HK Innoen, Last Year's Sales 769.8 Billion KRW... Operating Profit Down 42.2%

[Asia Economy Reporter Lee Chun-hee] HK Innoen recorded a 29% growth in cumulative sales last year, reaching 769.8 billion KRW compared to the previous year.

According to HK Innoen's preliminary performance report released on the 9th, sales last year increased by 28.6% from 598.44672 billion KRW the previous year to 769.78556 billion KRW. However, operating profit decreased by 42.2% to 50.32284 billion KRW, and net profit also fell by 10.5% to 24.9693 billion KRW.

The company analyzed that the increase in sales was driven by the gastroesophageal reflux disease (GERD) new drug 'K-CAB' surpassing 100 billion KRW in outpatient prescription sales for the first time last year, along with a significant rise due to the introduction of seven vaccines from MSD Korea, including 'Gadasil' and 'Rotateq'. On the other hand, operating profit declined compared to the previous year due to decreased sales of the hangover remedy 'Condition' amid the COVID-19 impact and increased selling and administrative expenses.

HK Innoen aims for solid growth in both sales and operating profit this year by accelerating the growth of its flagship new drug K-CAB, stabilizing sales of MSD Korea vaccines, and commencing full-scale operation of a new infusion solution factory.

An HK Innoen official stated, “This year marks the first year of full-scale global market penetration for K-CAB. We will mobilize all our capabilities to develop K-CAB into a global blockbuster drug with annual sales of 2 trillion KRW by 2030.” He added, “We plan to carry out aggressive marketing for Condition to recover sales in line with the easing of the COVID-19 situation.”

Meanwhile, HK Innoen also announced the signing of a trust contract with Korea Investment & Securities for the acquisition of treasury shares worth 24.2 billion KRW to stabilize stock prices and enhance shareholder value. The contract period is from the 10th to August 9.

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