[Click e-Stock] "Green Cross Improves Earnings on Increased Sales of High-Margin Products"

On May 7, Mirae Asset Securities maintained its "Buy" investment rating and target price of 200,000 won for Green Cross, citing expectations of a significant improvement in performance in the second half of the year.

In the first quarter of this year, Green Cross recorded sales of 338.8 billion won and operating profit of 8 billion won. Sales increased by 7.6% compared to the same period last year, and the company returned to profitability in terms of operating profit.

Seo Mihwa, a researcher at Mirae Asset Securities, explained, "This was due to improved profitability from the price increase of domestic blood products implemented in June last year, as well as increased exports of high-margin products such as the varicella vaccine Varicella and the Hunter syndrome treatment Hunterase."

Specifically, overseas sales growth drove the company's performance. While domestic blood product sales grew by 13.2% year-on-year, overseas sales surged by 181.2%. For vaccines, domestic sales increased by 53%, while overseas sales expanded by 62.1%.

Researcher Seo projected that in the second half of the year, sales growth of the blood product Aliglo and improved consolidated results from enhanced management efficiency at subsidiaries would further boost performance.

She stated, "We forecast 1.8183 trillion won in sales and 75.2 billion won in operating profit for 2025," adding, "Since Aliglo contributes the most to Green Cross's corporate value, if prescriptions for Aliglo increase and the losses of consolidated subsidiaries decrease, the stock price is expected to resume its upward trend."