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SK Bioscience (Photo: SK Bioscience Website) |
[Alpha Biz= Kim Sangjin] SK Bioscience saw a larger deficit last year as it made aggressive investments in new business ventures and new facilities.
According to SK Bioscience on Wednesday, the company's consolidated operating loss last year was 138.4 billion KRW, an increase from the operating loss of 12 billion KRW the previous year. It also posted a net loss of 50.1 billion KRW, a reversal from a net profit of 22.3 billion KRW in the previous year.
Revenue declined by 27.6% to 267.5 billion KRW compared to the previous year. The decline was attributed to weak sales in vaccines for flu, shingles, and other diseases, as well as a sharp drop in the sales of distribution items like COVID-19 vaccines.
Although approximately 100 billion KRW in sales from the German contract development and manufacturing organization (CDMO) IDT Biologika, acquired in June of the previous year, was reflected in the fourth-quarter results, it was insufficient to offset the significant drop in revenue.
In particular, the company is investing a total of 325.7 billion KRW into the construction of the Songdo R&D Center, along with the expansion of the Andong L-House and the entry into Phase 3 clinical trials for the pneumococcal vaccine, which has led to increased research and development (R&D) costs and further worsened profitability.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
