SK Bioscience narrows loss in Q2 upon German unit's improvement
Vaccine specialist SK Bioscience narrowed its operating loss in the second quarter while expanding its global business and vaccine pipeline to facilitate future growth. The company said in a regulatory filing Monday that its revenue stood at 155.7 billion won ($110 million) in the April-June period, down 3.8 percent from a year earlier. Its operating loss narrowed to 15.7 billion won from 37.4…
SK Bioscience, a vaccine specialist, reported a narrowing of its operating loss in the second quarter of 2024. The company's revenue fell by 3.8% compared to the same period in the previous year, reaching 155.7 billion won ($110 million). However, its operating loss dropped significantly to 15.7 billion won from 37.4 billion won.
The decline in revenue was attributed to a temporary delay in the supply schedule for some of the company's vaccines. The shipments were pushed back to the third quarter, and the impact on the full-year performance was expected to be minimized. SK Bioscience's profitability improvement was largely attributed to IDT Biologika, a German contract development and manufacturing organization (CDMO) that the company acquired in 2024.
IDT Biologika's earnings improved as production volumes increased for major clients, while costs declined due to workforce optimization and higher production yields.
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- SK Bioscience narrows loss in Q2 upon German unit's improvement koreatimes.co.kr
