Q2 profit reported by PanGen Biotech
In a significant development for the biopharmaceutical industry, PanGen Biotech, a South Korean company under Huons Group, has announced continued growth in revenue from its EPO (erythropoietin) biosimilars in the Middle East and Africa. However, specific details about the current growth trend in these regions are not yet publicly disclosed.
The company's operating profit for the same quarter reached 833 million won, and the order backlog stood at 5.3 billion won as of June 30. This growth was driven primarily by the EPO biosimilars business, which saw a 368% increase in revenue year-on-year, contributing to the company's overall revenue of 3.49 billion won in the second quarter of this year.
The growth was not limited to the EPO biosimilars business alone. The CDMO (Contract Development and Manufacturing Organisation) and royalty business also contributed to the revenue growth, with increases of 76% and 77% respectively.
PanGen Biotech's success in the international market is evident from strong sales in ASEAN countries like Malaysia and the Philippines, as well as in Saudi Arabia and Turkiye. The company's CEO, Yoon Jae-seung, has expressed the intention to deliver stronger sales by strengthening overseas marketing for EPO biosimilars in the second half of the year.
Notably, the company has recently signed a CMO agreement with CHA Vaccine Institute, which is part of the order backlog. PanGen Biotech anticipates continued growth in EPO revenue in the Middle East and Africa, but specific details are yet to be disclosed.
To obtain more accurate and up-to-date information, one might consider checking PanGen Biotech’s most recent investor presentations or financial reports, if available. Additionally, reviewing pharmaceutical market research reports focusing on EPO biosimilars in the Middle East and Africa could provide valuable insights. Alternatively, contacting PanGen Biotech’s regional sales offices or corporate communications may also prove beneficial.
- The continued growth in revenue from PanGen Biotech's EPO biosimilars in the Middle East and Africa can be attributed to the thriving health-and-wellness industry, as improved medical-conditions necessitate the use of biosimilars, which are increasingly financed by the business sector.
- The success of PanGen Biotech's EPO biosimilars business in the international market, including regions like the Middle East and Africa, is a significant development for the global biopharmaceutical industry, reflecting the company's strategic approach to business and finance.
- PanGen Biotech's growth in revenue, driven by its EPO biosimilars and CDMO business, as well as its strong sales in ASEAN countries and the Middle East, indicate a promising future for the company in the health-and-wellness industry, contributing to the finance and business sector.
