Pharmaceutical Distribution Group GeoYoung Surpasses 4 Trillion Won in Sales for 2 Consecutive Years

Published 19 Apr.2024 10:01(KST)

GeoYoung Group achieved its highest-ever sales of 4.4386 trillion KRW, successfully reaching over 4 trillion KRW in sales for the second consecutive year.

[Photo by Ji-o Young]

On the 19th, GeoYoung announced that its consolidated group sales for last year reached 4.4386 trillion KRW, with an operating profit of 86.9 billion KRW. These figures represent increases of 5% and 14%, respectively, compared to 2022. On an individual basis, GeoYoung recorded sales of 3.0063 trillion KRW and an operating profit of 67.2 billion KRW.

The company cited growth in its core business segment of pharmaceutical distribution, particularly in the high value-added third-party logistics (3PL) and fourth-party logistics (4PL) sectors, as the reason for the improved performance. Leveraging its 3PL and 4PL expertise and facilities, GeoYoung is conducting high value-added pharmaceutical distribution both domestically and internationally, continuously expanding its product portfolio. Additionally, the company is expanding its reach in public sector pharmaceutical distribution, including clinical trial drugs, rare essential medicines, and animal vaccines.

Notably, GeoYoung recently signed a 3PL contract with Samsung Bioepis and has entered the business of storing and delivering biosimilar products. With the biosimilar industry growing rapidly each year, the company plans to actively pioneer the market to diversify its revenue structure. Furthermore, the ‘Incheon New Hub Center’ will officially begin operations from the third quarter of this year to effectively respond to the increasing pharmaceutical demand from domestic and international clients.

Jo Sun-hye, Chairman of GeoYoung, stated, “The environments surrounding stakeholders in the pharmaceutical industry, including hospitals, clinics, and pharmaceutical companies, are all challenging. We will turn this crisis into an opportunity by strengthening trust with customers in our core distribution business while expanding new high value-added businesses and diversifying our revenue structure.”