SK生物制药有限公司：2026年第二季度业绩良好，但暂时维持指引

研报英文原文证据摘录

M

Update

August 5, 2026 03:57 AM GMT

SK Biopharmaceuticals Co Ltd | Asia Pacific

Morgan Stanley & Co. International plc, Seoul Branch+

Mi Hyun Kim

Equity Analyst

Good 2Q26, but maintaining

guidance for now

AlphaSignals Earnings Reaction

SK Biopharmaceuticals Co Ltd (326030.KS, 326030 KP)

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

S. Korea Healthcare | S. Korea

reaching 49% of the high end of SK's 2026 sales target (Exhibit 2).

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 4, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (bn)

EV, curr (bn)

Avg daily trading value (bn)

However, SK maintained its 2026 sales guidance of W880-920bn (MSe: W925bn)

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

and SG&A cost guidance of W570bn (MSe: W563bn), including R&D costs of

EPS (W)**

Prior EPS (W)**

EPS (W)§

Revenue, net (W bn)

EBITDA (W bn)

ModelWare net inc (W

bn)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)**

Leverage (EOP) (%)

3,409

2,203

707

187

253

2,607

3,848

925

286

204

2,533

4,818

944

274

198

2,690

5,897

995

284

211

38.5

12.0

44.1

46.4

49.5

0.0

1.7

(43.9)

30.6

6.1

67.1

25.1

19.7

0.0

2.8

(41.7)

31.5

5.1

47.5

19.5

19.9

0.0

3.9

(50.9)

29.7

4.4

47.1

17.3

18.5

0.0

4.0

(56.2)

Source: Company data, Morgan Stanley Research

Key Takeaways

Xcopri US sales were 11% above our estimate (in US$ terms), with 1H26 sales

W230bn (MSe: W217bn).

SK stated that it may update its 2026 guidance after reviewing 3Q26 earnings. It

did not provide details on SG&A costs, but noted R&D costs could increase in

2H26.

On a second in-licensing opportunity, SK is seeking to complete a transaction in

2H26 after expanding its focus in 1Q26 from commercialized drugs to Ph3 drug

candidates.

2026 sales guidance details: Xcopri US sales of W770-810bn (US$550-580mn,

assuming W1,395/US$ (MSe: US$558mn)), royalty income of W35bn, DP/API sales

of W45bn, Xcopri-related Asia sales of W10bn, and service/milestone income of

W20bn.

Underweight

In-Line

W74,000

(7)

W79,800

W144,100-73,000

78

W6,249

W5,725

W27

…