Pharmaceutical giant continues to chalk up growth
South Korea’s top-tier pharmaceutical company CHA Biotech announced on Nov. 11 that it had racked up record sales during the third quarter of this year.
The firm’s turnover amounted to 215.7 billion won ($175 million) during the July-September period to beat the previous quarter’s performance of 211.7 billion won ($172 million).
During the first three quarters of this year, its turnover went up 15 percent from a year before.
The company said that it would be able to keep logging fast growths through proactive investments in the global CDMO over the past few years.
Short for the contract development and manufacturing organization, CDMO refers to an outfit that provides clients with comprehensive services from drug development to manufacturing.
In particular, CHA Biotech has funneled its funds and energy into research & development in the manufacturing technology related to cell and gene therapies.
The company hopes that the potential-laden areas will boost both its bottom line and top line.
CEO Oh Sang-hoon noted that CHA Biotech managed to come up with respectable performances despite the difficult situations.
“Despite many challenges, we are marking faster growths this year compared to 2021,” Oh said.
“We have already established a virtuous circle in research and cash flow. Based on this, we will put forth more efforts to monetize our research exploits.”