South Korean biopharmaceutical company Green Cross said Friday that it posted a record high revenue of 1.19 trillion won ($1.04 billion) in 2016, up 14.3 percent from the year before.

However, the company said its operating profit dropped 14.4 percent on-year to 78.5 billion won, mainly due to increased spending on research and development.

Its 2016 net profit reached 65.2 billion won, down 31.9 percent from 95.7 billion posted the previous year, according to the company.


Green Cross credited its successful sales performance last year to “even growth across all of its business areas.”

According to the company, the domestic portion of its revenue rose by 17.3 percent in 2016 compared to the previous year. Its 2016 overseas revenue did not fall from that of 2015, despite the economic slump and difficult market conditions, the firm said.

Looking ahead, Green Cross plans to “continue to expand exports of its flagship plasma-derived biopharmaceuticals and vaccines and make bold investment toward securing the company’s sustainability.

The Korean drugmaker plans to build upon its achievements in 2016, including obtaining the World Health Organization’s prequalification approval for its quadrivalent influenza vaccine, which is able to protect against four strains of influenza.

The prequalification approval grants the company eligibility to join the UN’s procurement bid for four-strain influenza vaccines. Previously, Green Cross had been exporting only three-strain flu vaccines on a large scale.

Green Cross is also expected to draw closer to winning the US Food and Drug Administration’s approval for its immunodeficiency drug IVIG-SN next year.

In December, the drugmaker was asked to submit supplementary data regarding its biologics license application for IVIG-SN. It expects the drug to be approved without issue once the required additions are filed.

This year, Green Cross will also continue the phase 3 trials of its hemophilia A treatment, GreenGene F, which began in China in July last year. 

By Sohn Ji-young (jys@heraldcorp.com)