PharmGen Science Reports 112 Billion KRW in Cumulative Q3 Sales... "Surpassing Last Year's Annual Revenue"

[Asia Economy Reporter Lee Gwan-ju] PharmGen Science announced on the 15th that its cumulative sales on a consolidated basis for the third quarter of this year reached 112 billion KRW, surpassing last year's total sales of 109.9 billion KRW.

This represents a 45% increase compared to 77.3 billion KRW in the same period last year. Operating profit also rose by 196% to 5.6 billion KRW, and net profit increased by 273% to 71.3 billion KRW.

The operating profit achieved a clear turnaround to profitability through cost reductions in production during the first half of the year. The net profit surged due to equity-method gains from Access Bio, in which PharmGen Science is the largest shareholder. Access Bio's cumulative sales for the third quarter reached 983.8 billion KRW, with an operating profit of 470.2 billion KRW.

The company explained that this sales growth was the result of steady growth across three main sectors in the third quarter: prescription drug sales, contract manufacturing organization (CMO) business, and the healthcare sector (health functional foods) pursued for business diversification. Prescription drug sales increased by 27% year-on-year to 93 billion KRW, with circulatory system drugs?the largest sales portion?rising 24% to 24.8 billion KRW, and digestive and respiratory drugs recording 13 billion KRW and 10.9 billion KRW, respectively.

PharmGen Science is not satisfied with external growth and is focusing on talent management and research and development to secure future growth engines. In fact, alongside salary increases, the company paid bonuses to all employees based on strong first-half performance, expanded new research facilities, and consolidated dispersed R&D personnel and equipment to open the Dongtan Campus Global Research Center.

PharmGen Science is challenging the 150 billion KRW range, exceeding the annual sales target of 140 billion KRW set earlier this year. A company official said, "Since the fourth quarter's performance is the highest compared to the first to third quarters, we will strive to achieve results beyond expectations and become synonymous with 'the fastest-growing healthcare company.' Please watch how quickly PharmGen Science, which joined the 100 billion KRW club for the first time last year, succeeds in reaching 200 billion KRW in sales."