GC Pharma Reports Q3 2020 Results

Achieved double-digit growth driven by strong vaccines sales

YONGIN, South Korea--(BUSINESS WIRE)--GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited consolidated financial results for third quarter of 2020.

Third-Quarter Reported Results⁽¹⁾

Key Figures(1)	Q3 2020	Growth(2)
Total revenues	KRW 419.6 billion	+14.5%
Operating profit	KRW 50.7 billion	+37.1%
K-IFRS profit after taxation	KRW 63.4 billion	+182.8%
(1) Results from continuing operations (Green Cross MS’ blood bag business has been classified as discontinued operations)
(2) Results and percentages compare to equivalent 2019 period

Financial Highlights

• Delivered total revenue growth of 14.5% to KRW 419.6 billion (Q3 2019: 366.5 billion), and operation profit increased 37.1% to KRW 50.7 billion (Q3 2019: 37.0 billion) in the Q3 of 2020

• Unconsolidated revenues growth of 8.8%, driven by strong local and international vaccines sale

• Another quarter of strong subsidiaries performance, including Green Cross MS and Green Cross LabCell

• Local sales up 6.2% reflecting strong local Vx and CHC segment performance

• International sales growth of 26.2% driven by increased Flu and VZ vaccine sales, and the strong vaccine performance will be continued as a part of N/H sales of Flu vaccine and VZ vaccine sales reflected in Q4

• Achieved double-digit operation margin growth driven by increased sales of local and international vaccines segment, favourable mix, cost containment.

• The performance for core businesses so for this year in line with where the company expect it to be.

Short-term R&D Milestones

• Hunterase China regulatory decision in Q3 (Approved 2 September 2020)
• GreenGeneF China regulatory decision in Q4
• Hunterase ICV Japan regulatory decision in Q4
• IVIG 10% US BLA submission in Q4

About GC Pharma

GC Pharma is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in South Korea, GC Pharma is the largest plasma protein product manufacturer in Asia and has been dedicated to quality healthcare solutions more than half a century. Green Cross Corporation updates its corporate brand as GC Pharma in early 2018. Green Cross Corporation remains the company's registered, legal name.

This release includes forward-looking statements, which express the current beliefs and expectations of GC Pharma’s management. Such statements speak only as of the date on which they are made and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.