Shinyoung Securities(54,400 0.00%)Silver 2nd GC Green Cross(378,500 0.00%)For this year, vaccine sales and subsidiary earnings are expected to continue to grow. We maintained our BUY rating and raised our target price to KRW 430,000.
GC Green Cross recorded sales of KRW 1.5 trillion and operating profit of KRW 50.4 billion based on consolidated financial statements last year. This is an increase of 9.8% and 24.8%, respectively, compared to the previous year.
Researcher Lee Myung-seon said, “We are expected to grow this year by strengthening our main business.” “In the short term, the contract for COVID-19 vaccine consignment production (CMO), and in the long term, I have anticipation.”
GC Green Cross is negotiating a main contract with the Corona 19 vaccine developer supported by CEPI after a contract with the Infectious Disease Innovation Association (CEPI) for Fill & Finish. Researcher Lee predicted, “As global vaccine supply is urgent, the main contract will be concluded within the first quarter.”
“After filling, the finishing process capacity (CAPA) is capable of more than 1 billion doses, so additional contracts other than CEPI are possible.” The expectation for the contract is rising.”
We also expected long-term business growth. Researcher Lee said, “GC Green Cross applied for FDA approval for 10% of IVIG on the 26th of last month to enter the North American market of IVIG, a long-awaited business. The results are expected to come out within the first quarter of next year. It has no choice but to increase.”
Reporter Kim Ye-na [email protected]
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