SK Biopharm Q1 Operating Profit 75.9 Billion Won... Successful Turnaround to Profitability

[Asia Economy Reporter Chunhee Lee] SK Biopharm posted sales of 140 billion KRW and an operating profit of 75.9 billion KRW in the first quarter of this year on a consolidated basis, turning profitable.

SK Biopharm announced on the 12th that its consolidated financial statements showed provisional first-quarter sales of 139.989 billion KRW, a 3464% increase compared to 39.28 billion KRW in the same period last year. During the same period, operating profit and net income also turned profitable, recording 75.932 billion KRW and 128.991 billion KRW, respectively.

SK Biopharm explained that sales increased by 770% compared to the previous quarter due to the rising U.S. sales of its independently developed epilepsy drug, Cenobamate (Xcopri®), and the milestone payment of 110 million USD (approximately 123.4 billion KRW) following the sales approval in Europe last March. The first-quarter sales of Cenobamate reached 11.6 billion KRW.

In January, Abel Therapeutics, an existing partner, was acquired by Angelini Pharma, and SK Biopharm recorded non-operating income of 50.4 billion KRW from selling its entire 12% stake in Abel to Angelini Pharma.

SK Biopharm plans to actively pursue technology exports to Canada, South America, and other regions to establish the marketing value chain of Cenobamate in the U.S., Europe, and Japan and create new global growth engines.

This content was produced with the assistance of AI translation services.