SK Bioscience's net rises 980% in 2021

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SK Bioscience's net rises 980% in 2021

Published: 08 Feb. 2022, 14:52

An SK Bioscience researcher conducts tests at the company's lab. [SK BIOSCIENCE]

SK Bioscience reported a net profit of 355.1 billion won ($300 million) for last year, a whopping 980 percent jump from a year earlier.

It fell slightly short of a market consensus of 371.7 billion won compiled by market tracker FnGuide.

Revenues came in at 929 billion won, up 312 percent from the previous year but less than the market consensus of 968.6 billion won.

Operating profit rose 1,158 percent to 474.2 billion won. Profits and revenues were record highs for the company.

“Increased contract and manufacturing organization (CMO) orders helped boost sales,” the company said.

The Pangyo, Gyeonggi-based biopharmaceutical company makes AstraZeneca Covid-19 vaccines on a CMO basis and is a contract and development manufacturing organization (CDMO) partner for Novavax vaccines.

SK Bioscience is currently developing its own Covid-19 vaccine. The candidate, GBP510, is undergoing Phase 3 clinical trials globally. Commercialization is expected as early as in the first half.

The company aims to announce interim results of the clinical trials in the first quarter, and gain use approval from the Ministry of Food and Drug Safety within the first half.

If commercialized, the vaccine will be distributed through the Covax Facility, the World Health Organization-led global vaccine-sharing mechanism, the company said.

SK Bioscience said it will spend around 200 billion won through 2024 to expand its production capacity in Andong, North Gyeongsang. It is also in the process of purchasing another 99,130-square-meter (1.07 million-square-foot) site nearby to construct another factory.

“We will grow into the leading vaccine and biopharmaceutical company by sparing no expense to develop next-generation vaccines and platforms,” said Ahn Jae-yong, CEO of SK Bioscience.

BY SARAH CHEA [[email protected]]