SK bioscience’s third-quarter revenue rises 21%, swings to pretax profit

[Financial News] SK bioscience posted third-quarter revenue growth and swung to a pretax profit, driven by growth at its subsidiary IDT Biologika (IDT) and increased sales of its own and in-licensed vaccines. It continued to improve its performance by reducing operating losses while maintaining investment in research and development (R&D) and production infrastructure.
SK bioscience said in a regulatory filing on the 5th that its consolidated revenue for the third quarter of this year rose 21% to 182.4 billion won, from 150.8 billion won in the same period a year earlier. It swung to a pretax profit of 6.1 billion won. Its operating loss narrowed 42% year on year to 11.2 billion won, the lowest level in 11 quarters since the fourth quarter of 2023.
At the center of the improved performance was IDT, a German biopharmaceutical contract development and manufacturing organization (CDMO) acquired in 2024. IDT’s third-quarter revenue rose 21% year on year to 113.1 billion won, while operating profit increased 66% to 9.6 billion won. Higher production volumes for major clients, a larger share of high-margin revenue, and greater production and operating efficiency helped improve profitability. Cumulative operating profit through the third quarter also increased 56% year on year to 22.3 billion won.
In its own business, the chickenpox vaccine SKYVaricella and its Sanofi vaccine distribution business supported growth. Expanded supplies of SKYVaricella to the Pan American Health Organization (PAHO), including to Colombia, drove revenue growth. Sales also increased for Sanofi’s Beyfortus, an antibody injection to prevent respiratory syncytial virus (RSV), and its hexavalent combination vaccine Hexaxim.
Clinical development is also underway to secure medium- and long-term growth drivers. The 21-valent pneumococcal conjugate vaccine GBP410, being co-developed with Sanofi, is in a global Phase 3 clinical trial, with interim results targeted for release next year. An application for a global pediatric Phase 1b clinical trial of RSM01, an RSV-prevention antibody candidate licensed from Gates MRI, a research institute under the Bill & Melinda Gates Foundation, was filed with the South African Health Products Regulatory Authority last August.
SK bioscience plans to improve the profitability of its existing business by leveraging IDT’s global manufacturing capabilities and its own vaccine business, while expanding vaccine development and manufacturing through global partnerships.

[email protected] Jung Sang-hee Reporter