Valuation Update With 7 Day Price Move • 2h
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩7,000, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 10x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 3.3% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩6,460, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 10x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩8,180, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 11x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 13% over the past three years. New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩117.9b market cap, or US$81.0m). New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩108.3b market cap, or US$71.7m). Announcement • Mar 10
WITHUS PHARMACEUTICAL Co.,LTD., Annual General Meeting, Mar 26, 2026 WITHUS PHARMACEUTICAL Co.,LTD., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 786-2, miyang-ro, gyeonggi-do, anseong South Korea New Risk • Feb 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₩11,940, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 38% over the past three years. New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$100m (₩115.4b market cap, or US$78.2m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩8,740, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 16x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 14% over the past three years. New Risk • May 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (₩109.6b market cap, or US$79.2m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩8,300, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 12% over the past three years. New Risk • Mar 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.7% Last year net profit margin: 9.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.2% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (₩80.4b market cap, or US$54.8m). Announcement • Mar 12
WITHUS PHARMACEUTICAL Co.,LTD., Annual General Meeting, Mar 28, 2025 WITHUS PHARMACEUTICAL Co.,LTD., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 786-2, miyang-ro, gyeonggi-do, anseong South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩6,820, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 12x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 31% over the past three years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩141 (vs ₩211 in 3Q 2023) Third quarter 2024 results: EPS: ₩141 (down from ₩211 in 3Q 2023). Revenue: ₩27.6b (up 37% from 3Q 2023). Net income: ₩1.86b (down 33% from 3Q 2023). Profit margin: 6.7% (down from 14% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩6,980, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 14x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 50% over the past three years. New Risk • Mar 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 23% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Market cap is less than US$100m (₩120.8b market cap, or US$91.0m). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,410, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 21x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 5.8% over the past three years. New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings have declined by 39% 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 39% 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 (4.7% net profit margin). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩9,620, the stock trades at a trailing P/E ratio of 79x. Average trailing P/E is 16x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 30% over the past three years. New Risk • Oct 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (₩112.1b market cap, or US$82.7m). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩9,630, the stock trades at a trailing P/E ratio of 79.1x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩9,190, the stock trades at a trailing P/E ratio of 75.5x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 35% over the past three years. Upcoming Dividend • Dec 21
Inaugural dividend of ₩48.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. This is the first dividend for WITHUS PHARMACEUTICALLTD since going public. The average dividend yield among industry peers is 1.0%. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 27% share price gain to ₩10,250, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 20x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 3.1% over the past year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩6,290, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 19x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 49% over the past year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩7,220, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 20x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 50% over the past year. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩9,120, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 21x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 32% over the past year. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 41% share price gain to ₩14,850, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 24x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 1.3% over the past year. Upcoming Dividend • Dec 22
Inaugural dividend of ₩64.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for WithuspharmaceuticalLtd since going public. The average dividend yield among industry peers is 0.8%. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩10,400, the stock trades at a trailing P/E ratio of 20.6x. Average forward P/E is 15x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 25% over the past year. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₩15,600, the stock trades at a trailing P/E ratio of 19.4x. Average forward P/E is 19x in the Pharmaceuticals industry in South Korea. Is New 90 Day High Low • Feb 26
New 90-day low: ₩19,000 The company is down 9.0% from its price of ₩20,800 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩21,956 per share. Is New 90 Day High Low • Feb 09
New 90-day low: ₩19,850 The company is down 1.0% from its price of ₩20,150 on 11 November 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩22,127 per share. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₩23,150, the stock is trading at a trailing P/E ratio of 26.2x, up from the previous P/E ratio of 22.7x. This compares to an average P/E of 31x in the Pharmaceuticals industry in South Korea. Is New 90 Day High Low • Dec 21
New 90-day high: ₩23,150 The company is up 5.0% from its price of ₩22,100 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩23,616 per share. Is New 90 Day High Low • Oct 27
New 90-day low: ₩19,500 The company is down 21% from its price of ₩24,600 on 29 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 3.0% over the same period. 
