K-bio’s ambition to tap a KRW 100 trillion global market: who is the real alternative?

Market size: Korea’s GLP-1 market takes off in 2025

The global market for GLP-1 obesity drugs is expected to grow explosively, at 17.5% a year, from about KRW 74 trillion in 2024 to KRW 217 trillion by 2030. The Korean market is also expanding rapidly: Novo Nordisk’s Wegovy, the overseas front-runner, launched in 2024 and topped KRW 200 billion in cumulative sales within three quarters, taking a 66% market share.

In 2025, outpatient prescriptions in Korea’s diabetes drug market rose 3.9% to KRW 1.5463 trillion. Among them, the GLP-1 injectables Trulicity from Lilly Korea and Xultophy FlexTouch from Novo Nordisk grew strongly, by 44.9% and 57.7% respectively. However, the lack of a homegrown new drugis still considered a sore spot for Korea’s pharmaceutical industry.

Top 5 contenders: where each stands in clinical development

1. Hanmi Pharmaceutical (128940): launch of “Korea’s first homegrown obesity drug” is imminent

Current share price: KRW 541,000 (as of Feb. 5)
Brokerage price targets: Consensus of KRW 560,000 (Samsung Securities) and KRW 570,000 (Meritz Securities)
Clinical progress: Efpeglenatide Phase 3 completed in Korea; targeting launch in the second half of 2026

Hanmi Pharmaceutical is the only Korean GLP-1 developer to have reached the marketing approval application stage. In October 2025, efpeglenatide’s Phase 3 trial demonstrated weight loss and superior safety (a double-digit percentage reduction in gastrointestinal side effects). In particular, with a pricing strategy 30–40% below Wegovy and Mounjaro, the company aims to reach KRW 100 billion in sales within a year of launch.

Feasibility: ▲▲▲▲▲ (5/5)
It has already completed Phase 3 and secured stable production capacity through its Pyeongtaek smart plant. A domestic launch in the second half of 2026 looks all but certain, and the title of Korea’s first GLP-1 obesity drugshould give it a first-mover advantage.

2. Peptron (087010): a “once-a-month injection” collaboration with Eli Lilly

Current share price: KRW 247,500 (as of Feb. 6)
Expert price targets: KRW 300,000 (Kim Min-sung), KRW 350,000 (Kim Young-min)
Clinical progress:Joint research agreement with Eli Lilly extended (December 2025, expanded to 24 months)

Peptron is developing long-acting injectables with its in-house “SmartDepot” platform technology. In December 2025, it extended its joint research with Eli Lilly from 14 months to 24 months, taking technology validation a step further. Beyond extending Mounjaro’s half-life, it is also researching a long-acting formulation of a next-generation muscle-building compound (UCN2).

Feasibility: ▲▲▲▲△ (4/5)
The chances of a full contract with Eli Lilly are rising, but the non-exclusive deal structureis a variable. The outline of a concrete technology export (licensing-out) deal is expected to emerge at the J.P. Morgan Healthcare Conference in January 2026.

3. Inventage Lab (389470): a “second joint study” with Boehringer Ingelheim

Current share price: KRW 68,300 (as of Feb. 6)
Expert price targets: KRW 100,000 (Kim Young-min, Choi Won-beom), KRW 110,000 (Seong Ha-jun)
Clinical progress: With Boehringer Ingelheim, a second joint research agreement (November 2025)

Inventage Lab ‘IVL-DrugFluidic’ develops long-acting injectables using microfluidic technology. Following its first agreement in September 2024, in November 2025 it signed a joint research agreement on a second peptide compound, demonstrating that its platform technology can scale. It has also signed licensing-out deals with Korean drugmakers such as Daewoong Pharmaceutical and Chong Kun Dang.

Feasibility: ▲▲▲△△ (3/5)
Its collaboration with Boehringer Ingelheim could move beyond platform validation to a large-scale technology transfer, but it has not yet become a full contract. Pharmacokinetic study results in the first half of 2026 are likely to be a key turning point.

