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Korean biopharma developing rivoceranib (apatinib), an oral anti-cancer drug, alongside a broader oncology and biotech pipeline.
Korean biopharma developing rivoceranib (apatinib), an oral anti-cancer drug, alongside a broader oncology and biotech pipeline.
Its value rests largely on the liver-cancer drug rivoceranib, which its US subsidiary Elevar Therapeutics is developing in combination with an immunotherapy from China's Hengrui Medicine. Approval would turn trial spending into sales and milestone income. HLB also sits at the centre of a group of other listed Korean biotech affiliates.
Moat: narrow (IP / patents). Patented VEGFR2 inhibitor rivoceranib in late-stage global trials for liver cancer.
Headquarters: Seongnam, South Korea · Employees: 151
Size HLB (028300.KS) is a South Korea Health Care company (Biotechnology) with a market value of $3.06B, the 99th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩31,250 on 6 Nov 2026.
Performance Over six months the shares fell 48.6%, against -1.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 29.0% over the last twelve months (peer median +4.3%); the operating margin is -95.6% (peer median -1.7%).
Valuation It trades at 45.9× enterprise value to sales against a peer median of 9.5× (3rd most expensive of 19).
Capital Return on invested capital runs 16.0 points below its cost of capital (6.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩97.5B | ₩84.2B | ₩68.1B | ₩42.9B | ₩180B |
| Revenue growth | — | +24% | +59% | -76% | — |
| Gross profit | ₩36.8B | ₩24.9B | ₩8.44B | -₩8.08B | ₩51.3B |
| EBITDA | -₩87.0B | -₩94.0B | -₩112B | -₩106B | -₩58.3B |
| Net income | -₩214B | -₩221B | -₩92.0B | -₩188B | -₩78.2B |
| Free cash flow | -₩101B | -₩110B | -₩134B | -₩118B | -₩73.6B |
| Capital expenditure | ₩11.0B | ₩17.5B | ₩27.1B | ₩7.06B | ₩12.6B |
| Total debt | ₩297B | ₩285B | ₩160B | ₩62.7B | ₩130B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| HLB 028300.KS | $3.06B | -49% | +29% | -96% | 45.9× | n/a |
| HanmiPharm 128940.KS | $4.36B | +2% | +14% | 16% | 3.5× | 5.0% |
| Eisai 4523.T | $8.68B | +4% | +7% | 5% | 1.6× | 11.8% |
| Bayer BAYN.DE | $61.2B | +46% | -2% | 14% | 2.0× | 2.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 028300.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.9% | -0.4% | lowest of 21 |
| 6-month return | -48.6% | -1.8% | 2nd lowest of 21 |
| Distance from 52-week high | -54.8% | -27.1% | 4th lowest of 21 |
| Revenue growth (TTM) | +29.0% | +4.3% | 4th highest of 18 |
| Operating margin | -95.6% | -1.7% | 7th lowest of 19 |
| EV / Sales | 45.9× | 9.5× | 3rd most expensive of 19 |
| ROIC minus cost of capital | -16.0 pp | -6.0 pp | 6th lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HLB 028300.KS | South Korea | $3.06B | -49% | +29% | -96% | 45.9× | n/a | n/a |
| Caliway Biopharmaceuticals 6919.TW | Taiwan | $3.01B | -37% | -54% | -6,983% | 6,237.3× | n/a | n/a |
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 2.8× | -2.0% | +27.4% |
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | 5.5× | n/a | n/a |
| Denali Therapeutics DNLI | United States | $3.22B | +2% | n/a | -2,488% | 128.0× | n/a | n/a |
| Telix Pharmaceuticals TLX.AX | Australia | $3.22B | -6% | +27% | -1% | 3.9× | n/a | n/a |
| Rubicon Research RUBICON.NS | India | $2.91B | +74% | +37% | 21% | 14.2× | n/a | n/a |
| Sunshine Lake Pharma 6887.HK | Hong Kong | $2.85B | -9% | +20% | -3% | 6.1× | n/a | n/a |
| ADMA Biologics ADMA | United States | $2.85B | +56% | +8% | 42% | 5.7× | -0.8% | +64.6% |
| XtalPi 2228.HK | Hong Kong | $3.35B | -34% | +4% | -127% | 26.3× | n/a | n/a |
| Hualan Biological Engineering 002007.SZ | China | $3.37B | -15% | -11% | 17% | 5.6× | 16.7% | -1.8% |
| Dyne Therapeutics DYN | United States | $3.37B | +3% | n/a | n/a | n/a | n/a | n/a |
| Virbac VIRP.PA | France | $3.38B | +5% | +4% | 15% | 2.1× | 6.2% | +9.4% |
| Xeris Biopharma XERS | United States | $2.77B | +133% | +36% | 11% | 8.8× | 33.3% | +70.2% |
| Xiamen Amoytop Biotech 688278.SS | China | $2.76B | -23% | +18% | 27% | 4.7× | 0.5% | +36.0% |
| Beam Therapeutics BEAM | United States | $2.73B | -18% | +163% | -268% | 13.2× | n/a | n/a |
| Walvax Biotechnology 300142.SZ | China | $2.71B | -12% | -23% | 5% | 10.3× | 31.3% | -3.8% |
| Hebei Changshan Biochemical Pharmaceutical 300255.SZ | China | $2.68B | -52% | 0% | -25% | 21.9× | n/a | n/a |
| Disc Medicine IRON | United States | $3.50B | +16% | n/a | n/a | n/a | n/a | n/a |
| Xencor XNCR | United States | $2.66B | +178% | -29% | -206% | 22.6× | n/a | n/a |
| Arcus Biosciences RCUS | United States | $2.59B | -28% | -55% | -415% | 17.1× | n/a | n/a |