Has the South Korean Healthcare Sector valuation changed over the past few years?

Investors are pessimistic on the South Korean Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 89.3x which is lower than its 3-year average PE of 290x. The industry is trading close to its 3-year average PS ratio of 4.8x.

Which industries have driven the changes within the South Korean Healthcare sector?

Investors are most optimistic about the Biotech industry which is trading above its 3-year average PE ratio. Analysts expect its future annual earnings growth (22.4%) to be largely in line with prior year's earnings growth.

South Korean (KOSPI) Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 02 Jul 2026	₩298.1t	₩65.5t	₩3.3t	13x	89.3x	4.6x
Sat, 30 May 2026	₩326.7t	₩65.7t	₩2.7t	14x	119.4x	5x
Mon, 27 Apr 2026	₩370.3t	₩64.6t	₩1.9t	20.2x	190x	5.7x
Wed, 25 Mar 2026	₩375.8t	₩64.6t	₩2.7t	17.7x	138x	5.8x
Fri, 20 Feb 2026	₩407.5t	₩61.0t	₩2.7t	20.2x	151.3x	6.7x
Sun, 18 Jan 2026	₩382.8t	₩61.8t	₩2.6t	18.3x	144.8x	6.2x
Tue, 16 Dec 2025	₩369.8t	₩61.7t	₩2.8t	19.6x	133.2x	6x
Thu, 13 Nov 2025	₩342.3t	₩60.4t	₩2.1t	19.1x	161.2x	5.7x
Sat, 11 Oct 2025	₩303.8t	₩60.3t	₩2.1t	20.3x	146.9x	5x
Mon, 08 Sep 2025	₩301.0t	₩60.0t	₩1.9t	21.5x	156x	5x
Wed, 06 Aug 2025	₩294.6t	₩58.4t	₩1.4t	21.3x	204.2x	5x
Fri, 04 Jul 2025	₩285.6t	₩58.0t	₩1.5t	21.6x	193x	4.9x
Sun, 01 Jun 2025	₩272.5t	₩57.6t	₩1.5t	21.8x	184.1x	4.7x
Tue, 29 Apr 2025	₩264.1t	₩56.1t	₩1.4t	18.6x	193.7x	4.7x
Thu, 27 Mar 2025	₩271.6t	₩56.1t	₩1.1t	14.8x	249.5x	4.8x
Sat, 22 Feb 2025	₩282.7t	₩54.7t	₩897.3b	15.3x	315x	5.2x
Mon, 20 Jan 2025	₩264.0t	₩54.5t	₩828.4b	14.8x	318.7x	4.8x
Wed, 18 Dec 2024	₩258.6t	₩49.7t	₩1.0t	13.8x	257.4x	5.2x
Fri, 15 Nov 2024	₩252.8t	₩53.1t	₩764.3b	15x	330.8x	4.8x
Sun, 13 Oct 2024	₩278.5t	₩53.3t	₩854.8b	16.2x	325.8x	5.2x
Tue, 10 Sep 2024	₩258.6t	₩53.4t	₩856.5b	16.8x	301.9x	4.8x
Thu, 08 Aug 2024	₩255.5t	₩52.3t	₩750.8b	15.8x	340.3x	4.9x
Sat, 06 Jul 2024	₩242.2t	₩52.3t	₩749.4b	16.7x	323.2x	4.6x
Mon, 03 Jun 2024	₩219.8t	₩53.0t	₩713.1b	16.3x	308.3x	4.2x
Wed, 01 May 2024	₩236.3t	₩52.3t	₩538.5b	18.4x	438.7x	4.5x
Fri, 29 Mar 2024	₩246.6t	₩53.1t	₩656.3b	18.4x	375.8x	4.6x
Sun, 25 Feb 2024	₩228.6t	₩52.0t	-₩48,458,490,006.00	23x	-4717.4x	4.4x
Tue, 23 Jan 2024	₩234.7t	₩55.7t	₩55.5b	22.7x	4231.9x	4.2x
Thu, 21 Dec 2023	₩219.9t	₩56.1t	₩280.7b	21.5x	783.4x	3.9x
Sat, 18 Nov 2023	₩207.8t	₩56.0t	₩972.0b	18.3x	213.8x	3.7x
Mon, 16 Oct 2023	₩204.8t	₩56.0t	₩1.0t	18.7x	200.1x	3.7x
Wed, 13 Sep 2023	₩217.3t	₩56.0t	₩932.8b	20.6x	233x	3.9x
Fri, 11 Aug 2023	₩224.3t	₩56.1t	₩2.1t	23.4x	107.3x	4x
Sun, 09 Jul 2023	₩199.1t	₩56.1t	₩2.1t	20x	94.6x	3.5x


