PanGen Biotech, a subsidiary of Huons, announced on the 4th that its operating profit based on individual financial statements was 1 billion 201.7 million won, marking a return to profitability compared to the previous year. During the same period, sales increased to 14.67 billion won, a 101% rise year-on-year, achieving the highest figure ever recorded.
PanGen Biotech explained that it showed strong growth across all business sectors, including the sale of its biosimilar drug erythropoietin (EPO) and contract manufacturing organization (CMO). This year, PanGen plans to strengthen its overseas marketing for biosimilar EPO products, increase domestic and international sales, and continue its performance growth through the expansion of new CDO business.
Yoon Jae-seung, CEO of PanGen Biotech, noted, "We succeeded in returning to profitability thanks to last year's sales growth," and added, "This year, we will expand our export channels for biosimilar EPO and secure new CDMO contracts to continue growing as a specialized pharmaceutical company in biopharmaceuticals."