I. Executive Summary — CIO Overall Judgment

🎯 CIO / Portfolio Manager
"SamChunDang Pharm is the only KOSDAQ bio company that has successfully transitioned from 'theme surge → performance verification'. 750,000 vials of Aflibercept biosimilar (SCD411) PO confirmed, GLP-1 oral semaglutide Japan contract, and even oral insulin— It is an extremely rare case in the history of Korean small and medium-sized bio companies for three pipelines to enter the commercialization track simultaneously. The current market cap of 17.7 trillion won is burdensome at a P/E of 93x compared to the 2026 target operating profit of 190 billion won, but it is on a structural wave where the global GLP-1 market will grow to $137B by 2030."

INFERENCE Direction: Bullish | Confidence: High
⚠ Invalidation Trigger: ① SCD411 FDA/EMA approval delay ② GLP-1 Japan partnership termination ③ If 2026H1 sales are less than 50 billion won, the rationale is invalid

FACT As of 10:00 AM on March 5, SamChunDang Pharm (000250) is trading at 768,000 won, surging +19.07% compared to the previous day. It rebounded by more than 120,000 won in just one day from 645,000 won the previous day (3/4). This stock started at 232,500 won on January 2 of this year and has risen +230% in just two months. (Source: KIS MCP Real-Time Quotes, 2026-03-05)

NARRATIVE The key question is "Is there room for further upside for a stock that has already tripled?" In conclusion, yes. SamChunDang Pharm's surge is structurally different from a simple theme stock surge. The following three reasons support this.

II. Industry Analysis — GLP-1 and Biosimilars, Two Giant Waves

GLP-1 Obesity Treatment: The Door to the $137B Market Opens

FACT According to GlobeNewsWire (2026.03.04), the global GLP-1 receptor agonist market is expected to grow from $51.9B in 2024 to $137.4B in 2030 (CAGR 17.6%). JP Morgan (2026.03) projected the entire incretin market to be $200B by 2030. Goldman Sachs Research presented a more conservative $95B, so in cross-validation, the consensus is at least $100B or more even within a wide band of $95B~$200B. (Source: GlobeNewsWire 2026-03-04 / JP Morgan Global Research 2026-03 / Goldman Sachs Research 2025)

INFERENCE The position of oral generics is special in this market. Currently, the dominant form of GLP-1 is injectable (Novo Nordisk Ozempic/Wegovy, Lilly Mounjaro), but when oral semaglutide is fully launched in 2026, patient accessibility will expand explosively. SamChunDang Pharm is emerging as a global player in this oral semaglutide generic.

Aflibercept (Eylea) Biosimilar: Blockbuster Replacement Market

FACT Aflibercept (aflibercept) is a blockbuster drug for the treatment of macular degeneration with global sales of over $10B. Biosimilar competition is intensifying from January 2026 in the UK, from April in Europe, and from May in other markets. Samsung Bioepis has reached a patent agreement with Regeneron to enter the US market in 2027. (Source: Ophthalmology Times 2026-02 / Pearce IP 2026-02-12)

SamChunDang Pharm's SCD411 is already being sold in the Canadian market, and has signed an exclusive supply agreement for 9 Western European countries. Confirmed purchase orders (PO) for 2026 are 750,000 vials, a 15-fold increase compared to the previous year. (Source: SamChunDang Pharm NDR data 2026-02 / EBN News 2026-02)

"9.7 billion in sales in 3 months, operating profit margin of 60%.
Securing 750,000 POs means scaling up this margin."

— Korea Equity Analyst, Quantamental Desk

III. Company Deep-Dive — SamChunDang Pharm (000250)

A. Financial Analysis

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