[Click e-Stock] "QuadMedicine Expands Big Pharma Partnerships...Undervaluation Seen Easing"

On the 25th, Kiwoom Securities analyzed that QuadMedicine is emerging for its mid- to long-term growth potential, backed by expanded collaboration with global big pharma and the competitiveness of its manufacturing platform. QuadMedicine is a microneedle (MAP) platform company for pharmaceuticals. Although the brokerage did not provide an investment rating or target price, it described the company as a "hidden gem in the bio materials, parts, and equipment sector." The closing price on the 24th was 18,920 won.

Oh Hyunjin, an analyst at Kiwoom Securities, assessed that QuadMedicine has internalized a variety of formulation technologies, including separable-type (S-MAP) and coating-type (C-MAP) platforms. The company has independently built capabilities ranging from design and formulation development to aseptic process production systems, which was cited as a differentiating factor enabling stable mass production. Based on this, it has secured a structure in which it enters into joint development and CDO (Contract Development Organization) agreements with vaccine and peptide drug manufacturers, and receives technology fees, milestone payments, and royalties.

The company has a total of eight pipelines. MAP products for the treatment of osteoporosis, obesity, and acute allergies have been licensed out to Hanlim Pharm and others, while MAP products for vaccines are under preclinical research and development with partners such as GSK and the Right Foundation. In particular, GSK is one of the global top four vaccine companies, and the analyst projected that overseas clinical trials and related contract signings are expected in 2026.

Its earnings are expected to undergo structural improvement starting in 2027. Revenue in 2027 is forecast at 34.8 billion won, with operating profit of 10.5 billion won, marking a turnaround into the black. The brokerage projected that revenue recognition from manufacturing facilities will begin in earnest, followed by an expansion of income from technology fees and facility supply as the pipelines advance into clinical stages.

Analyst Oh said, "Considering the high growth potential of the target market and the company's leading position, the current share price is undervalued due to overhang pressure since the listing," adding, "If the supply-demand pressure eases and business performance becomes more visible at the same time, a re-rating of the company's valuation will be possible."