PanGen Biotech of Korea’s Huons Group on Wednesday reported 3.49 billion won ($2.5 million) in revenue and 833 million won in operating profit in the second quarter of this year, turning to the black.
According to the company, quarterly revenue increased by 53.7 percent from the same period last year based on the strong growth in its erythropoietin (EPO) biosimilars business and contract development and manufacturing organization, or CDMO, and royalty business, jumping 76 percent, 368 percent and 77 percent, respectively, on-year.
PanGen Biotech said its order backlog stood at 5.3 billion won as of June 30, including a contract manufacturing organization, or CMO, agreement with CHA Vaccine Institute in the second quarter.
The company said it was able to log a profit thanks to an increase in exports of EPO biosimilars and royalty revenue. In its EPO biosimilar business, PanGen Biotech posted strong overseas sales in ASEAN countries such as Malaysia and the Philippines, as well as in Saudi Arabia and Turkiye. The company said it expects its EPO revenue to continue growing in the Middle East and Africa.
“Continuing to build upon our momentum, PanGen Biotech will deliver stronger sales by strengthening overseas marketing for EPO biosimilars in the second half of this year,” said Yoon Jae-seung, CEO of PanGen Biotech. “We will continue to show improvement in performance by focusing on CDMO expansion.”
hwkan@heraldcorp.com
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