SEOUL, April 14 (Korea Bizwire) — The South Korean unit of U.S. pharmaceutical giant Pfizer Inc. chalked up massive sales last year thanks to special demand for COVID-19 vaccines, but sent most of its income to its head office.
According to the Financial Supervisory Service, Pfizer Pharmaceuticals Korea Ltd. chalked up revenue of 1.69 trillion won (US$1.37 billion) last year, about a fourfold jump from a year ago, ranking third among domestic pharmaceutical and biopharma companies.
The company bounced back from a 7.2 billion won deficit in 2020 to a 59.2 billion won profit last year.
The cost of sales amounted to 1.52 trillion won, with the cost-to-sales ratio reaching about 90 percent.
Most Pfizer vaccines imported by South Korea were produced at the company’s Puurs plant in Belgium.
The selling, general, and administrative expenses (SG&A) amounted to 112 billion won, similar to the previous year, with the company’s corporate social responsibility (CSR) expenses remaining low at about 400 million won.
In other words, Pfizer Pharmaceuticals Korea chalked up massive sales by selling overseas-produced vaccines in the domestic market, while its domestic investment remains negligible.
South Korea imported 50 million doses of Pfizer vaccines last year, and is scheduled to import 60 million doses this year.
J. S. Shin (email@example.com)