SK bioscience swings to Q3 pretax profit as operating loss narrows to 11.2 billion won

Revenue rises 21% to 182.4 billion won
Pretax profit swings to 6.1 billion won
Subsidiary "IDT" posts Q3 operating profit of 9.6 billion won

SK bioscience narrowed its operating loss in the third quarter compared with a year earlier and returned to profitability on a pretax basis. Revenue grew at its subsidiary IDT Biologika (IDT), from its varicella vaccine, and from its Sanofi vaccine distribution business.

In a filing on Nov. 5, SK bioscience said consolidated revenue for the third quarter rose 21% year over year to 182.4 billion won. Its operating loss narrowed 42% to 11.2 billion won, the smallest in 11 quarters since the fourth quarter of 2023. It turned a pretax profit of 6.1 billion won.

A view of SK bioscience's headquarters in Songdo. SK bioscience

Third-quarter revenue at IDT, a contract vaccine manufacturer acquired in 2024, rose 21% year over year to 113.1 billion won. Operating profit increased 66% to 9.6 billion won. Cumulative operating profit through the third quarter this year rose 56% year over year to 22.3 billion won. The company said the results were driven by increased production volumes for major customers, a higher share of high-margin sales, and greater production and operating efficiency.

In its own business, sales of SKYVaricella, its varicella vaccine, increased to member countries of the Pan American Health Organization (PAHO), including Colombia. In its Sanofi vaccine distribution business, sales grew for Beyfortus, an antibody shot to prevent RSV (respiratory syncytial virus), and Hexaxim, a six-in-one combination vaccine.

Joint projects with IDT are also increasing. The two companies have participated in projects for MSD's next-generation Ebola vaccine and a next-generation influenza vaccine for the European Union's Health and Digital Executive Agency (HaDEA). More recently, they joined the development and production of a Bundibugyo Ebola vaccine, supported by the U.S. Biomedical Advanced Research and Development Authority (BARDA), alongside the International AIDS Vaccine Initiative (IAVI) and others.

In its clinical pipeline, GBP410, a 21-valent pneumococcal conjugate vaccine being co-developed with Sanofi, is in a global Phase 3 trial. The company aims to announce top-line results in 2027. RSM01, an RSV-prevention antibody candidate licensed from the Gates Medical Research Institute (Gates MRI), has secured funding from the RIGHT Foundation.

This content was produced with the assistance of AI translation services.