Cha Biotech Reports 3Q Revenue of 237 Billion KRW... Cumulative Revenue Hits Record High

CHA Biotech announced on the 13th that its consolidated sales for the third quarter of this year reached 237.01 billion KRW, an increase of 9.9% compared to the same period last year.

During the same period, operating loss was recorded at 5.04 billion KRW, reducing the deficit. Net profit turned positive, recording 7.6 billion KRW.

The cumulative consolidated sales up to the third quarter of this year reached 713.21 billion KRW, growing 15.9% compared to the same period last year. This marks CHA Biotech’s highest performance ever on a cumulative third-quarter basis. Cumulative operating profit and net profit for the third quarter also turned positive, recording 8.43 billion KRW and 16.47 billion KRW, respectively.

The company explained, "Sales and operating profit reflected the technology transfer contract signed last March, and despite significantly expanding research and development (R&D) investments in key pipelines such as 'CordSTEM-DD,' domestic businesses including cord blood and immune/stem cell storage, bioinsurance, genomic analysis, overseas healthcare center consulting, and IT showed strong performance."

Regarding overseas business, it was explained that sales are rising due to growth in Australia and solid business operations in the United States and Japan. In domestic business, the increase in sales and profits of affiliates such as CHA Biotech, CMG Pharmaceutical, Cha Cares, Solidus Investment, and CHA Biolabs was cited as a factor for the growth.

In September, CHA Biotech announced the final results of the Phase 1/2a clinical trial of CordSTEM-DD, a cell therapy for chronic low back pain caused by degenerative lumbar intervertebral disc disease, confirming its safety and tolerability, accelerating R&D and clinical efforts. CordSTEM-DD, a cord blood-derived stem cell therapy, was selected as a research project under the government’s Pan-Governmental Regenerative Medicine Technology Development Program and, along with the natural killer (NK) cell therapy 'CBT101,' is a core pipeline of CHA Biotech.

Oh Sang-hoon, CEO of CHA Biotech, said, "CHA Biotech achieved remarkable growth in the third quarter despite the challenging economic environment. Based on high growth in business sectors, we will deliver results in cell therapy development and contract development and manufacturing organization (CDMO) business in the global market."

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