[Edaily Reporter Kwon Oh Seok ] On the 2nd, independent research firm Value Finder assessed that C&R Research(359090)is showing signs of a full-fledged earnings rebound, with its order backlog recovering to the 160 billion won range at the end of the second quarter and its consolidated operating profit turning positive. The firm also noted that the integration of Mediplexus into the consolidated financial statements and the transition to a data CRO (Contract Research Organization) through an exclusive contract with Taime AI (Artificial Intelligence) are both proceeding smoothly.

Founded in 1997 as a CRO, C&R Research was listed on the KOSDAQ market through a SPAC merger in 2021. As of the first half of this year, the company had 506 employees, and its revenue was composed of 57.5% from regulatory clinical trials, 26.6% from non-regulatory clinical trials, and 15.9% from other sources.
As of the end of the second quarter of this year, C&R Research’s order backlog stood at 160.1 billion won, equivalent to 2 to 3 years’ worth of revenue on an annualized basis. The company recorded a standalone operating profit of 1.2 billion won in the second quarter, and its consolidated operating profit also turned positive. Notably, global orders reached 18.4 billion won in the first half of this year alone, nearly doubling last year’s full-year figure (9.5 billion won). Two multinational Phase 3 clinical trials, each worth 16.5 billion won, signed with DAEWOONGPHARMACEUTICAL are prime examples.
The number of global inbound projects—where overseas pharmaceutical and biotech companies directly select the company—is also steadily increasing, rising from 8 in 2024 and 11 in 2025 to 6 in the first half of this year alone. Accordingly, the company has raised its annual global order target from 30 billion won to 50 billion won and set a goal to increase the share of global revenue from the current level of approximately 15% to 30% over the medium to long term.
Efforts to pursue new businesses are also in full swing. In January, C&R Research acquired a 47.87% stake in the medical data company Mediplexus, making it a consolidated subsidiary, and is currently working to build a “Korean-style medical Palantir platform” through a collaboration with OneMedNet, a NASDAQ-listed company and Palantir’s medical data partner. Furthermore, in April, the company signed a one-year exclusive contract for an AI clinical system with Taimei Technology, which holds a 50% market share in China’s EDC market, and began full-scale implementation last month.
The external business environment is also favorable. Recently, Roche and Eli Lilly announced investment plans in Korea totaling approximately 710 billion won and 740 billion won, respectively, meaning a combined total of approximately 1.4 trillion won is expected to flow into the domestic biotech and clinical ecosystem. In addition, government policy funds are providing solid support for the expansion of late-stage clinical trials: the 150 trillion won National Growth Fund is expanding its investment scope to include biotech and vaccines, and the Ministry of Health and Welfare is pushing to establish a 170 billion won fund specialized for Phase 3 clinical trials.
Jeon Woo-bin, a researcher at ValueFinder, stated, “With the order backlog recovering to the 160 billion won range, the company has secured revenue visibility for the next two to three years.” He added, “Amid simultaneous expansion of global orders and the transition to a data CRO model, the company possesses corporate headquarters assets valued higher than its market capitalization, providing it with downside resilience.”