PanGen Biotech, a bio company affiliated with the Huons group, said on the 13th that on a cumulative basis for the third quarter this year it posted 10.94 billion won in revenue and 1.91 billion won in operating profit. Compared with the same period a year earlier, revenue rose 6% and operating profit increased 47%.
However, for the third quarter alone, it reported 4.01 billion won in revenue and 380 million won in operating profit, down 12.7% and 71.7%, respectively, from a year earlier. The company said a decrease in orders in the contract manufacturing (CMO) and contract development (CDO) institutional sector affected the results.
PanGen Biotech said that through the third quarter, sales of the erythropoietin (EPO) biosimilar and the contract development (CDO) business drove performance. On a cumulative basis, revenue from EPO products was 6.07 billion won, up 76% from a year earlier.
The EPO biosimilar is maintaining growth as sales increase in Southeast Asian markets such as Malaysia, the Philippines, and Thailand, and exports expand to Middle Eastern markets including Saudi Arabia and Türkiye. PanGen Biotech began with marketing authorization in Malaysia in 2019 and has since obtained approval to sell the EPO biosimilar in six countries. The company plans to expand export markets to the Middle East, South America, and Africa to continue growing revenue.
PanGen Biotech is also strengthening its contract development and manufacturing (CDMO) services for biopharmaceuticals, leveraging its proprietary cell line development technology and production process know-how.
Yun Jae-seung, CEO of PanGen Biotech, said, "We will strengthen overseas marketing for EPO products to expand global market revenue and activate new CDMO businesses to enhance the Huons group's healthcare competitiveness."