GemVax, 3Q Sales 19.9 Billion KRW... Operating Loss of 600 Million KRW

[Asia Economy Reporter Lee Chun-hee] GemVax & Kael recorded sales of 19.9 billion KRW and an operating loss of 600 million KRW in the third quarter of this year.

GemVax & Kael announced on the 15th that it posted consolidated sales of 19.94139 billion KRW, an operating loss of 646.17 million KRW, and a net loss of 2.45385 billion KRW for the third quarter of this year. Sales grew 54.2% compared to the same period last year, and the operating loss decreased by 21.3%. However, net loss turned to a deficit.

On a cumulative basis, this year’s sales reached 60.93732 billion KRW, operating profit was 538.18 million KRW, and net loss was 4.41684 billion KRW. Sales increased by 43.6% compared to last year, and operating profit successfully turned positive. However, net loss also turned to a deficit on a cumulative basis. A GemVax representative stated, “Since sales in the third quarter already exceeded last year’s sales, we expect to achieve the highest sales this year.”

GemVax evaluated that the increase in sales was driven by new semiconductor factory investments by Samsung Electronics and SK Hynix, as well as increased demand for new filters due to strengthened contamination control in cleanrooms at Samsung Display and LG Display. They also reported that overseas expansion is achieving both sales growth and market share increase.

GemVax operates both filter manufacturing for semiconductor and other equipment, and a bio business developing new drugs such as Alzheimer’s disease treatments. Recently, the global Phase 2 clinical trials of 'GV1001,' an Alzheimer’s disease treatment under development, are being conducted simultaneously in the United States and Europe. IND (Investigational New Drug) approvals have been obtained in the U.S. and Spain.