[제약사 리포트] 팜젠사이언스, R&D 확대 본격화…비용 증가 부담

PharmGenesis more than doubled R&D spending in Q1 2026 to accelerate pipeline development—including an MRI contrast agent candidate—but saw operating margins compress despite rising revenues. The company's strategic pivot toward early-stage drug development, supported by newly diversified financing options, requires clinical progress to justify elevated research costs. Upcoming regulatory milestones and new product performance will determine whether this R&D-heavy model can deliver sustainable growth.