CHA-Biotech-racks-up-record-sales-in-first-half
Shown above is the head office of CHA Biotech in South Korea. The pharmaceutical company racked up record sales during the third quarter of this year. Photo courtesy of CHA Biotech

Pharmaceutical giant’s half-year revenue nears W400 billion

South Korea’s first-tier pharmaceutical company CHA Biotech announced on Aug. 12 that it had chalked up record sales during the first half of this year.

The firm’s turnover amounted to 3,997 billion won ($325 million) during the January-June period, up 15 percent from the corresponding period of 2021.

Despite the virus pandemic, the firm said that it could log notable growths this year as its businesses fared well both in Korean and overseas markets.

The company said that it targeted faster growth by investing more proactively in the global CDMO.

CHA Biotech started the construction of Cell Gene Biobank near its head office south of Seoul, the world’s biggest cell and gene therapy facility.

Brief for the contract development and manufacturing organization, CDMO refers to an outfit that provides clients with comprehensive services from drug development to manufacturing.

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 would grapple with lingering difficulties to keep moving forward.

“We faced various volatile business situations across the world. However, we could create a stable cash flow through expanding sales,” Oh said in a statement.

“We are determined to accelerate the clinical tests of cell and gene therapies and show tangible results in the global CDMO business down the road.”

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The publisher studied Korean history in Seoul and management of business administration in the United Kingdom. He has 20-year experiences in the media business. Kim can be reached at voc200@gmail.com or 82-2-6956-6698.