WSI Reports 12.9 Billion KRW in 3Q Revenue... "Achieving Strong Top-Line Growth"

WSI recorded strong top-line growth in the third quarter due to the acquisition of Intro Biopharma and the reflection of consolidated earnings.

On the 14th, WSI announced that its consolidated sales for the third quarter increased by 63% year-on-year to 12.9 billion KRW. Operating profit for the same period achieved a positive 700 million KRW. Accordingly, the cumulative consolidated sales and operating profit up to the third quarter reached 29.1 billion KRW and 2.7 billion KRW, respectively.

The third quarter's top-line growth was the result of the subsidiary Intro Biopharma's performance being fully reflected in the consolidated financial statements. Additionally, the existing core product, the topical hemostatic agent, continued to show strong sales momentum based on a robust sales network and market position.

In June, WSI acquired a 67% stake in Intro Biopharma, a pharmaceutical R&D and manufacturing specialist, for approximately 18.8 billion KRW. Intro Biopharma is a high-quality small-to-medium pharmaceutical company with annual sales around 20 billion KRW and possesses excellent technology in pharmaceutical formulation research and formulation modification.

A WSI representative stated, "With Intro Biopharma's performance being fully reflected, the overall scale has grown rapidly. We will expand our business scope centered on Intro Biopharma to pharmaceutical R&D and manufacturing, aiming to sustain a growth rate more than twice as high as now."