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July 30, 2020 13:00 UTC

GC Pharma Reports Q2 2020 Results

Vaccines’ supply to be stronger in the second half

YONGIN, South Korea--(BUSINESS WIRE)-- GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited consolidated financial results for second quarter of 2020.

Second-Quarter Reported Results(1)

Key Figures(1)

Q2 2020

Growth(2)

Total revenues

KRW 360.0 billion

+1.1%

Operating profit

KRW 15.6 billion

-22.0%

K-IFRS profit after taxation

KRW 13.6 billion

T/P

(1) Results from continuing operations (Green Cross MS’ blood bag business has been classified as discontinued operations)

(2) Results and percentages compare to equivalent 2019 period

Financial Highlights

  • Delivered total revenue growth of 1.1% to KRW 360.0 billion (2019 Q2: 356.2 billion), and operation profit decreased 22.0% to KRW 15.6 billion (2019 Q2: 20.0 billion) in the Q2 of 2020
  • Unconsolidated revenues temporary setback impacted by international shipping schedule changes
  • Maintain double-digit growth in consolidated subsidiaries, including Green Cross MS and Green Cross LabCell
  • Green Cross local sales up 3.4% reflecting strong vaccines and CHC segment performance
  • Green Cross international sales temporarily slowed down due to S/H sales of Flu vaccine split Q1 and Q2 unlike prior year, and VZ vaccine expected stronger in the second half
  • Weaker sales of international proteins business continued, as a result of controlling operations
  • Gross profit margin growth driven by increased sales and favourable mix, SG&A rates impact on operating profit margin but expected to progressively ease over the course of the second half

Expected R&D Milestones

  • Hunterase China regulatory decision in Q3
  • GreenGeneF China regulatory decision in Q4
  • Hunterase ICV Japan regulatory decision in Q4
  • IVIG 10% US BLA submission in Q4

About GC Pharma

GC Pharma is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in South Korea, GC Pharma is the largest plasma protein product manufacturer in Asia and has been dedicated to quality healthcare solutions more than half a century. Green Cross Corporation updates its corporate brand as GC Pharma in early 2018. Green Cross Corporation remains the company's registered, legal name.

This release includes forward-looking statements, which express the current beliefs and expectations of GC Pharma’s management. Such statements speak only as of the date on which they are made and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts

Investor/Media Contact
HyunGoo Kang
+82 31 260 9382
gookang@greencross.com

WooSub Shin
+82 31 260 9397
isswoo@greencross.com

Yelin Jun
+82 31 270 1505
yelin@greencross.com

JiWoong Kim
+82 31 260 0759
yoholiday@greencross.com

Hansaem Kim
+82 31 260 9392
hs.kim@gccorp.com


Source: GC Pharma

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