GC Pharma Reports Full Year 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 year ended 31 December 2021.

Key Figures	Full Year 2021	Growth(1)
Total revenues	KRW 1,537.8 billion	2.2%
Operating Income	KRW 73.7 billion	46.6%
Net Income	KRW 136.9 billion	53.4%
(1) Results and percentages compare to full financial year 2020

Financial Highlights

• Delivered total revenue growth of 2.2% YoY to KRW 1,537.8 billion (2020: 1,504.1 billion), and operating profit increased 46.6% YoY to KRW 73.7 billion (2020: 50.3 billion) in the full year of 2021
• Both full-year and fourth-Quarter unconsolidated revenues (-4.7%/-14.3% YoY) temporary setback due to the expiration of in- license vaccine contracts, however, largely offset by robust prescription drug and its domestic flu vaccine sales
• Consolidated revenue increased 2.2% YoY, driven by strong growth in consolidated subsidiaries including GC WellBeing (+20.3% YoY) and GC Cell (+96.7% YoY), partially offset by lower revenues in GC Medical Science (-10.3% YoY)
• Flu Vx sales recorded historical-high sales of +38% YoY, due to rise in N/H Flu Vx export and strong domestic sales performance
• Weaker sales of international proteins business continued, as a result of balancing inventory control regarding oversea market expansion
• Despite increased of SG&A cost(+14.5% YoY), gross margin profit growth of 4.6%p due to product portfolio optimization

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.