GC Pharma Reports Q1 2020 Results

Q1 performance confirms return to growth

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GC Pharma

Apr 29, 2020, 09:00 ET

YONGIN, South Korea, April 29, 2020 /PRNewswire/ -- GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited consolidated financial results for the three months ended 31 March 2020.

First-Quarter Reported Results(1)

Key Figures(1)

Q1 2020

Growth(2)

Total revenues

KRW 307.8 billion

+8.6%

Operating profit

KRW 6.1 billion

+283.9%

K-IFRS profit after taxation

KRW -3.9 billion

-

(1)   Results from continuing operations (Green Cross MS' blood bag business has been classified as discontinued operations)

(2)   Results and percentages compare to equivalent 2019 period

Financial Highlights

  • Delivered total revenue growth of 8.6% KRW 307.8 billion (2019 Q1: 283.3 billion), and operation profit increased 238.9% to KRW 6.1 billion (2019 Q1: 1.6 billion) in the first quarter.
  • Unconsolidated revenues increased 8.1%, reflecting strong international sales.
  • Double-digit growth in consolidated subsidiaries, including Green Cross MS and Green Cross LabCell.
  • Green Cross local sales up 5.5% reflecting strong CHC segment performance.
  • Green Cross international sales benefited from strong vaccines growth, Flu Vx and VZ Vx sales up 711%, 1,095% respectively.
  • Operating profit growth driven by favourable mix and bottom line reflected anticipated headwinds.

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 the largest plasma protein product manufacturer in Asia 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.

SOURCE GC Pharma