SK Bioscience Posts KRW 44.5 Billion Operating Loss in Q1 Due to Increased R&D and Infrastructure Expenses

by Kwak Minjae

Published 06 May.2026 16:36(KST)

Sales Reach KRW 168.6 Billion, Up 9% Year-on-Year

SK Bioscience saw its preliminary sales for the first quarter of this year increase by about 9% year-on-year, driven by higher revenue at its subsidiary IDT Biologika and growth in Sanofi vaccine distribution. However, operating losses nearly tripled as research and development expenses and infrastructure investments increased simultaneously.

SK Bioscience Songdo Global R&PD Center exterior view. SK Bioscience

SK Bioscience announced on the 6th that its consolidated preliminary sales for the first quarter of this year reached KRW 168.6 billion, up approximately 9% from the same period last year. During the same period, the company reported an operating loss of KRW 44.5 billion, with the deficit widening from KRW 15.1 billion a year earlier. The company explained that this was due to increased R&D expenses stemming from the relocation of its headquarters and research lab to the Songdo Global R&PD Center and the full-scale launch of its pneumococcal vaccine clinical trials, as well as investments aimed at improving operational efficiency at IDT.

The sales increase was led by higher revenue at IDT, growth in Sanofi vaccine distribution products, and its own vaccine sales. IDT has continued to generate stable revenue based on collaborations with global pharmaceutical companies. Leveraging its contract development and manufacturing organization (CDMO) capabilities that cover all stages from initial development to commercialization, IDT is expanding its customer portfolio while also pursuing process efficiency and organizational optimization. However, short-term profitability weakened due to investments to improve operational efficiency and costs arising from changes in the sales mix by customer during this process.

In its proprietary vaccine business, the influenza vaccine 'SKYCellflu' maintained demand in the global market, including exports to the Southern Hemisphere, while the shingles vaccine 'SKYZoster' expanded its market share domestically. The varicella vaccine 'SKYVaricella' continued to generate stable revenue in Central and South America and other regions, based on supplies to the Pan American Health Organization (PAHO).

In the Sanofi distribution segment, the RSV preventive antibody 'Beyfortus' established itself in the domestic market, while the hexavalent combination vaccine 'Hexaxim' and Tdap vaccine 'Adacel' maintained solid sales based on national immunization programs and private sector demand. The addition of the quadrivalent meningococcal vaccine 'MenQuadfi' further broadened the product lineup.

In January, SK Bioscience relocated its headquarters and research organization to the Songdo Global R&PD Center and launched an integrated operating system covering research and development (R&D), process development (PD), quality, and business development.

In its pipeline, the company is conducting global Phase 3 clinical trials in the U.S. and Europe for 'GBP410,' a 21-valent pneumococcal conjugate vaccine co-developed with Sanofi, aiming to obtain interim results next year. Its universal COVID-19 vaccine is undergoing global Phase 1 and 2 trials, and major candidates such as the avian influenza vaccine are being developed with the goal of entering clinical trials within the year. Concurrently, global collaboration projects with Gates MRI under the Gates Foundation, the European Union's HaDEA, MSD, and others are underway, further strengthening the company's medium- and long-term growth drivers.

SK Bioscience plans to expand its CDMO business centered on IDT and accelerate the development of key pipeline assets, preparing for full-fledged growth in the global market.