GC Cell Reports 5 Billion KRW Operating Profit in Q2, Up 278% Year-on-Year

[Asia Economy Reporter Lee Gwan-joo] GC Cell announced on the 1st that its consolidated operating profit for the second quarter of this year reached 5 billion KRW, marking a 278% increase compared to the same period last year.

During the same period, sales grew by 91% to 55.7 billion KRW, and net profit increased by 126% to 3.1 billion KRW. The cumulative sales for the first half of the year amounted to 139.5 billion KRW, operating profit to 41.1 billion KRW, and net profit to 27.2 billion KRW. Notably, the operating profit in just the second quarter exceeded last year's annual operating profit of 36.3 billion KRW.

By business division, the cash cow specimen testing business saw sales increase by 33% compared to last year, and the bio-logistics business also grew by 74%. Additionally, technology transfer fees and contract development and manufacturing organization (CDMO) sales through Artiva and MSD (Merck) steadily contributed, resulting in robust cell therapy business sales of 14.2 billion KRW.

The company continued its focus on strengthening research and development for sustainable growth. It stated that R&D expenses increased by nearly 50% compared to the same period last year, and the interim results of the Phase 1/2 clinical trial of AB101 (CBNK+Rituximab) are expected to be announced as early as the end of this year.

In April, GC Cell acquired BioCentriq, a US-based cell and gene therapy CDMO, together with GC (Green Cross Holdings), securing a CDMO foundation connecting Asia and the US, and plans to provide differentiated CDMO services.

A GC Cell official said, “We are focusing on global projects such as Artiva and MSD,” adding, “In particular, we are conducting various joint research projects through the development of new pipelines like CD5-CAR (chimeric antigen receptor)-NK targeting T-cell lymphoma and open innovation, striving to secure long-term future growth engines.”