KR Market	-1.88%
Healthcare	0.43%
Healthtech	12.12%
Healthcare Services	2.78%
Medical Equipment	2.72%
Pharma	1.19%
Biotech	-0.032%
Life Sciences	-0.56%

Company	Last Price	7D	1Y	Valuation
A207940 Samsung BiologicsLtd	₩1.42m	2.1% +₩1.3t	-11.8%	PE37.4x
A068270 Celltrion	₩177.10k	2.3% +₩879.0b	7.9%	PE30.7x
A128940 Hanmi Pharm	₩439.50k	11.5% +₩576.9b	49.7%	PE32.3x
A214450 PharmaResearch	₩360.50k	11.8% +₩394.8b	-27.8%	PE21.2x
A226950 OliX Pharmaceuticals	₩156.80k	11.4% +₩327.2b	300.5%	PS184.6x

Announcement • 21h

Hanmi Pharm. Co., Ltd. (KOSE:A128940) completed the acquisition of remaining 80.07% stake in Aptose Biosciences Inc. (TSX:APS).

Hanmi Pharm. Co., Ltd. (KOSE:A128940) entered into a non-binding letter of intent to acquire remaining 80.07% stake in Aptose Biosciences Inc. (TSX:APS) for CAD 4.9 million on September 9, 2025. Hanmi Pharm. Co., Ltd. entered into a definitive arrangement agreement to acquire remaining 80.07% stake in Aptose Biosciences Inc. for CAD 4.9 million on November 18, 2025. Under the terms of the Arrangement Agreement, upon the completion of the transactions contemplated under the Arrangement Agreement, Aptose shareholders, other than the Hanmi Purchasers and their respective affiliates that hold any Common Shares, will receive CAD 2.41 in cash per Common Share, which represents a premium of 28% over Aptose’s 30-day VWAP of CAD 1.88 on the Toronto Stock Exchange (TSX). Upon completion, Hanmi Pharm. Co., Ltd. will own 100% stake in Aptose Biosciences Inc. In case of termination of transaction, Aptose will pay a termination fee of CAD 0.30 million. Hanmi will have at the Effective Time sufficient funds available to satisfy the aggregate Consideration payable by the Hanmi pursuant to the Arrangement in accordance with the terms of this Agreement. As a result of the Arrangement, the Common Shares are expected to be delisted from the TSX at the close of trading on or about July 3, 2026. The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and subject to court approval. The Board of Directors of Aptose Biosciences Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is January 16, 2026. As of February 23, 2026, Aptose entered into an amended and restated arrangement agreement. The Amended and Restated Agreement amends and restates the original agreement to, among other things, schedule a new date for the special meeting of shareholders to seek approval of the Transaction, originally scheduled to be held on January 16, 2026, which has been reconvened to March 31, 2026 at 11:00 a.m. (EST). The Original Meeting was postponed to address comments raised by the United States Securities and Exchange Commission (“SEC”) on the transaction statement on Schedule 13E-3, as amended. As of March 19, 2026, Aptose shareholders vote ”FOR” a special resolution to approve the transaction. As on March 31, 2026, shareholders of Aptose Biosciences and the Court of King’s Bench of Alberta approved the Arrangement. On April 30, 2026, Aptose Biosciences Inc. announced that the transaction had been delayed due to certain Korean regulatory approvals for the Arrangement still being in progress, and that the company expects the transaction to be completed in May 2026. On May 29, 2026, Aptose Biosciences announced today that closing of the previously announced arrangement with Hanmi Pharmaceutical and HS North America a wholly owned subsidiary of Hanmi, has been further delayed as certain Korean regulatory approvals pertaining to the Arrangement remain in progress. The parties do not anticipate that the review will prevent closing and continue to work toward completing the Arrangement that they now target for the month of June. As of June 30, 2026, the transaction has been approved by necessary regulatory approvals in Korea. Locust Walk Partners, LLC acted as fairness opinion provider and financial advisor for Aptose Biosciences Inc. and the Special Committee. Charles-Antoine Soulière of McCarthy Tétrault LLP acted as legal advisor to the Special Committee and Aptose Biosciences Inc. Keith R. Chatwin of Stikeman Elliott LLP acted as legal advisor for Hanmi Pharm. Co., Ltd. Morrow Sodali (Canada) Ltd served as proxy solicitor while Computershare Investor Services Inc. acted as transfer agent and depository bank to Aptose. Aptose agreed to pay fees of up to $0.12 million (CAD 0.16 million) to Sodali & Co for proxy solicitation service. Meanwhile, Aptose has agreed to pay Locust Walk Partners a financial advisory work fee of $800 million (CAD 1.09 million) and a fee for the delivery of the Fairness Opinion worth $0.5 million (CAD 0.68 million). Hanmi Pharm. Co., Ltd. (KOSE:A128940) completed the acquisition of remaining 80.07% stake in Aptose Biosciences Inc. (TSX:APS) on June 30, 2026.

