PanGen Biotech reports strong 9-month earnings on soaring EPO biosimilar sales

PanGen Biotech said Thursday its operating profit in the first nine months of this year surged 47 percent year-on-year to 1.9 billion won ($1.29 million), while sales were up 6 percent, reaching 10.94 billion won during the same period.

PanGen Biotech’s performance through the third quarter was strong across all business segments, including its erythropoietin (EPO) biosimilar and contract development organization (CDO) units.

In particular, revenue from its EPO biosimilar for anemia treatment reached 6.07 billion won, up 76 percent from the same period in 2024.

PanGen Biotech showed continued growth in its EPO biosimilar business. Overseas sales increased in ASEAN countries, including Malaysia, the Philippines, and Thailand, and full-scale exports to Saudi Arabia and Türkiye have also begun.

Since receiving Malaysian sales approval for the EPO biosimilar in 2019, PanGen Biotech has gained approval in six countries and expanded its EPO market footprint. The company plans to expand further into new markets in the Middle East, South America, and Africa.

In the third quarter alone, however, revenue and operating profit decreased 12.7 percent and 71.1 percent, respectively, posting 4.01 billion won and 377 million won, due to weaker contract manufacturing organization (CMO) and CDO orders.

PanGen Biotech CEO Yoon Jae-seung said, “We are committed to expanding our global and domestic revenue streams for the EPO biosimilar by strengthening global marketing and accelerating our new CDMO business. PanGen Biotech will make its best efforts to enhance collaboration with Huons Group companies to drive growth in the global healthcare market.”