An analysis of 2024 operating cash flows from 26 publicly listed South Korean biotech firms shows significant divergence in performance. According to consolidated financial statements, seven companies sustained positive inflows for a second year, while twelve continued to report negative cash flow.

Operating cash flow represents net cash generated from a firm’s core business activities, including inflows like sales revenue, licensing fees, and interest income, and outflows such as labor, taxes, R&D, and administrative costs. Positive flow signals a healthy cash-generating operation, while persistent deficits often reflect structural losses and high fixed costs.

As of April 29, HIT News reported a combined total of approximately $1.68 billion in operating cash flow across the 26 companies—up $189 million from $1.49 billion in 2023. However, disparities remain stark, with many firms still trapped in a pattern of outflows.

Of the companies reviewed, seven maintained positive cash flow for two consecutive years, and two reversed course from negative to positive. Meanwhile, five shifted from inflow to outflow, and twelve reported continued negative cash flow.

Among top performers, Samsung Biologics posted $1.19 billion in inflows, its second consecutive year in the black, fueled by rising CDMO orders and increased volume from major partners.

Celltrion followed with $646 million, up $261 million year-over-year, driven by expanded biosimilar sales in North America.

Alteogen swung from an outflow in 2023 to a $38 million inflow in 2024, thanks to milestone payments from its ALT-B4 hyaluronidase licensing deal.

In contrast, SK Bioscience recorded a $92 million outflow following the wind-down of COVID-19 vaccine production, compounded by increased inventory and prepayments.

In diagnostics, Access Bio shifted from a $74.4 million outflow in 2023 to a $14.3 million inflow in 2024. Stable malaria test kit sales, reduced inventory, and improved working capital offset declining COVID-19 revenues.

Among small-molecule developers, Bridge Biotherapeutics, Shaperon, and Kolon Life Science posted operating cash outflows of $14.8 million, $12 million, and $10.1 million, respectively. Four of five companies in this segment reported continued negative cash flow due to clinical trial expenditures.

Other firms with two consecutive years of outflows include Tego Science, AnyGen, S.Biomedics, Aprogen Pharma, HLB Life Science, ABL Bio, PeopleBio, AbClon, and Kolon TissueGene.