Announcement • Jun 12

Alteogen Inc Showcases Preclinical Data On ALT-B4-Enabled Subcutaneous ADC Formulation At World ADC Summit

Alteogen Inc. presented preclinical data at the World ADC Summit South Korea on the subcutaneous (SC) formulation of antibody-drug conjugates (ADCs) using its proprietary hyaluronidase ALT-B4 (berahyaluronidase alfa). During the oral presentation session, Associate Professor Tae Hwan Kim of the College of Pharmacy at Daegu Catholic University presented findings on the pharmacokinetics (PK) and local tolerability of ADC therapies administered subcutaneously with ALT-B4. In the subsequent poster presentation session, Alteogen's scientists further demonstrated that subcutaneous administration of ADC combined with ALT-B4 showed improved absorption and reduced toxicity. In this preclinical study, Alteogen evaluated its proprietary ADC, ALT-P7 (anti-HER2 ADC), in minipigs, comparing intravenous (IV) infusion, subcutaneous (SC) administration, and SC administration in combination with ALT-B4. The results showed that the ALT-B4 combination SC group exhibited rapid absorption after administration, leading to enhanced systemic exposure and bioavailability compared to the SC group without ALT-B4. In addition, the ALT-B4 combination SC group showed a notable reduction in local dermal toxicity, with a clear dose-dependent trend. In terms of hematologic parameters — including absolute neutrophil count (ANC), triglycerides, and aspartate aminotransferase (AST) — the IV infusion group showed a significant decrease in neutrophil counts along with increases in triglyceride and AST levels. In contrast, the ALT-B4 combination SC group exhibited a lower reduction in neutrophils and mitigated elevations in triglycerides and AST compared to the IV infusion group, demonstrating an improved hematologic safety profile over conventional intravenous ADC therapy. Based on these findings, Alteogen demonstrated the potential of combining ALT-B4 to enhance drug absorption, injection-site tolerability, and systemic safety in the subcutaneous delivery of ADCs. ALT-B4 (berahyaluronidase alfa) is a proprietary recombinant human hyaluronidase developed using Alteogen's Hybrozyme platform technology. ALT-B4 enables the conversion of biologics typically administered via intravenous (IV) infusion into more convenient and rapid subcutaneous (SC) formulations. By temporarily depolymerizing hyaluronan in the extracellular matrix, ALT-B4 facilitates the rapid and efficient dispersion and absorption of co-administered therapeutics.

South Korean (KOSPI) Healthcare Sector Analysis

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Latest News

PharmaResearch Co., Ltd. (KOSDAQ:A214450) signed an agreement to acquire Cosmetic Group USA, Inc.

Hanmi Pharm. Co., Ltd. (KOSE:A128940) completed the acquisition of remaining 80.07% stake in Aptose Biosciences Inc. (TSX:APS).

New major risk - Revenue and earnings growth

New minor risk - Profitability

Investor sentiment improves as stock rises 21%

Alteogen Inc Showcases Preclinical Data On ALT-B4-Enabled Subcutaneous ADC Formulation At World ADC Summit

New minor risk - Shareholder dilution

OliX Pharmaceuticals, Inc announced that it has received KRW 110.758162833 billion in funding from Business Opportunities for L'Oréal Development, Weiss Asset Management LP

New major risk - Earnings quality

We Ran A Stock Scan For Earnings Growth And Celltrion (KRX:068270) Passed With Ease

New minor risk - Share price stability

New major risk - Revenue and earnings growth

First quarter 2026 earnings released

New major risk - Revenue and earnings growth

Hanmi Science Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026

HLB Co., Ltd. announced that it has received KRW 25 billion in funding from Hanyang Securities Co. Ltd., Mirae Asset Securities Co., Ltd., BNK Asset Management Co., Ltd., Cloud IB Investment Co., Ltd.