IR Materials

Feb 17, 2023

[Analyst Report] 4Q review: Oligo-driven strength

- Maintaining BUY and KRW120,000 target price.

- ST Pharm posted consolidated 4Q22 sales of KRW100.4b (up 94.1% and 65.1% q-q), a y-y turn to an operating profit of KRW10.2b (up 125% q-q), and a y-y turn to a net profit of KRW3.1b (down 69.3% q-q). Sales and operating profit beat consensus by 28.2% and 13.1%, respectively

- Oligonucleotide CDMO sales increased 111.2% y-y and 61.1% q-q to KRW63.3b.