Weak sales, CMO orders contribute to SK bioscience losses

Industry

Weak sales, CMO orders contribute to SK bioscience losses

Published: 28 Jul. 2023, 16:47

A medical staff holds a vial of SKYCovione vaccine, developed and manufactured by SK bioscience, at a public health center in Incheon [YONHAP]

SK bioscience swung to a loss in the second quarter of 2023 due to weak vaccine sales and contract manufacturing organization (CMO) orders.

It reported 35.3 billion won ($28 million) in operating loss for the April-June period from an operating profit of 61.2 billion won a year earlier.

It still beat the market consensus of 20.8 billion won of losses compiled by FnGuide.

Revenues fell 80.9 percent to 26.5 billion won, beating the consensus of 21.6 billion won.

Net also turned red to 16 billion won in net losses, swinging from a profit of 46.1 billion won a year earlier.

BY SARAH CHEA [chea.sarah@joongang.co.kr]