- 3Q review: ST Pharm partially deferred oligonucleotide CDMO sales to 4Q. Operating profit missed consensus, due to increases in the costs of capacity expansion and R&D at subsidiaries.

- Maintain BUY and cut target price to KRW120,000: We revise our target price, as we lower our assumption for ST Pharm’s capacity utilization in light of the pace of CMO contract implementation.