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Green Cross's 2016 net dips 32 pct on increased R&D spending

All News 08:39 February 03, 2017

SEOUL, Feb. 3 (Yonhap) -- Green Cross Corp., a major pharmaceutical firm in Seoul, said Friday that its earnings sank 32 percent last year due mainly to increased research and development spending.

Net profit reached 65.2 billion won (US$57 million) last year, compared with a profit of 95.7 billion won a year earlier, the company said in a regulatory filing.

Sales surged 14.3 percent on-year to reach 1.19 trillion won last year, while operating income dropped 14.4 percent to 78.5 billion won over the cited period, it added.

The 2016 revenue marks the largest ever figure for the drugmaker, helping the company log an annual sale of over 1 trillion won for the second consecutive year.

Its local rivals -- Hanmi Pharmaceutical Co. and Yuhan Corp. -- posted sales of over 1 trillion won in 2015, but they are widely expected to have suffered a setback last year.

In particular, Hanmi's revenue is expected to have fallen sharply last year due to the canceled license-out contract with global drugmaker Sanofi to develop experimental, long-acting diabetes treatments.

Hanmi logged a record high 1.3 trillion won in sales in 2015.

Green Cross's 2016 net dips 32 pct on increased R&D spending - 1


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