[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 22nd that it is maintaining its “Buy” rating on Green Cross Corporation(006280)but lowering its target price from 220,000 won to 190,000 won.

Jeong Yi-su, an analyst at IBK Investment & Securities, "We expect the company to receive approximately 286.8 billion won from Eli Lilly in July of this year for the sale of its stake in affiliate Curevo Vaccine, which will be reflected in third-quarter net income," he said. "Looking ahead, expectations for CMO (contract manufacturing) sales and royalty revenue following commercialization are expected to rise in line with the progress of Eli Lilly’s shingles vaccine clinical trials."
GC Biopharma Corp.’s consolidated revenue for the second quarter of 2026 is estimated at 436.8 billion won (down 12.7% year-over-year), with operating profit at 2.9 billion won (down 89.4%). Analyst Jeong explained, “Operating profit is expected to fall significantly short of market expectations of 16.3 billion won,” adding, “The decline in revenue is due to delays in securing the standard batch of the revised influenza vaccine formula this year, which caused sales of influenza vaccine bulk—typically generated in the second quarter—to be deferred to the third quarter.”
He further elaborated, “Some sales of high-margin products—such as Aliglo (IVIG 10%), a treatment for congenital immunodeficiency, and Hunterase, a treatment for rare diseases—are also expected to be concentrated in the second half of the year. Additionally, the decline in operating profit is expected to widen as R&D expenses increase due to the ongoing clinical trials for the company’s in-house mRNA COVID-19 vaccine candidate and the Vericella strain.”
The company estimated that annual revenue for 2026 would be 2.035 trillion won (+0.6%) and operating profit 75.3 billion won (+9.0%). He noted, “As the subsidiary GC WellBeing was sold to GC Corp. and excluded from consolidated earnings starting in the second quarter of this year, this will result in a quarterly revenue decrease of approximately 50 billion won. Nevertheless, we expect that revenue growth from U.S. sales of Aliglo and sales of the rare disease treatment Hunterase in the second half of the year will offset the revenue lost from the exclusion of GC WellBeing.”
He added, “In terms of profitability, the losses at subsidiaries ABO Holdings and GC CELL are expected to be reduced by more than half compared to the previous year, contributing to improved earnings.”