[Edaily Reporter Kim Seung-kwon ] As the domestic stock market has shifted to a performance-driven market centered on semiconductors, attention is also growing in the pharmaceutical, biotech, and healthcare sectors, particularly toward companies reporting rising earnings. Observers note that the era when funds flocked to these sectors based solely on vague expectations—such as clinical progress in new drug pipelines or the signing of technology export (L/O) agreements—has come to an end.

E-Daily’s pharmaceutical and biotech premium content service, Pharm E-Daily, analyzed key indicators and future growth potential of companies that have demonstrated solid fundamentals in their core businesses by posting strong financial results over the past three years (2023–2025).

Three Major Biotech Companies See Quantum Leaps in Earnings Through Global Expansion

Looking at the overall stock market situation this year, major investment sentiment has been concentrated in the semiconductor sector. The semiconductor sector has established itself as the domestic stock market’s leading earnings-driven sector, spurred by an earnings turnaround. As profit estimates were revised upward amid a rebound in memory prices and expanded investment in AI servers, investors learned the lesson that “premiums are only given to sectors that deliver solid numbers.”

As a result, investment criteria are shifting even in the pharmaceutical, biotech, and healthcare sectors, where “dreams” and “stories” once took precedence. Moving beyond a phase where stock prices were driven solely by clinical trial progress or technology export news, attention is now refocusing on companies that consistently generate actual revenue, operating profit, and cash flow. Capital seeking the next “semiconductor” in this earnings-driven market has naturally begun turning its attention to biotech and healthcare companies with proven track records.

Leading the earnings-driven market are major biotech companies. These firms have simultaneously grown their scale and strengthened their fundamentals through the establishment of global direct sales networks, the utilization of large-scale production capacity (Capa), and merger synergies.

SK BIOPHARMACEUTICALS(326030)is cited as the company that demonstrated the most dramatic earnings turnaround. SK BIOPHARMACEUTICALS recorded revenue of 3549억 won and an operating loss of 375억 won in 2023, but thanks to explosive direct sales in the U.S. of its new epilepsy drug Excofry (active ingredient: cenobamate), it successfully returned to profitability in 2024 with revenue of 5476억 won and operating profit of 963억 won.

Last year, SK BIOPHARMACEUTICALS doubled its revenue to 7067억 won for the first time in three years. Operating profit exceeded 2039억 won, fully demonstrating the profit leverage effect of its blockbuster new drug.

SAMSUNG BIOLOGICS, the world’s leading contract development and manufacturing organization (CDMO), ushered in an era of 5 trillion won in revenue, backed by its overwhelming manufacturing capabilities. Amid expectations for the full operation of Plant 4 and the early launch of Plant 5, SAMSUNG BIOLOGICS is maintaining robust annual revenue and operating profit growth of around 20%, serving as a pillar of the biotech industry.

Celltrion(068270) Furthermore, after shedding the temporary cost burden associated with the launch of the integrated Celltrion in 2024, the company recorded operating profit in the 1.5 trillion won range—a more than 100% year-over-year surge—driven by the accelerated prescribing of Zimpentra (Remsima SC), a new drug sold directly in the U.S. last year, thereby demonstrating the synergies of the merger in concrete terms.

Platform Royalties, New Drug Commercialization, and “Zero-to-One” Achievements

A clear structural shift is evident even among small- and mid-sized biotech firms and strong small enterprises, where the fruits of actual commercialization are translating into revenue. Alteogen Inc.(196170)secured exclusive contract amendments and product approval milestones from global big pharma companies (such as Merck) through its “ALT-B4” platform technology, which converts intravenous (IV) injections into subcutaneous (SC) formulations.

Since last year, Alteogen Inc. has achieved a qualitative transformation in its revenue structure as global royalty inflows from actual sales have begun in earnest. JEIL PHARM(271980)’s subsidiary, Onconic Therapeutics Inc., achieved a dramatic turnaround in its financial performance by breaking the cycle of losses through a combination of domestic sales of Zavoran—South Korea’s 37th domestically developed new drug, a P-CAB-class treatment for gastroesophageal reflux disease—and revenue from overseas technology exports.

In addition to traditional new drug development, the company’s dominance in the aesthetics sector is also noteworthy. PharmaResearch(214450)has not only solidified the domestic market position of its flagship product, the skin booster Rejuran, but has also successfully diversified its exports to Asian markets such as Thailand and Japan. Pharmarush has established itself as a leading K-Beauty stock with solid performance, recording consistent annual revenue and operating profit growth rates exceeding 30% over the past three years.

Amid the trend of generational change, contenders preparing for the next earnings rally are also waiting in the wings. SEERS TECHNOLOGY(458870), a company specializing in the diagnosis of heart disease using wearable medical devices, and 3billion Inc., a company specializing in the diagnosis of rare genetic diseases using artificial intelligence (AI), are recording rising sales driven by expanded global orders and a sharp increase in penetration rates within hospitals. As these companies have moved past the initial fixed-cost R&D phase and are now seeing software-based, high-margin revenue take off in earnest, they are being touted as next-generation candidates poised to carry the momentum of the earnings-driven market.

Consequently, analysts suggest that the market’s expectations for the pharmaceutical and biotech sector this year will ultimately hinge on the quality of companies’ financial statements. This implies that companies can no longer easily win investors’ favor based solely on the “technological prowess” label.

An analyst at a securities firm predicted, “Investor interest is now likely to shift toward companies that have broken into the U.S. direct sales market, those receiving quarterly cash royalties from global Big Pharma, and those generating subscription revenue by deploying diagnostic solutions in hospitals worldwide.”