Hello. This is Daily Stock, delivering cold, fact-based analyses of key corporate issues in the KOSDAQ market.
[Image: /stdaily/uploads/202606/gen_6a3f835b481484.29078336.png]
Executive Summary
Samchundang Pharm (000250) recently drew significant market attention at domestic and international investor relations (IR) sessions by announcing a blueprint to develop "oral Keytruda (oral pembrolizumab)" using its proprietary platform technology. However, the controversy over the technology's authenticity intensified when the original developer, Merck (MSD), clarified that no joint development or collaboration discussions had taken place. Coupled with its past designation as an unfaithful disclosure corporation, the spotlight is now on whether the company can prove the commercial value of its drug formulation conversion technology.
Current Situation Summary
Following a non-deal roadshow (NDR) for overseas institutional investors in Hong Kong and Singapore on June 8–9, 2026, Samchundang Pharm held an IR session for domestic individual shareholders on June 11. During these events, the company presented a business roadmap to convert Keytruda and Opdivo—the world's leading cancer immunotherapies—into oral tablets and subcutaneous (SC) formulations using its drug delivery platform technology, "S-PASS." In particular, they highlighted a pharmacokinetics (PK) graph showing that the blood concentration of the S-PASS formulation in mouse trials was several times higher than that of standard liquid formulations.
However, a backlash ensued when MSD Korea officially denied having had any discussions or consultations with Samchundang Pharm regarding the matter. Additionally, suspicions were raised that some of the key data presented by Samchundang Pharm were merely placeholder indicators rather than concrete results, putting the authenticity of the claims in question.
Following these unexpected developments, investor sentiment cooled. Samchundang Pharm's stock closed at 210,500 KRW on June 26, 2026. This represents a plunge of over 80% from its 52-week high of 1,233,000 KRW reached on March 30.
Financial Analysis
Driven by its ophthalmic pharmaceuticals and eye drops business, Samchundang Pharm has shown gradual growth in consolidated revenue and operating profit. In Q1 2026, it recorded consolidated revenue of 64.8 billion KRW and an operating profit of 5.45 billion KRW, maintaining its earnings improvement trend from previous quarters.
However, concerns persist that if large-scale technology licensing fees through its core S-PASS technology are delayed or if development uncertainties continue, the profit growth from its core business alone will not satisfy the market's high expectations.
| Quarter | Revenue (100M KRW) | Operating Profit (100M KRW) |
|---|---|---|
| Q3 2025 | 580 | 34.3 |
| Q4 2025 | 662 | 54.3 |
| Q1 2026 | 648 | 54.5 |
(Source: Financial Supervisory Service Electronic Disclosure System and market estimates)
Valuation
Based on the closing price of 210,500 KRW on June 26, 2026, Samchundang Pharm's market capitalization stands at approximately 4.9612 trillion KRW. This represents a loss of nearly 13 trillion KRW compared to its peak market capitalization in March.
As of the end of FY2025, the company faced overvaluation controversies, with its PER (Price-to-Earnings Ratio) exceeding 900x and its PBR (Price-to-Book Ratio) nearing over 17x. To maintain its premium as a platform company, it must move beyond presenting roadmaps and deliver concrete, materialized contract terms.
Analyst & Institutional Consensus
In the domestic brokerage scene, there is a persistent absence of analyst coverage on Samchundang Pharm. This unusual "missing report" phenomenon is due to the difficulty of verifying the consistency of the contract sizes and disclosures announced by the company, as well as extreme stock price volatility, which makes it hard to estimate a reasonable target price.
While experts acknowledge the theoretical innovation of the formulation conversion platform, they warn against the premature pricing-in of pipelines that are still in the conceptual research phase or lack active collaborations with original developers. They emphasize the need for a conservative approach, scrutinizing contract sizes and data accuracy.
[Image: /stdaily/uploads/202606/gen_6a3f836623d1e4.90760503.png]
Risk Factors
On April 20, 2026, Samchundang Pharm was designated as an unfaithful disclosure corporation by the KOSDAQ Market Division of the Korea Exchange for failing to comply with fair disclosure regulations regarding its business outlook, receiving 5 penalty points. Rebuilding external communication channels is urgent to restore market trust.
Furthermore, repeated governance and credibility issues, such as the reversal of a planned 250 billion KRW block deal, remain critical risk factors that deter long-term capital inflows from institutional and foreign investors.
Investment Perspective
According to Daily Stock's internal tracking, the KOSPI Fear & Greed Index stands at 39 (Fear), and the NASDAQ Fear & Greed Index has fallen to 24.8 (Fear), pointing to a strong risk-off sentiment in the global markets. Under these conditions, stocks with high valuation burdens and unresolved verification issues are highly vulnerable to extreme volatility.
Ultimately, Samchundang Pharm's trajectory depends on whether its global licensing-out (L/O) contracts for oral drugs utilizing the S-PASS platform successfully materialize. Until official disclosures confirm these outcomes, a cautious approach prioritizing risk management over short-term rebound bets is highly recommended.
Investor Checklist Q&A
Q1. What is the main controversy surrounding the "oral Keytruda (SCD0513)"?
A1. While Samchundang Pharm asserted the feasibility of an oral formulation using S-PASS, the original developer MSD denied any discussion, triggering credibility issues regarding the core data.
Q2. What is Samchundang Pharm's current status regarding unfaithful disclosure penalty points?
A2. The company received 5 penalty points in April for disclosure violations. Investors should monitor this closely, as additional penalty points could trigger a substantive review for delisting or designation as an administrative issue.
Q3. What is the significance of the S-PASS drug delivery platform technology?
A3. It is Samchundang Pharm's proprietary technology designed to convert macromolecular protein drugs (such as insulin, GLP-1 obesity treatments, and antibody therapies), which previously could only be injected, into oral tablets absorbed through the gastrointestinal tract.
Q4. What is the primary cause behind the stock price plunge from its peak?
A4. A decline in governance credibility following the canceled block deal, the unfaithful disclosure designation, and the recent disputes over the authenticity of major pipelines have collectively damaged investor sentiment.
Q5. What is the most critical turning point for investors to watch?
A5. The official disclosure and execution of technology transfer agreements for its three core platforms (S-PASS, long-acting injections, and SC formulations), which the company claimed would materialize from the second half of 2026 onward.