PanGen revenue hits record high as overseas drug orders roll in

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PanGen revenue hits record high as overseas drug orders roll in

Logo of PanGen Biotech [HUONS]

Logo of PanGen Biotech [HUONS]

 
PanGen Biotech, a biopharmaceutical subsidiary of Huons Group, reported record-high revenue last year after growth in its biosimilar business took off across the globe.
 
Annual sales were 14.67 billion won ($10.2 million) in 2024, the company said Wednesday, a 101 percent increase from the previous year.
 
Operating profit swung black to 1.02 billion won.
 
“Thanks to our strong sales growth last year, we successfully turned to a profit,” said PanGen CEO Yoo Jae-seung in a statement. “This year, we will continue to expand our export channels for EPO biosimilars and secure new CDMO contracts.” 
 
Significant areas of growth were biosimilars containing erythropoietin from Malaysia, the Philippines, Saudi Arabia and Turkey, as well as contract manufacturing (CMO) services.   
 
Revenue in the CMO segment grew from orders from Huons Lab, a subsidiary of Huons Global, to produce raw materials used to create human recombinant hyaluronidase — an enzyme naturally found in the human body that helps fluids and medications spread more easily through tissue. 
 
PanGen specializes in biosimilar manufacturing and contract development and manufacturing organization services. The company is working with the Korea Disease Control and Prevention Agency to develop antibodies for tick-borne diseases, with plans for commercialization domestically as well as in Japan and China. 
 

BY LEE JAE-LIM [[email protected]]
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