GC Cell, 168.3 Billion KRW Sales Last Year... Operating Profit Up 1483%

GC Cell logo (Photo by GC Cell)

[Asia Economy Reporter Chunhee Lee] GC Cell (GC Cell) continues its growth trend, recording sales of 168.3 billion KRW, a 197% increase compared to the previous year.

GC Cell announced on the 10th that its consolidated operating performance for the fourth quarter of last year was sales of 73.558 billion KRW and operating profit of 20.978 billion KRW. Compared to the same period last year, these figures surged by 177.8% and 1483.2%, respectively. Net profit also increased dramatically by 2352.3% to 16.038 billion KRW.

For the cumulative results of last year, sales reached 168.31 billion KRW, a 96.7% growth compared to 85.562 billion KRW the previous year. Operating profit soared by 464.9% to 36.342 billion KRW, and net profit grew by 634.2% to 30.064 billion KRW. These results represent the highest performance in the company's history.

The company analyzed that the specimen testing business sales increased by 179% in the fourth quarter compared to the same period last year due to the impact of COVID-19, and the bio-logistics business also grew by 25%. Additionally, after the merger of GC Green Cross LabCell and GC Green Cross Cell to launch the integrated GC Cell, new businesses such as cell therapy and contract development and manufacturing organization (CDMO) were partially included, and milestone sales from technology transfer related to NK cell therapy began in earnest, driving sales growth.

The newly included business through the merger, ‘ImmunCell-LC,’ has been administered to more than 7,800 patients since its product approval in 2007 and has shown continuous growth with a recent five-year compound annual growth rate (CAGR) of 20%. In particular, the cell therapy and CDMO businesses are expected to be reflected in sales in earnest from this year, establishing GC Cell as a new cash cow. Furthermore, after the merger, operational efficiency was improved and economies of scale were pursued, resulting in a decrease in some fixed costs such as manufacturing costs, which contributed to a significant increase in operating profit compared to the previous year.

Daewoo Park, CEO of GC Cell, said, "This record-high management performance since the company's founding is the first achievement after the merger and a touchstone to gauge the synergy that will occur in the future." He added, "This year, we will strive to maximize merger synergies, successfully carry out global projects such as Artiva, and achieve visible results through securing additional platform technologies."

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