Huons(243070) group affiliate PanGen Biotech(222110) said on the 13th that it posted sales of 3.96 billion won in the second quarter this year. That was up 14% from a year earlier. The operating loss swung to a deficit of 220 million won.
PanGen Biotech is introducing an erythropoietin biosimilar to treat anemia in Malaysia, the Philippines, and Saudi Arabia. The company said sales grew as drug exports increased.
However, losses occurred as it invested in research and development. The company is developing a biosimilar to Merck's immuno-oncology therapy Keytruda. Expanding facilities to enter Europe also affected earnings.
Yoon Jae-seung, PanGen Biotech CEO, said, "We will strengthen overseas marketing for biosimilars and pursue new businesses."