DxVx records 14.1 billion won in the second quarter, 98% increase from the previous year
DxVx achieved significant external growth in the second quarter of this year.
On August 14th, DxVx announced that the company recorded 14.1 billion in sales in the second quarter, a 98% increase compared to the same period last year.
The key driver behind this growth was the expansion of the bio healthcare business, spearheaded by its Chinese subsidiary. Sales in the bio healthcare business surged to 11 billion won in the second quarter, marking 145% increase over the same period in the previous year.
While DxVx experienced an operating loss of 2.24 billion won during this period, the loss was influenced by a one-off non-cash expense related to stock compensation costs, which amounted to 2.95 billion won. Without this expense, the company managed to achieve an operating profit of 600 million won.
DxVx’s growth momentum is anticipated to continue in the second half year, driven by the expansion of its pharmaceutical distribution business in China and Korea. The company’s turnaround is expected in the fourth quarter at the earliest.
In terms of product release, DxVx has introduced an antibiotic product and has plans to release several more products within the current year. These upcoming products include treatments for atopic skin, arthritis supplement, eye diseases supplement, etc. Furthermore, the company is in the process of strengthening partnerships with global pharmaceutical companies and has plans to launch microbiome-based health supplement in the fourth quarter.
Also, DxVx is actively engaged in research and development. DVX has established a new drug research center and clinical development center to push the development of new drugs. Notably, major pipelines include microbiome-based respiratory disease treatments and macular degeneration treatment, primarily led by its affiliate Avixgen. Furthermore, OVM-200, a vaccine candidate designed for immuno-oncology treatment, has shown high safety and anti-cancer immune activation response in phase 1a clinical trial. The company is currently reviewing further clinical trials.
Source: Financial News