GenScript Biotech Earnings Update:
GenScript Biotech Group has reported financial results for the first half of 2022. This is also the 20th year of GenScript company and it has made a more diversified business portfolio throughout the last years.
GenScript BioTech company revenue for the last six months remained at $304.7 million with a 32.7% increase as compared to $229.6 million for the same period of the previous year. The gross Profit of the company remained at $175.5 million with an increase of 26.6% as compared to $138.6 million during the same period of the previous year.
GenScript reported a loss of $225.9 million which is higher as compared to $156 million for the same period of the previous year. The company’s operating profit is not comparable as it has reallocated back office administrative expenses in all four business segments after establishing Probio legal entities in 2nd half of 2021.
Satisfactory Financial Results
All business segments of GenScript Biotech Group have shown steady growth. Its external revenue for non-cell therapy business remained at $247.7 million with a 26.6% increase as compared to $195.7 million during the same period of the previous year. The company’s life science business growth has remained satisfactory while the company focused on R&D innovation and tried to leverage sophisticated technology platforms to step into emerging fields.
The external revenue of the company’s cell therapy business remained at $57.0 million with an increase of 68.1% as compared to $33.9 million during the same period of the previous year.
The company’s CDMO and GCT CDMO business also showed a growth momentum throughout the period. ProBio business segment of the company aims to focus on medium-sized and large pharma and biotech customers. It will work on adding value to its service projects.
The company’s Bestzyme segment improved its profitability by focusing on the product mix and the company is working on strengthening its enzyme product portfolio. It is focusing on increasing Industrial-grade manufacturing capability to capture new opportunities in the synthetic biology field.
On the other end, Legend and its partner Janssen successfully commercialized the Carvykti product. The Legend is expected to create an opportunity for reaching more patients worldwide as its cilia-cel is in the earlier line of clinical trials.
It aims to stay committed to the corporate culture and mission to “make people and nature healthier through biotechnology” and create value for the company’s shareholders and investors.
Statement of GenScript CEO
Rotating CEO of GenScript Dr. Patrick Liu said, “In the first half of 2022, GenScript Group has delivered satisfactory results across all business segments.”
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