Genexine Reports Operating Profit of 13.1 Billion KRW in Q1... Turns to Black

Q1 Sales Reach 33 Billion KRW... Nearly Double Last Year's Annual Sales

[Asia Economy Reporter Kim Ji-hee] Genexine announced on the 6th that it achieved an operating profit of 13.1 billion KRW in the first quarter of this year, successfully turning a profit.

Genexine's first-quarter sales amounted to 33 billion KRW, a 328% increase compared to the same period last year. This performance significantly surpasses last year's annual sales of 18.5 billion KRW. Additionally, the net income, which was in deficit in the first quarter of last year, also turned positive.

Genexine explained, "Sales and profits both increased as we received a contract payment of 27 million USD (approximately 30 billion KRW) in February for the technology transfer of 'GX-I7,' an immuno-oncology and COVID-19 treatment candidate, to Indonesia's KG BIO. KG BIO is conducting Phase 2 clinical trials of GX-I7 as a COVID-19 treatment in Indonesia, aiming to obtain emergency use authorization within this year. Therefore, we expect future sales milestones and royalties from clinical progress, product approval, and commercialization."

Furthermore, the net profit significantly increased due to the rise in the value of shares held by Genexine in its affiliate NeoImmuneTech, which was listed on KOSDAQ in March. Genexine currently holds 21.28% of NeoImmuneTech's issued shares.

A Genexine representative stated, "We aim to continue the improvement in first-quarter performance this year and strengthen our financial soundness by achieving profitability in operating profit as well."

This content was produced with the assistance of AI translation services.