1. What Happened? Intron Bio’s H1 2025 Performance Review

Intron Bio recorded revenue of ₩2.412 billion (a 62.3% decrease YoY), an operating loss of ₩3.795 billion, and a net loss of ₩3.146 billion in the first half of 2025. While revenue decreased due to the base effect of COVID-19 diagnostic kits, the DR (Diagnostics) segment maintained solid performance. However, the new drug development segment has yet to show tangible results.

2. Why These Results? Analyzing the Drivers of Change

The primary cause of the revenue decline is the base effect following the end of the COVID-19 diagnostic kit boom. The operating loss is due to continued investment in new drug development and increased SG&A expenses. However, efficient cost management reduced the loss compared to the same period last year. Debt increased due to new borrowings, highlighting the need for careful financial management.

3. What’s Next? Business Outlook and Investment Risks

Intron Bio’s future hinges on the success of its new drug development. While its innovative pipeline, including SAL200 (endocarditis treatment), is promising, the long development timeline and inherent uncertainties pose risks. The DR segment provides a stable revenue base, but profitability improvements may be limited until tangible results from new drug development emerge.

4. What Should Investors Do? Short-Term and Mid-to-Long-Term Strategies

  • Short-Term: Exceeding market revenue expectations is positive, but poor profitability and increased debt can cause stock price volatility. Careful monitoring of the market and a cautious approach are necessary.
  • Mid-to-Long-Term: Continuous monitoring of new drug development progress, clinical trial results, technology transfer, and commercialization success is crucial. Improvement in financial health is also an important investment criterion.