Brokerage : DS Investment & Securities
Analyst : Min-jeong Kim
Investment Rating : N/R
Target Price : N/R
Core Momentum : Intrinsic Grabody B platform validity reinforced despite Sanofi’s ABL301 clinical realignment, with added upside from Ionis-partnered muscle shuttle expansion in 1H26
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: N/R (No Target Price provided), Current Price KRW 197,700 (As of 2026-01-30)
- Historical Financials & Forecasts (K-IFRS Consolidated):
- 2022: Revenue KRW 67 Billion, Operating Profit KRW 1 Billion (OP Margin 1.3%), Pre-tax Profit KRW 3 Billion, Controlling Net Profit KRW 3 Billion, EPS KRW 67, ROE n/a, PER 342.6x, PBR 15.8x, EV/EBITDA 342.9x
- 2023: Revenue KRW 66 Billion, Operating Profit KRW -3 Billion (OP Margin -4.0%), Pre-tax Profit KRW -3 Billion, Controlling Net Profit KRW -3 Billion, EPS KRW -55, ROE -3.7%, PER -445.1x, PBR 15.9x, EV/EBITDA -43,399.5x
- 2024: Revenue KRW 33 Billion, Operating Profit KRW -59 Billion (OP Margin -177.8%), Pre-tax Profit KRW -56 Billion, Controlling Net Profit KRW -56 Billion, EPS KRW -1,150, ROE -46.0%, PER -26.0x, PBR 9.7x, EV/EBITDA -23.7x
- 2025F: Revenue KRW 34 Billion, Operating Profit KRW -60 Billion (OP Margin -177.8%), Pre-tax Profit KRW -56 Billion, Controlling Net Profit KRW -56 Billion, EPS KRW -1,170, ROE -40.6%, PER -169.0x, PBR 96.5x, EV/EBITDA -190.5x
- 2026F: Revenue KRW 34 Billion, Operating Profit KRW -61 Billion (OP Margin -177.8%), Pre-tax Profit KRW -57 Billion, Controlling Net Profit KRW -57 Billion, EPS KRW -1,182, ROE -69.4%, PER -167.2x, PBR 199.0x, EV/EBITDA -190.1x
- Stock Metrics: KOSDAQ 1,149.4pt, Market Cap KRW 10,932 Billion, Outstanding Shares 55,298 Thousand shares, Par Value KRW 500, Capital Stock KRW 0 Billion, 60-Day Avg Daily Trading Volume 1,486 Thousand shares, 60-Day Avg Daily Trading Value KRW 273,972 Million, Foreign Ownership 11.25%, 52-Week High/Low KRW 257,500 / KRW 31,300, Major Shareholders Sang Hoon Lee & 12 affiliated parties (24.8%), Kyung Dae Kim & 1 affiliated party (0.1%)
🚀 2. [Market Opportunities & Business Outlook]
- Context on Sanofi’s ABL301 Pipeline Prioritization:
- Sanofi designated ABL301 (SAR446159) as ‘deprioritised’ in its 4Q25 earnings presentation; this reflects the time required to implement an ‘imaging-based development strategy’ for complex Parkinson’s disease indications rather than contract termination.
- Platform Resilience of Grabody-B:
- Following the acquisition of ABL301 Phase 1 CSR in September 2025, Eli Lilly executed a major platform licensing agreement in November 2025 based on these clinical results.
- Regulatory disclosures from ABL301 Phase 1 confirmed platform safety, while CSF compartment data indirectly validated the biological functionality of Grabody-B as a BBB shuttle.
- Expansion into Muscle Shuttles in 1H26:
- Ongoing collaborative research with Ionis exploring Grabody-B as an RNA muscle shuttle, with publication of findings expected in 1H26.
- Successful validation offers additional platform valuation expansion across new therapeutic areas, including the obesity market projected to exceed USD 150 Billion by 2030.
📝 Editor’s Comment (Perspective)
The covering analyst views ABL Bio not as an enterprise impacted by the strategic trial realignment of a single partner, but as a robust platform biotech whose underlying Grabody-B technology remains clinically validated through partner deals and human biomarker data. This perspective places greater emphasis on subsequent platform agreements executed with global pharma (e.g., Eli Lilly) and new modality expansion into RNA muscle shuttles with Ionis over short-term market noise surrounding ABL301.
To verify whether this investment thesis continues to materialize, primary focus should be directed toward the upcoming 1H26 scientific publication on the Ionis-partnered Grabody-B muscle shuttle, the formal progression of Sanofi’s imaging-based development strategy, and further operational milestones under the Eli Lilly platform collaboration. These developments can be monitored through partner disclosures, scientific publications, corporate IR updates, and official regulatory filings.
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