Boryeong Reports Record Q3 Revenue of 187.7 Billion KRW... Absorbs Anticancer Drug Subsidiary Liquon

[Asia Economy Reporter Lee Gwan-joo] Boryung announced on the 24th that its separate basis sales for the third quarter of this year were tentatively estimated at 187.7 billion KRW, an 18.6% increase compared to the same period last year. This marks the highest quarterly sales in history.

Operating profit for the third quarter was 15.9 billion KRW, down 14.4% during the same period, but the cumulative operating profit from the first to the third quarter of this year increased by 19% to 48.6 billion KRW. The company explained that the quarterly operating profit decline was due to aggressive new product marketing.

Boryung's sales growth was driven by the strong performance of ethical pharmaceuticals (ETC). Quarterly sales of ethical pharmaceuticals exceeded 160 billion KRW for the first time, increasing by more than 20 billion KRW compared to the same period last year, with the sales proportion accounting for 86%.

The flagship product, the hypertension treatment Kanarb product line, recorded sales of 33 billion KRW, growing 18% year-on-year, and anticancer drugs achieved sales of 42.3 billion KRW, up 67%. Sales of influenza vaccines (8.6 billion KRW) were also reflected amid balanced growth across all disease groups.

Among over-the-counter drugs, the Yonggaksan brand, which has shown growth since the COVID-19 pandemic, posted sales of 2.4 billion KRW, a 38% increase compared to the same period last year. The representative product, Gelpos, recorded sales of 3.9 billion KRW. The pharmaceutical contract manufacturing business also achieved its highest quarterly sales of 16.7 billion KRW, growing 68% compared to last year.

Meanwhile, Boryung also announced the absorption merger of its wholly owned subsidiary Liquon on the same day. Liquon is a specialized anticancer drug development subsidiary established in December last year.

Liquon is developing 'BR101801,' a candidate substance for lymphoma treatment. In the Phase 1a clinical trial passed last year, among a total of nine patients with peripheral T-cell lymphoma (PTCL), one patient achieved 'complete remission' and two patients showed 'partial remission.' Currently, Phase 1b and Phase 2 clinical trials are being conducted simultaneously targeting PTCL patient groups in the United States and Korea. It was recently designated as an orphan drug by the U.S. Food and Drug Administration (FDA).

Boryung explained the merger by stating, "Since pharmaceutical research and development are currently being conducted jointly, integrating into a single corporation is expected to enhance the research and development capabilities of promising pipelines and create synergies such as expanding business opportunities through shared infrastructure."

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