[Edaily Reporter Shin Ha-yeon] "Research and development for the African Swine Fever (ASF) vaccine is essentially complete. We are currently proceeding with approval and registration procedures in each country. We are considering not only direct sales but also technology transfer (license-out, L/O) with global animal health companies."

Yoon In-joong, CEO of #Joongang Vaccine, made these remarks in a recent interview with Edaily, stating, "We are now at the stage of bringing new businesses to fruition one by one, based on the R&D capabilities and production infrastructure we have accumulated over the years." He added, "We will elevate our corporate value to the next level by adding future growth engines on top of our stable core business competitiveness."

Founded in 1968, Joongang Vaccine, with 58 years of experience, is the leading domestic and export company in the Korean animal vaccine market. It offers approximately 85 product lines, including vaccines for swine, poultry, cattle, and companion animals, and currently exports its products to 23 countries, primarily in Asia, Latin America, and the Middle East.

Its existing business continues to show stable growth. Over the past three years (2023–2025), revenue grew from 41.9 billion won to 49.1 billion won, representing an average annual growth rate of over 8%, while the company maintained a consistent profit trend during the same period. CEO Yoon explained, “The launch of new products, the expansion into new markets such as South America, and increased exports have contributed to this growth,” adding, “Improvements in production processes and continuous investment in GMP compliance have also led to improved profitability.”

Building on a stable core business, the company’s most promising new growth engine is the ASF vaccine. ASF is a highly lethal swine disease, and since there are still few commercialized cases worldwide, the market is projected to grow to hundreds of billions of won in the short term and potentially trillions of won in the long term.

CEO Yoon noted, “The ASF vaccine is the company’s core mid- to long-term growth engine,” adding, “We are currently pursuing regulatory approval in Vietnam and the Philippines and are also discussing licensing-out agreements with multinational animal health companies.” He continued, “If these agreements are finalized, we expect to generate related revenue within this year.”

The greatest strength of Joongang Vaccine’s ASF vaccine is its safety. In particular, unlike some currently commercialized ASF vaccines, the fact that it can be administered to pregnant sows is a key differentiator. CEO Yoon explained, “While existing vaccines are primarily intended for piglets, they are often difficult to administer to sows,” adding, “The strength of our vaccine is that it can be administered to sows without the risk of miscarriage or abnormalities in the piglets.”

He also stated with confidence, “Unlike other commercial vaccines, we began our research using natural cells rather than genetic modification, ensuring safety with no risk of horizontal or vertical transmission of the virus,” adding, “We have focused on developing a vaccine that farmers can use with peace of mind.”

Alongside the ASF vaccine, he identified contract manufacturing (CMO) and contract development and manufacturing (CDMO) as another key growth driver. In particular, the FMD vaccine CDMO project currently underway with OptiPharm is considered highly significant in terms of localizing FMD vaccine production, which had previously relied entirely on imports. Additionally, the company plans to expand new revenue streams through bulk supply agreements with Japanese vaccine manufacturers.

CEO Yoon stated, “While our existing vaccine sales business serves as a stable cash cow, contract manufacturing (CMO), contract development and manufacturing (CDMO), and technology transfer will become new pillars that take the company to the next level.”

The company is also accelerating its overseas expansion. Currently, approximately 40% of total revenue comes from exports, and the company is expanding its overseas markets, focusing on the Middle East, Egypt, and Central and South America. The company plans to increase the export share to 60% in the mid-to-long term.

Tangible results are also expected from the local production and sales of poultry vaccines, a project being pursued through a joint venture (JV) established with a local partner in Egypt. Regarding this, CEO Yoon noted, “We are aiming to complete the factory and commence production this year, and if everything proceeds as planned, it will begin contributing to our earnings—including royalty revenue—starting next year.”

The company is also aiming to surpass 50 billion won in annual revenue for the first time since its founding this year. Since this figure is based on existing business operations, new ventures such as the ASF vaccine, FMD CDMO, and the Egypt JV are considered separate upside factors.

The company is also strengthening its shareholder return policy. Through its recent corporate value enhancement plan, Joongang Vaccine announced plans to increase the total annual dividend amount by at least 10% each year from 2026 to 2028. It also plans to cancel all of its treasury shares.

In closing, CEO Yoon emphasized, “Although the domestic animal vaccine market has entered a mature phase, we have established a stable foundation for growth through R&D, the upgrading of production facilities, and the expansion into overseas markets.” He added, “We will implement a more proactive and predictable dividend policy, and once the results of our new business ventures become visible, we will share those fruits with our shareholders.”