[Click e-Stock] "GC Accelerates Growth with Expanded Prescriptions of 'Aliglo'"

On May 7, Heungkuk Securities analyzed that GC (Green Cross Corporation) is strengthening its foundation for performance growth, driven by the expansion of overseas prescriptions for its immunoglobulin product, Aliglo. In particular, the report noted that the increasing proportion of Aliglo sales is directly translating into profit growth, raising expectations for mid- to long-term growth.

Lee Ji-won, a researcher at Heungkuk Securities, stated, "GC's consolidated sales in the first quarter of this year are expected to reach 439.2 billion won, a 14.4% increase year-on-year, and an 11.8% decrease quarter-on-quarter. Consolidated operating profit is expected to be 12.1 billion won, up 51.7% from the same period last year and up 162.5% quarter-on-quarter, meeting market consensus."

However, certain one-off factors limited the extent of profitability improvement. Lee explained, "The export volumes of high-margin products Hunterase and the Varicella vaccine were postponed to after the second quarter due to airport issues in the Middle East. This hindered profit growth in the first quarter."

In contrast, core product Aliglo continues its rapid growth. She emphasized, "The expansion of prescriptions for the core export product IVIG 10% Aliglo in the U.S. is currently underway, and consolidated sales of Aliglo in the first quarter reached approximately 31 billion won, marking a 280% increase year-on-year."

Aliglo is expected to become the key driver of this year's performance. Lee stated, "The annual sales estimate for Aliglo in 2026 is 250 billion won, with a projected 12% share of consolidated sales and a 58% contribution to consolidated profit. These projections are based on a 20% margin for Aliglo and an assumed KRW/USD exchange rate of 1,430 won." She added, "I am confident that GC's guidance of 200 million dollars for Aliglo in 2027 and 300 million dollars in 2028 is fully achievable."

She also forecast, "As the sales proportion of Aliglo increases in the future, its contribution to consolidated profit will rise sharply."

Annual performance is also expected to show moderate growth. Lee said, "GC's consolidated sales in 2026 are forecast at 2.4 trillion won, up 3% year-on-year, with operating profit at 77.9 billion won, a 13% increase from the previous year. These figures reflect the sale of GC Wellbeing shares."

The secured capital is expected to be invested in future growth. She explained, "The proceeds of 50.5 billion won from the sale of GC Wellbeing shares are expected to be used for future capacity expansion and the development of a subcutaneous injection formulation of Aliglo, thereby securing mid- to long-term growth potential."

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