[Edaily Reporter KIM JI-WAN ] EuBiologics Co., Ltd.(206650)is accelerating efforts to secure new revenue streams, led by its typhoid and meningococcal vaccines.

According to the company on the 28th, its typhoid vaccine has completed the World Health Organization’s (WHO) Prequalification (PQ) certification process and is on the verge of entering the international public procurement market. The 5-valent meningococcal vaccine is currently undergoing large-scale clinical trials in Africa. The company estimates annual sales of the typhoid vaccine to be in the high 20 billion won range, and those of the meningococcal vaccine to be between 70 and 100 billion won.

The reason this follow-up vaccine development is so important is the company’s high reliance on cholera vaccine sales. EuBiologics Co., Ltd. recorded 149.2 billion won in revenue last year. Of this, sales of the oral cholera vaccine totaled 145.2 billion won, accounting for 97.3% of the total. In effect, a single product line is responsible for the vast majority of the company’s performance.

Typhoid Vaccine, the First Contender for a “Second Revenue Pillar”… Aiming for Annual Sales in the 20 Billion Won Range

The key question is whether EuBiologics Co., Ltd. can break free from a structure where its revenue relies solely on the cholera vaccine and transform into a company with multiple commercialized vaccines.

The first product to come into view in terms of revenue is the typhoid conjugate vaccine “EuTYPH-C.” This product was developed based on EuBiologics Co., Ltd.’s bacterial conjugate vaccine platform “EuVCT,” which combines bacterial polysaccharide antigens with a carrier protein to enhance the immune response. The company is applying this technology not only to typhoid vaccines but also to meningococcal and pneumococcal vaccines.

A key feature of conjugate vaccines is their ability to induce a stronger immune response and immune memory compared to vaccines that use only bacterial polysaccharide antigens. EuBiologics Co., Ltd. utilizes its proprietary recombinant carrier protein, CRM197. In particular, having secured manufacturing technology that enables high-yield, large-scale production of CRM197 in E. coli, the company is expanding its pipeline to include typhoid, meningococcal, and pneumococcal vaccines.

EuBiologics Co., Ltd. official stated, “The typhoid vaccine has completed a multinational Phase 3 clinical trial, including trials in the Philippines, and has received WHO-PQ certification,” adding, “We are pursuing commercialization with a focus on the public vaccine market and expect annual revenue in the high 20 billion won range.”

The typhoid conjugate vaccine received an export license from the Ministry of Food and Drug Safety last July. PQ certification effectively serves as a market entry qualification when international organizations such as UNICEF procure vaccines.

Competition in the typhoid market is fierce, as numerous Indian vaccine manufacturers have already entered the market. Rather than relying solely on a low-price strategy, EuBiologics Co., Ltd. plans to position its competitive edge based on the supply experience and production and quality control capabilities it has built up in the existing international public vaccine market. The company explained that its experience conducting clinical trials directly in the Philippines can also be leveraged when entering individual countries, including the Philippines.

EuBiologics Co., Ltd. official stated, “Since these are public vaccines, the price difference compared to competing products isn’t particularly significant,” adding, “Our strengths lie in the track record and credibility we’ve built up while supplying products to the international public vaccine market, as well as our capability to handle everything from in-house R&D to production.” The official continued, “The fact that we’ve conducted multi-country clinical trials, including in the Philippines, could also work in our favor when entering local markets in the future.”
From Meningococcal to Pneumococcal, RSV, and Shingles…

Expanding the Vaccine Portfolio

The second key product is the 5-valent meningococcal conjugate vaccine “EuNmCV-5.” The company is developing a vaccine that protects against five serotypes—A, C, W-135, X, and Y—in a single dose. Phase 2 and 3 clinical trials are currently underway in Africa, and the company aims to launch the vaccine around 2028 following completion of clinical trials, post-marketing surveillance, and regulatory approval procedures.

EuBiologics Co., Ltd. expects the meningococcal vaccine to generate higher sales than the typhoid vaccine. This is because, while several suppliers are already competing in the typhoid market, there are only a limited number of suppliers for the 5-valent meningococcal vaccine in the global public sector. In particular, strong public health demand, especially in Africa’s “meningitis belt,” supports the vaccine’s market potential.

EuBiologics Co., Ltd. official stated, “The 5-valent meningococcal vaccine is currently undergoing clinical trials in Africa and is a product with relatively few competing suppliers compared to market demand,” adding, “We are targeting a 2028 launch and expect actual export revenue to begin in earnest around 2029.”

The spokesperson continued, “Once the meningococcal vaccine is commercialized, we expect annual sales of 70 billion to 100 billion won,” and explained, “After the clinical trials conclude, we plan to conduct approximately one year of follow-up observation to secure the results report, followed by the approval process with the Ministry of Food and Drug Safety and the WHO-PQ procedure.”

In addition, EuBiologics Co., Ltd. is preparing a pneumococcal conjugate vaccine as a next-generation revenue source. After completing Phase 1 clinical trials in Korea, the company has been pursuing commercialization strategies, including technology transfer.

An EuBiologics Co., Ltd. official stated, “Pneumococcal vaccines are a highly challenging development project,” adding, “We have completed Phase 1 clinical trials and are currently exploring ways to maximize the value of our development achievements.”

The company is also actively seeking to expand into the premium vaccine market. Utilizing its immune-enhancing technology “EuIMT” and antigen display technology “SNAP,” the company is developing vaccines for respiratory syncytial virus (RSV) and shingles, among others. In the long term, the company plans to expand its business scope beyond the prevention of infectious diseases—such as Alzheimer’s—to include vaccines aimed at treating diseases.

Meanwhile, the RSV and shingles vaccines have entered Phase 2 clinical trials, and the Alzheimer’s vaccine has entered Phase 1 clinical trials.