ABL Bio, 1Q Sales of 40.4 Billion KRW... Profit Streak Driven by 'Technology Exports'

ABL Bio, a specialist company in bispecific antibodies, announced in its quarterly report that it achieved operating revenue of KRW 40,381.31 million, operating profit of KRW 23,111.17 million, and net profit of KRW 24,334.61 million based on consolidated financial statements for the first quarter of this year. Following its successful return to profitability last year in the first quarter, the company has continued its profit streak.

ABL Bio CI
Photo by ABL Bio

The achievement of profitability in the first quarter of this year was largely attributed to the milestone payment of USD 25 million (approximately KRW 33.4 billion) received from the successful first dosing in Phase 1 clinical trial of 'ABL301,' which was licensed out to the global pharmaceutical company Sanofi.

The company explained that this accomplishment is especially meaningful as it was achieved amid economic slowdown following the COVID-19 pandemic, during which many domestic and international companies, including those in the pharmaceutical and bio sectors, have experienced deteriorating performance.

Lee Sang-hoon, CEO of ABL Bio, stated, “Since we have achieved excellent results from the first quarter this year, we will actively pursue the establishment of a diversified pipeline. We participate annually in domestic and international conferences and conventions to continuously secure competitive pipelines by understanding market interests and trends. This year as well, we will actively participate in major events such as BIO USA to gain ongoing inspiration not only for partnering but also for business strategy development.”