GC Pharma Reports Q1 2021 Results

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 the three months ended 31 March 2021.

First-Quarter Reported Results⁽¹⁾

Key Figures^(1)	Q1 2021	Growth^(2)
Total revenues	KRW 282.2 billion	-8.3%
Operating profit	KRW 5.0 billion	-18.0%
K-IFRS profit after taxation	KRW 17.5 billion	T/P

(1)	Results from continuing operations (Green Cross MS’ blood bag business has been classified as discontinued operations)
(2)	Results and percentages compare to equivalent 2020 period

Financial Highlights

• Delivered total revenue decline of 8.3% KRW 282.2 billion (2019 Q1: 307.8 billion), and operating profit decreased 18.0% to KRW 5.0 billion (2020 Q1: 6.1 billion) in the first quarter.

• Unconsolidated revenues temporal setback due to termination of in-licence product distribution and vaccine’s international shipping schedule changes

• Maintain double-digit growth in consolidated subsidiaries, including Green Cross MS, Green Cross LabCell and Green Cross Wellbeing

• S/H Flu Vx sales to be reflected in the second quarter unlike prior year, Vx sales expected to be stronger in second half of the year

• Int. sales of Hunterase sales up 412%, as its initial performance in Japan and China was reflected

• In spite of gross margin profit growth 4%p driven by COGs improvement, operating profit impacted by SG&A+R&D cost maintain prior year level

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.