HK Innoen, 2Q Sales 204.4 Billion KRW, Operating Profit Down 13%... "Impact of Vaccine and Milestone Base Effects"

HK Innoen announced on the 1st that its provisional operating results for the second quarter of this year were sales of 204.364 billion KRW, operating profit of 15.327 billion KRW, and net profit of 14.592 billion KRW. Compared to the same period last year, sales decreased by 18.9%, and operating profit also declined by 13.2%. However, net profit increased by 8.2%.

HK Innoen 'K-CAB Tablet'
Photo by HK Innoen

The company explained, "In terms of sales, there was an increase in exports of the new drug for gastroesophageal reflux disease 'K-CAB', expansion of infusion sales, and strong sales of iced tea 'T-LOG'." It added, "There was a base effect from the sales of MSD (Merck & Co., USA) vaccines and milestone payments from K-CAB in China in the second quarter of last year." HK Innoen sells MSD vaccines including the cervical cancer vaccine 'Gardasil', but sales in the second quarter amounted to 36.3 billion KRW, a 55.3% decrease compared to the same period last year. The company attributed this to "a significant base effect due to concentrated shipments before the price increase of Gardasil in the second quarter of last year."

Performance deterioration was also evident for the first half of the year. First-half sales were 389.256 billion KRW, down 18.9% from the same period last year. Operating profit was 20.968 billion KRW, a decrease of 4.2%, and net profit was 17.535 billion KRW, down 16.0%.

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