GC Pharma Reports Q3 2021 Results

YONGIN, South Korea–()–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 1 November 2021.

Third-Quarter Reported Results

Key Figures

Q3 2021


Total revenues

KRW 465.7 billion


Operating Income

KRW 71.5 billion


Net Income

KRW 58.1 billion


(1) Results and percentages compare to equivalent 2020 period

Financial Highlights

  • Delivered total revenue growth of 11.0% KRW 465.7 billion (2020 Q3: 419.6 billion), and operating profit increased 40.9% to KRW 71.5 billion (2020 Q3: 50.7 billion) in the third quarter
  • Despite in-licence vaccine products biz-out, unconsolidated revenues growth of 9.7% YoY due to double-digit growth of Rx(+32.6% YoY) and local Vx(+18.1% YoY) sales
  • One of the subsidiaries, Green Cross Labcell recorded historical-high revenue (+60.4% YoY) in 3Q as well
  • In terms of local performance, strong performance of local Flu Vx sales minimized impacts caused by termination of in-licence product distribution and solid growth of local Rx sales driven by strong performance of potential blockbuster drugs
  • International Rx sales growth of 122.9% by expanding revenue from Hunterase, while temporary step back of Vx revenue due to switching new product for Varicella Vx
  • Weaker sales of int. proteins business continued, as a result of balancing inventory control
  • Continue to expect strong growth from Vx business in fourth quarter of the year
  • Gross margin profit growth of 5.8%p, one-off increase of R&D cost caused by In-licensing product for rare liver disease whereas profitability was improved by product portfolio optimization

About GC Pharma

GC Pharma (formerly known as Green Cross Corporation) is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in Yongin, South Korea, GC Pharma is one of the leading plasma protein and vaccine product manufacturers globally and has been dedicated to quality healthcare solutions for more than half a century. Green Cross Corporation updated its corporate brand to GC Pharma in early 2018. Green Cross Corporation remains the company’s legal name.

This press release may contain forward-looking statements, which express the current beliefs and expectations of GC Pharma’s management. Such statements do not represent any guarantee by GC Pharma or its management of future performance and involve known and unknown risks, uncertainties and other factors. GC Pharma undertakes no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule.

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