GC Pharma's Q2 Operating Profit Plunges 83% Year-over-Year Amid Vaccine, Drug Sales Delays

According to consensus data from 8 major Korean securities firms covering the past month, GC Pharma's second-quarter operating profit is forecast to plunge 83% year-over-year to 46 billion won on sales of 417.1 billion won, representing a 16.6% sales decline. The downturn is primarily attributed to delayed revenue recognition for influenza vaccines following WHO's replacement of three flu strains, pushing previously expected 2 billion won in sales to the third quarter. Additionally, subsidiary GC Wellbeing's delisting from consolidated results and increased R&D spending for mRNA COVID-19 vaccine and varicella vaccine trials further pressured earnings.

Securities analysts expect a rebound in the second half as high-margin products—including Alriglitazone and Hunterlase—concentrate their sales in the latter half of 2026. Kiwoom Securities noted Alriglitazone's pediatric Phase 3 trial results are expected by November, with regulatory approval for pediatric indication expansion anticipated in the second half of 2027. Meanwhile, GC Pharma's 286.8 billion won upfront payment from the sale of Curevo vaccine rights to Eli Lilly in July will be reflected in Q3 earnings.