Aprogen Biologics (003060) AI Stock Analysis

Aprogen Biologics

(Korea Exchange:003060)

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Rating:40Underperform

Price Target:$1,318.00▼(-1.27% Downside)

Action:initiatedcoverage

Date:10/28/26

The score is primarily constrained by weak financial performance: persistent heavy losses, negative gross profit, and ongoing cash burn alongside rising leverage. Technicals also weigh on the score, with the stock trading below all key moving averages and negative MACD indicating a strong downtrend. Valuation provides limited support because the negative P/E reflects unprofitable operations and no dividend yield is available.

Positive Factors

Revenue GrowthRevenue growth provides evidence that Aprogen retains some commercial traction despite severe losses. Continued top-line expansion can support operating leverage and improve the economics of its biologics portfolio if growth is sustained and eventually matched by better cost control.

Negative Factors

Severe UnprofitabilityNegative gross profit and exceptionally deep operating and net margins indicate that the current business model is not covering its underlying costs. Persistent losses weaken internal funding capacity and make revenue growth less valuable until pricing, costs, or product economics improve.

Aprogen Biologics (003060) vs. SPDR S&P 500 ETF (SPY)

Market Cap: KRW 17.59B
Dividend Yield: ―
Average Volume (3M): 315.34K
Price to Earnings (P/E): -0.2
Beta (1Y): 0.10
Revenue Growth: 26.13%
EPS Growth: 58.75%
Country: KR
Employees: 377
Sector: General
Sector Strength: 55
Industry: Drug Manufacturers - Specialty & Generic

Aprogen Biologics Business Overview & Revenue Model

Company Description

Aprogen Biologics, Inc. specializes in the production and distribution of pharmaceutical goods. The company's activities are structured across two main segments: Pharmaceutical and Bio. Its Pharmaceutical division supplies synthetic medicines, encomp...

Aprogen Biologics Financial Statement Overview

Summary

Revenue grew ~10.49% TTM, but profitability and cash generation remain very weak: negative gross profit, extremely large operating losses (operating margin around -141%), net margin near -91%, and negative operating cash flow (~-32.3B) and free cash flow (~-36.1B). Leverage has risen materially versus 2024 (debt ~210.8B vs equity ~194.2B), increasing risk while losses persist.

Income Statement

18Very Negative

Balance Sheet

44Neutral

Cash Flow

21Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	86.18B	73.23B	67.38B	87.36B	65.19B	56.48B
Gross Profit	-23.34B	-28.42B	-7.58B	-12.05B	27.29B	25.44B
EBITDA	-27.71B	-103.70B	-51.33B	-88.32B	17.56B	11.93B
Net Income	-78.30B	-170.33B	-104.98B	-118.27B	5.58B	8.10B
Balance Sheet
Total Assets	548.41B	586.99B	590.98B	589.40B	676.10B	614.62B
Cash, Cash Equivalents and Short-Term Investments	22.70B	51.02B	38.32B	10.05B	99.07B	124.94B
Total Debt	210.84B	225.32B	154.02B	181.00B	134.74B	2.48B
Total Liabilities	277.03B	305.95B	212.29B	220.71B	173.73B	17.44B
Stockholders Equity	194.24B	207.76B	378.49B	368.69B	421.72B	507.94B
Cash Flow
Free Cash Flow	-36.15B	-47.86B	-46.45B	-62.05B	24.18B	-7.67B
Operating Cash Flow	-32.32B	-38.23B	-31.00B	-33.65B	25.73B	-6.23B
Investing Cash Flow	-50.06B	-85.12B	-51.72B	-95.21B	-53.00B	-23.16B
Financing Cash Flow	78.48B	135.14B	84.97B	115.29B	15.78B	-350.26M

Aprogen Biologics Technical Analysis

Technical Analysis SentimentNegative

Last Price1335.00

Price Trends

50DMA1630.84Negative

100DMA1888.13Negative

200DMA3438.99Negative

Market Momentum

MACD-77.52Negative

RSI27.92Positive

STOCH10.63Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KR:003060, the sentiment is Negative. The current price of 1335.00 is below the 20-day moving average (MA) of 1459.35, below the 50-day MA of 1630.84, and below the 200-day MA of 3438.99, indicating a bearish trend. The MACD of -77.52 indicates Negative momentum. The RSI at 27.92 is Positive, neither overbought nor oversold. The STOCH value of 10.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KR:003060.

Aprogen Biologics Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

KR:003060 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KR:069620	61Neutral	KRW 1.16T	5.95	―	0.59%	9.87%	160.28%
KR:249420	60Neutral	KRW 397.78B	8.87	―	1.59%	-0.65%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
KR:068760	54Neutral	KRW 1.59T	130.86	―	0.42%	13.88%	29.24%
KR:183490	49Neutral	KRW 76.86B	-8.16	―	―	-5.10%	19.68%
KR:170900	46Neutral	KRW 322.72B	-55.36	―	2.07%	15.38%	―
KR:003060	40Underperform	KRW 40.05B	-0.23	―	―	26.13%	58.75%

* General Sector Average

Performance Comparison

KR:003060 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
KR:003060	Aprogen Biologics	1335.00	-6870.00	-83.73%
KR:068760	Celltrion Pharm Inc.	36650.00	-26478.69	-41.94%
KR:069620	Daewoong Pharmaceutical Co., Ltd.	101100.00	-41905.73	-29.30%
KR:170900	Dong-A ST Co., Ltd.	33850.00	-12411.18	-26.83%
KR:183490	Enzychem Lifesciences Corp.	990.00	-1.00	-0.10%
KR:249420	Ildong Pharmaceutical Co., Ltd.	12580.00	-14837.52	-54.12%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 28, 2026

Aprogen Biologics AI Stock Analysis