Boryung Biopharma "Files Preliminary Listing Review for H1... Aiming to Complete IPO by December"

Perspective view of Boryung Biopharma's new headquarters.

[Asia Economy Reporter Lee Gwan-joo] Boryung Biopharma held its regular general meeting of shareholders on the 31st, approving last year's financial statements, a stock split, and the reappointment of the CEO whose term is expiring.

Boryung Biopharma's performance last year recorded sales of 139.1 billion KRW and operating profit of 20.6 billion KRW, marking increases of 29% and 82% respectively compared to the previous year. The company stated that this is the best performance in its history.

With increased awareness of infectious diseases due to COVID-19, sales of influenza vaccines rose, and sales of self-developed products such as DTaP-IPV and Hepatitis A vaccines increased evenly, resulting in an operating profit margin of 15%, up 4.3 percentage points from the previous year.

A company official explained that in the first quarter of this year, sales of COVID-19 diagnostic kits increased, and sales of prescription drugs, which have been strengthened through recent organizational restructuring and workforce reinforcement, showed strong performance, leading to sales growth of over 40% compared to the same period last year, maintaining the growth trend.

At the shareholders' meeting, Boryung Biopharma conducted a 1:10 stock split, lowering the par value from 5,000 KRW to 500 KRW to increase the number of circulating shares ahead of its IPO, and subsequently resolved a 100% bonus issue at the board meeting.

The company plans to file a preliminary review application with the stock exchange in the first half of the year and complete the IPO process by December this year through submission of the securities registration statement and other procedures.

Executive Director Lee Young of the Management Headquarters stated, “Stable profit growth is being achieved based on the vaccine business, and sales are steadily increasing through the expansion of a diverse business portfolio. We are also preparing thoroughly to quickly adapt to anticipated changes in the vaccine market to gain significant added value.” He added, “In line with the government’s policy to expand the domestic production rate of vaccines, we will further expand our self-developed products to contribute to the improvement of public health.”