YONGIN, South Korea, Oct. 30, 2018 /PRNewswire/ — GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited results for the three months ended September 30, 2018.
KRW 352.3 billion
KRW 28.0 billion
K-IFRS net income
KRW 15.8 billion
(1) Results and percentages compare to equivalent 2017 period.
Quarterly revenues decreased to KRW 352.3 billion (Q3 2017: KRW 356.1 billion), this marks a decrease of 1.1% year-on-year; while flagship plasma and vaccine oversea businesses increased at 21.2%, total revenues were held back by lower in-licensed vaccines local sales.
Operating income decreased 33.3% to KRW 28.0 billion (Q3 2017: KRW 42 billion), primarily due to a dramatic increase in R&D expenses and subsidiaries’ lower Q3 performance.
EC Huh, Ph.D., GC Pharma President commented:
"Our third quarter was challenging. But operational plans are in place which we expect to regain single digit top-line growth rate in the coming quarters. We have updated our roadmaps and aligned our product portfolios, development teams and commercial forces. All this provides us with a solid basis for a return to growth and profitability in the coming years."
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 one of the largest protein products manufacturer in the world 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.
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