SK Bioscience (302440.KS) reported first-quarter consolidated revenue of 168.6 billion won ($123 million), up 9% from a year earlier, the company said in a preliminary regulatory filing Tuesday. Operating loss widened to 44.5 billion won from 15.1 billion won in the same period last year.
SK Bioscience said it continued to grow in scale together with its subsidiary IDT Biologika, but short-term profitability slowed due to rising costs from research and development and infrastructure expansion. The company cited increased spending tied to the relocation of its headquarters and research center to the Songdo Global Research and Process Development (R&PD) Center, as well as the full-scale launch of clinical trials for its pneumococcal vaccine. The company also said investments aimed at improving IDT's operational efficiency contributed to the operating loss.
Revenue growth was driven by expanded sales at IDT, the growth of the Sanofi vaccine distribution lineup, and steady sales of the company's own vaccines. According to SK Bioscience, IDT is expanding its customer portfolio based on its pharmaceutical contract development and manufacturing organization (CDMO) capabilities. The flu vaccine "SKYCellflu" secured demand in global markets including exports to the Southern Hemisphere, and the shingles vaccine "SKYZoster" is also expanding its market share. The varicella vaccine "SKYVaricella" is posting stable sales in the Latin American market based on supply to the Pan American Health Organization. The Sanofi vaccine distribution business is also maintaining solid sales in Korea.
SK Bioscience plans to expand its CDMO business centered on IDT and accelerate the development of its core pipeline to target global markets in earnest. "GBP410," a 21-valent pneumococcal conjugate vaccine being jointly developed with Sanofi, is undergoing global Phase 3 clinical trials in major markets including the United States and Europe. The company is also developing a next-generation pneumococcal vaccine, speeding up the development of its follow-up pipeline.
