Genexine Reports Operating Profit of 2.7 Billion KRW in H1, Turning to Black... Q2 Sees Increased Deficit

[Asia Economy Reporter Seo So-jeong] Genexine announced on the 17th that its consolidated sales for the first half of this year reached 34.6 billion KRW, a 268% increase compared to the same period last year, and operating profit turned positive to 2.7 billion KRW. Net profit also turned positive to 1.2 billion KRW.

Looking at the second quarter alone this year, sales decreased by 3.4% year-on-year to 1.6 billion KRW, and operating loss widened to 10.3 billion KRW.

About 30 billion KRW of Genexine's first half sales came from the upfront payment for a technology export (license-out) contract received from KG Bio, a subsidiary of Indonesian pharmaceutical company Kalbe Farma.

In January, Genexine licensed out 'GX-I7' (active ingredient: Epinaptakin Alpha), an immuno-oncology drug under development, to KG Bio. This compound is currently undergoing Phase 2 clinical trials in Indonesia for COVID-19 treatment through drug repositioning.

A Genexine official stated, "By achieving profitability such as operating profit, we are strengthening our financial soundness, and we expect to successfully carry out clinical trials of various ongoing pipelines to commercialize them or achieve additional technology exports."

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