GC Biopharma二季度利润大幅下滑但下半年递延销售有望确认

GC Biopharma (006280) posted weak second-quarter earnings due to deferred revenue recognition of high-margin products, but profitability is expected to recover in the second half when sales of flu vaccines, Alyglo and Hunterase are reflected.
Korea Investment & Securities maintained its "buy" rating on GC Biopharma in a report on the 4th, but cut its target price by 16% from the previous level to 160,000 won, reflecting a decline in peer valuations and a downward revision of its 2027 earnings estimates.
GC Biopharma's second-quarter revenue was 421.2 billion won, down 16% from a year earlier, while operating profit fell 94% to 1.7 billion won. The figures came in 4% and 81% below market expectations, respectively.
The weak earnings were driven by the deferral of major product sales to the second half. In particular, standalone revenue from blood products fell 9% to 138.5 billion won. This was because revenue recognition for some shipments of the immunoglobulin blood product "Alyglo" was pushed to the third quarter. Standalone vaccine revenue fell 46% to 55.3 billion won. As securing standard strains for the flu vaccine's circulating strains was delayed, the production schedule was postponed to the third quarter, meaning the seasonal increase in vaccine sales did not materialize. Standalone prescription drug revenue also fell 18% as some global partner sales of the Hunter syndrome treatment "Hunterase" were deferred to the fourth quarter. In addition, the profit and loss of GC Wellbeing was excluded from the earnings of consolidated subsidiaries starting in the second quarter.
Korea Investment & Securities forecast GC Biopharma's revenue this year at 2.054 trillion won and operating profit at 70.5 billion won. It projected that operating profit would rise 18% to 34.5 billion won in the third quarter as deferred sales of flu vaccines and Alyglo are reflected. It also expected operating profit to surge 390% to 22.6 billion won in the fourth quarter, driven by concentrated Hunterase exports and record quarterly sales of Alyglo.
As a mid-to-long-term growth driver, the brokerage pointed to subcutaneous immunoglobulin (SCIG), which will complement Alyglo. GC Biopharma is pursuing SCIG development and investment in production lines, and expects revenue of 1.5 billion dollars when its production facilities reach full operation after 2030.
Wee Hae-joo, an analyst at Korea Investment & Securities, said, "The company is improving its profit margins through increased sales of high-margin products such as blood products, vaccines and Hunterase." He added, "While the pace of improvement will be gradual, the company will also fully begin developing mid-to-long-term growth products through SCIG development and investment in production lines."