GC Biopharma Q3 Operating Profit Hits KRW 49.2 Billion, Up 68.5% Year Over Year

Improved profitability driven by growth in high-margin products and reduced losses at subsidiaries
Aliglo's cumulative revenue through the third quarter reached $97 million
Annual revenue target of $150 million within reach

GC Biopharma said on Nov. 2 that it preliminarily recorded consolidated revenue of KRW 522.1 billion, operating profit of KRW 49.2 billion and net income of KRW 208.5 billion in the third quarter. Operating profit and net income rose 68.5% and 1,051.9%, respectively, from a year earlier.

The results were driven by growth in high-margin products and narrower losses at key subsidiaries. The influenza vaccine contributed to improved profitability, with results deferred from the second quarter reflected in the figures.

A view of GC Biopharma's headquarters in Yongin, Gyeonggi Province. GC Biopharma

ALYGLO, an immunoglobulin blood product, generated about $46 million (approximately KRW 61.4 billion) in revenue in the third quarter. Including first-half revenue of $51 million (approximately KRW 68.1 billion), cumulative revenue through the third quarter totaled $97 million (approximately KRW 129.5 billion). The company is also within reach of its annual revenue target of $150 million (approximately KRW 200.2 billion).

Net income rose sharply as it included an upfront payment from the sale of Curevo's vaccine business. GC Biopharma sold the vaccine business to Eli Lilly in May. The company also expects medium- to long-term business value from contract manufacturing opportunities if the pipeline is commercialized, as well as royalties linked to sales.

An upfront payment of KRW 46.8 billion from a global licensing deal for a next-generation Fabry disease treatment candidate is expected to be reflected in fourth-quarter results. The company plans to maintain the improvement in its second-half results, supported by licensing deals and growth in its core businesses.

ABO Plasma, the company's U.S. plasma business and a key subsidiary, also narrowed its losses. The improvement came as higher utilization at its seven plasma centers eased the burden of fixed costs.

A GC Biopharma official said, "We will continue to achieve stable growth in scale and improve profitability through solid performance in our existing businesses and the expansion of our global products."

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