GC Pharma Reports Q2 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 30 June 2021.

Second-Quarter Reported Results

Key Figures	Q2 2021	Growth^(1)
Total revenues	KRW 387.6 billion	7.7%
Operating Income	KRW 11.1 billion	-28.8%
Net Income	KRW 7.5 billion	-46.0%
^(1) Results and percentages compare to equivalent 2020 period

Financial Highlights

• Delivered total revenue growth of 7.7% KRW 387.6 billion (2020 Q2: 360.0 billion), and operating profit decreased 28.8% to KRW 11.1 billion (2020 Q2: 15.6 billion) in the second quarter

• Despite in-licence vaccine products biz-out, unconsolidated revenues growth of 0.2% due to strong performance of local Rx and international Vx sales

• Maintain double-digit growth in consolidated subsidiaries, including Green Cross MS (+41.7% YoY), Green Cross LabCell (+46.0% YoY) and Green Cross Wellbeing (+32.5% YoY)

• In terms of local performance, all segments are upping in sales except Vx. Rx sales increased to 24.5%, CHC(Consumer Health Care) and others +8.9%, Protein products +3.3% YoY

• International Rx and Vx sales growth of 69.2% and 61.3% respectively. In particular, Flu Vx sales up 110.4% with improved performance notably in Southern Hemisphere

• Local and international sales of Hunterase growth up to 18.4%, even though initial performance of Japan and China was not reflected in this quarter

• Continue to expect strong growth from local/international Vx business in second half of the year

• In spite of gross margin profit growth 1.2%p, SG&A rate temporary impact on operating profit but expected to progressively ease over the course of second half of the year

About GC Pharma

GC Pharma (formerly known as Green Cross Corporation) is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in Yongin, South Korea, GC Pharma is one of the leading plasma protein and vaccine product manufacturers globally and has been dedicated to quality healthcare solutions for more than half a century. Green Cross Corporation updated its corporate brand to GC Pharma in early 2018. Green Cross Corporation remains the company's legal name.

This press release may contain forward-looking statements, which express the current beliefs and expectations of GC Pharma's management. Such statements do not represent any guarantee by GC Pharma or its management of future performance and involve known and unknown risks, uncertainties and other factors. GC Pharma undertakes no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule.