Daewoong Pharmaceutical 1Q Sales 292.3 Billion KRW... Operating Profit Up 102%

Daewoong Pharmaceutical achieved a record-high quarterly operating profit of 31 billion KRW in the first quarter of this year.

Daewoong Pharmaceutical Headquarters Exterior [Photo by Daewoong Pharmaceutical]

On the 3rd, Daewoong Pharmaceutical announced its provisional operating results for Q1, with sales of 292.39 billion KRW and operating profit of 30.973 billion KRW, representing growth of 7.4% and 15.7% respectively compared to the same period last year. Net profit turned positive at 20.473 billion KRW.

On a consolidated basis, sales reached 322.415 billion KRW and operating profit was 24.474 billion KRW, showing growth of 8.1% and 6.2% respectively compared to the same period last year.

Following record-high annual sales and operating profit last year, Daewoong Pharmaceutical also achieved its highest-ever operating profit on a separate basis in Q1 this year. The company attributed the growth mainly to the strong performance of high-profit specialty pharmaceuticals such as the new gastroesophageal reflux disease drug 'Pexuclu' and 'Nabota', a botulinum toxin (BTX) product that is the only one approved by the U.S. Food and Drug Administration (FDA) in Korea, which led overall growth.

Sales in the ethical drugs (ETC) segment reached 206.9 billion KRW, up 4.7% from 197.6 billion KRW in the same period last year. In addition to Pexuclu, high-profit products such as the dyslipidemia treatment 'Litovazet' and hyperlipidemia treatment 'Crezet' grew by 20% compared to the same period last year, driving the performance increase.

In particular, Pexuclu recorded prescription sales of 10.8 billion KRW in Q1 since its launch in July last year, growing 46% compared to the previous quarter, and has ranked third in sales in the gastroesophageal reflux disease treatment market since February. As sales have steadily increased, continuous growth is expected.

The Nabota segment posted sales of 42.6 billion KRW, a 40.3% increase from 30.4 billion KRW in the same period last year. Export sales especially rose from 22.8 billion KRW to 36.4 billion KRW, up 59.3% year-on-year. Exports to Evolus, the U.S. sales partner, performed well, and the product is also growing fastest in major global markets such as Thailand, Brazil, and Turkey.

The global segment recorded sales of 3.9 billion KRW, an 11.2% increase from 3.5 billion KRW in the same period last year. Sales rose due to the expansion of the sales network for the antacid liquid product 'Nulanta' in China and the launch of the new product 'Easyderm'.

A Daewoong Pharmaceutical official said, “In line with the current government’s policy to foster the pharmaceutical and bio industries, we are continuously producing results through active investment in innovative new drug research and development and production facilities. We will contribute to the growth of Korea’s pharmaceutical and bio industry through the global export expansion of Nabota, Pexuclu, and 'Enblo.'”

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