4. G2GBIO (456160): “three-month long-acting” semaglutide

Current share price: KRW 79,700 (as of Feb. 6)
Brokerage price targets: KRW 319,800 (SMIC, Base Case 1)
Clinical progress:One-month long-acting semaglutide-based formulation preparing to enter clinical trials (targeting the first half of 2026)

G2GBIO is developing one-month and three-month long-acting formulations with its “InnoLAMP” microsphere technology. At the PODD conference in October 2025, it unveiled pharmacokinetic results for its three-month semaglutide formulation for the first time, demonstrating its technology. It has signed joint development agreements with three global drugmakers, including Boehringer Ingelheim.

Feasibility: ▲▲▲△△ (3/5)
With the semaglutide patent expiring (2026), its strategy of targeting the global generics market is sound, but it has not yet entered Phase 1, so clinical riskremains. A strength is that it has already built mass-production capacity and can absorb global CDMO demand.

5. Ildong Pharmaceutical (249420): taking on an “oral (pill) obesity drug”

Current share price: KRW 36,500 (as of Feb. 9)
Brokerage price targets: KRW 45,000 (SK Securities)
Clinical progress:ID110521156 Phase 1 completed; preparing for global Phase 2

Ildong Pharmaceutical’s subsidiary Yunovia is developing the oral small-molecule GLP-1 receptor agonist ID110521156. In a Phase 1 trial in September 2025, it achieved up to 13.8% weight lossafter four weeks of dosing, ranking among the best results for oral candidates. It overcame the structural weaknesses of Pfizer’s danuglipron class, with 54% bioavailability and no link to liver toxicity.

Feasibility: ▲▲▲△△ (3/5)
Oral deliveryoffers convenience and is a powerful differentiator, but it is still in Phase 1 and needs to enter global Phase 2 and negotiate a technology transfer (licensing-out). At BIO-Europe in November 2025, it held partnering meetings with global drugmakers, stepping up talks on a technology export.

How big a deal is this?

“A KRW 217 trillion market growing 17.5% a year through 2030”

The GLP-1 market is expanding beyond simple obesity treatment into diabetes, MASH (metabolic dysfunction-associated steatohepatitis), cardiovascular disease and dementia: a megatrend. In particular, formulation innovation(long-acting and oral) is the key driver of market growth, and Korean companies are targeting this niche.

Hanmi Pharmaceutical aims to take the market first with its title of Korea’s first homegrown drug; Peptron, Inventage Lab and G2GBIO are seeking technology validation through collaborations with global Big Pharma; and Ildong Pharmaceutical is aiming for Oral deliveryas a game changer to reshape the market.

Brokerages have set price targets of KRW 560,000 for Hanmi Pharmaceutical, KRW 300,000 or more for Peptron and KRW 100,000 or more for Inventage Lab, betting on these companies’ growth.

Investment points at a glance

※ This article is for investment reference only. Investors bear final responsibility for their investment decisions.

BITPRESS Insight

“Hanmi Pharmaceutical leads alone through 2026; after that, it’s a war of platform technologies”

Korea’s GLP-1 market is confirming the truth that “what matters is not coming out fast, but coming out right”. Now that Hanmi Pharmaceutical is the only one to have finished Phase 3 and is about to launch, the other four companies are trying to stand out with formulation innovation.

There are two key takeaways. First, Collaboration with global Big Pharma has become the ultimate rite of passage for technology validation. The fact that Peptron (Eli Lilly), Inventage Lab (Boehringer Ingelheim) and G2GBIO (three companies including Boehringer Ingelheim) are all conducting joint research with global drugmakers shows that the world recognizes the maturity of Korean technology. Second, a showdown between oral and long-acting drugsis expected to heat up. Ildong Pharmaceutical’s oral drug, with 13.8% weight loss, is a variable that could shake the advantages of injectables.

When investors should pay attention: ① The J.P. Morgan Healthcare Conference in January 2026, where the outline of Peptron’s technology export may emerge; ② First half of 2026 G2GBIO’s entry into clinical trials; ③ Second half of 2026 Hanmi Pharmaceutical’s actual market share after launch. Hanmi Pharmaceutical will likely take the Korean market first, but in the global market the winner will be decided by the formulation battle of “one month vs. three months vs. oral”.

Conclusion: For now, we are at the stage of valuations driven by expectations . Real proof of earnings begins in 2026.

Sources (links)
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