12% stake in the company during November 19, 2021 and October 19, 2023. The bond is issued at 2.5% coupon rate, 2.5% yield to maturity rate and will mature on November 19, 2023. The transaction will include participation from new investor Linden Capital L.P , a fund managed by Linden Advisors LP and SC Lowy Financial (HK) Limited for KRW 10,000,000,000 each. The subscription date is November 13, 2020 and the payment date is November 19, 2020. The securities are subjected to hold period of 1 year. The transaction has been approved by the board of directors of the company.