Woojung Bio, 1Q Sales 10.2 Billion Won...Significantly Reduced Operating Loss

Woojung Bio announced on the 16th through its Q1 business report disclosure that it recorded sales of 10.15714 billion KRW and an operating loss of 519.53 million KRW. Sales grew by 25.3% compared to the same period last year, and the operating loss was reduced by more than half.

The company explained, "Excluding the current depreciation expense of about 1 billion KRW for facilities and equipment unrelated to the cash flow invested in establishing the Woojung Bio New Drug Cluster, the results can be seen as practically entering profitable management."

CEO Cheon Byeong-nyeon said, “To continue the growth trend that has been ongoing since Q4 last year, we have been working on improving the management system to respond organically to market trends,” adding, “As a result, we have continuously launched new services and carried out marketing & sales activities aligned with market trends. Recently, the contract scale of our preclinical clinical trial outsourcing (CRO) service business has shifted to an expanding trend, thereby broadening the sales base. This is expected to lead to significant sales growth when the market recovers.”

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