SK Bioscience Reports FY2025 & Q4 Financial Results Highlighting Growth, Investment and Strategic Momentum

SK Bioscience Co., Ltd. announced preliminary consolidated FY2025 financial results and fourth-quarter performance, delivering strong revenue growth driven by its expanded vaccine portfolio and the turnaround of recently acquired IDT Biologika, even as the company continues to invest heavily in R&D and capacity expansion. 

Quarterly & Annual Performance Snapshot

For the year ended December 31, 2025:

• Full-year revenue: approximately KRW 651.4 billion, up about 144 % from KRW 267.5 billion in FY2024 — reflecting substantial growth from both organic vaccine sales and the consolidation impact of IDT Biologika.

• Full-year operating loss: KRW 123.5 billion, narrowed from a loss of KRW 138.4 billion in the prior year despite large investments in R&D and manufacturing.

For Q4 2025:

• Quarterly revenue: KRW 184.2 billion, about 17 % higher year-over-year from KRW 156.8 billion.

• Operating loss for Q4 expanded slightly compared to Q4 2024, with net and operating losses continuing, reflecting ongoing R&D and commercialization investment.

These results underscore rapid top-line expansion, although profitability remains negative at the consolidated level due to aggressive long-term investment.

Business Segment Performance & Key Drivers

1. Vaccine & Proprietary Products:
SK Bioscience continued to translate demand for its core vaccine portfolio into strong revenue performance. Growth was supported by export volumes of influenza vaccine SKYCellflu into Central/South America and Southeast Asia, expanded global supply of SkyVaricella via organizations like the Pan American Health Organization, and increased domestic and export sales of SKYZoster shingles vaccine.

2. CDMO/Contract Biomanufacturing (IDT Biologika):
A major growth driver was the inclusion of IDT Biologika’s results on a consolidated basis. IDT posted revenue of KRW 465.7 billion in 2025, up approximately 17 % year-on-year, and importantly, delivered a full-year operating profit of KRW 9.9 billion following its acquisition. This marks a material strategic inflection as the acquired business turned profitable within a year and contributed meaningfully to group scale.

3. Distribution Partnerships:
Sales of vaccines distributed in partnership with Sanofi – including the RSV preventive Beyfortus, pediatric combination Hexaxim and Tdap Adacel – grew more than threefold year-on-year, broadening market reach and reinforcing SK Bioscience’s commercial footprint in Korea and overseas.

Investment, Pipeline & Strategic Growth Initiatives

SK Bioscience’s 2025 strategy included continued heavy investments in:

• R&D and clinical development (e.g., globally phased Phase 3 trials for the 21-valent pneumococcal conjugate vaccine co-developed with Sanofi).

• Manufacturing capacity expansion with the Andong L HOUSE facility and full operationalization of the Songdo Global R&PD Center to support commercial readiness and future pipeline scaling.

• Pipeline diversification through global licensing (e.g., RSV monoclonal antibody RSM01 with global rights), next-generation vaccines (pan-coronavirus, avian influenza), and expanded biologics capabilities across CDMO platforms.

These initiatives reflect SK Bioscience’s positioning beyond traditional vaccine manufacturing toward a broader biopharmaceutical innovation and global supply platform.

Profitability & Cost Dynamics

While revenues expanded sharply in FY2025, profitability remained under pressure:

• Operating losses, though narrowed at the full-year level, persisted due to sustained R&D and infrastructure spending.

• Q4 losses widened compared to the prior year quarter, driven by investment costs and transitional integration effects from IDT.

These financial patterns illustrate the company’s strategic prioritization of growth and future market expansion over short-term profit — characteristic of biotech innovators scaling pipeline and global manufacturing capacity.

Outlook & Strategic Positioning

Looking ahead, SK Bioscience’s strategic objectives include:

• Leveraging the profit contribution of IDT Biologika to help stabilize consolidated earnings.

• Driving global adoption of proprietary vaccines and partnership products in emerging and established markets.

• Advancing late-stage clinical programs and commercial readiness for next-generation vaccines.

The company’s expanded manufacturing footprint and product diversification aim to position SK Bioscience as a global vaccine supplier with integrated CDMO capabilities, supporting both revenue consistency and future profitable growth.

In FY2025 and Q4, SK Bioscience achieved remarkable revenue acceleration (~144 % annual growth and ~17 % quarterly growth), driven by vaccine portfolio expansion, strategic partnerships, and the consolidation of IDT Biologika — which itself turned profitable within a year of acquisition. Profitability at the group level remains under pressure as investments in R&D and capacity continue, yet narrowing losses and structural growth initiatives underscore long-term value potential.