GC Biopharma announced on Monday that operating profit for the second quarter of 2022 jumped by 18 percent on year recording 13.1 billion won ($10 million).

GC Biopharma said its operating profit expanded 18 percent on year to 13.1 billion won in the second quarter.
GC Biopharma said its operating profit expanded 18 percent on year to 13.1 billion won in the second quarter.

Sales stood at 423.2 billion won in the second quarter, up 9.2 percent year-on-year. Net profit jumped 45.3 percent to 10.9 billion won in the same period.

Unconsolidated revenue grew 9.7 percent driven by overseas sales. Southern hemisphere influenza vaccines recorded all-time-high sales of 66.4 billion won and international sales of blood products also showed a two digit growth.

By business sector, sales of blood products recorded 106 billion won, prescription drugs, 81.1 billion won, vaccines, 84.4 billion won and others including consumer healthcare products, 50.9 billion won.

The company said R&D expenses spiked in the April-June period compared to a year earlier due to a phase 2 clinical trial of the next generation herpes zoster vaccine.

However, the overall profitability improved thanks to solid growth of main products, the company said. The gross profit margin grew 3.4 percentage points to 33.5 percent.

From the third quarter, flu vaccine sales in the northern hemisphere are expected to increase, GC Biopharma said.

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