JW JoongWai, Record High 3Q Performance: Sales 182.9 Billion KRW, Operating Profit 26.8 Billion KRW

JW Pharmaceutical announced on the 8th through its preliminary business performance disclosure that it recorded sales of 182.921 billion KRW and operating profit of 26.756 billion KRW based on separate financial statements for the third quarter of this year. Compared to the same period last year, sales increased by 8.6% and operating profit increased by 110.9%.

JW Choongwae Pharmaceutical Gwacheon New Headquarters Exterior [Photo by JW Choongwae Pharmaceutical]

This represents JW Pharmaceutical's highest sales and operating profit for any third quarter in its history. The company explained, "Thanks to the sales growth of original ethical drugs (ETC), we achieved excellent results with operating profit increasing by 111% compared to the same period last year."

However, net loss turned to 17.8 billion KRW. This was due to accounting for a fine imposed by the Fair Trade Commission as a non-operating expense. Last month, the Fair Trade Commission imposed the largest-ever fine of 29.8 billion KRW on JW Pharmaceutical for engaging in illegal rebates. The company stated, "We made every effort to faithfully demonstrate that our normal corporate activities as a pharmaceutical company were legitimate during the investigation and review process, but the results were ultimately not accepted. We plan to carefully review the details upon receipt of the decision document and respond through administrative litigation."

By segment, both ETC and over-the-counter drugs (OTC) showed growth. In the third quarter, the ETC segment recorded sales of 150.6 billion KRW, and the OTC segment recorded sales of 13.8 billion KRW, increasing by 11.1% and 5.2% respectively compared to the same period last year.

On a cumulative basis for this year, the company posted sales of 537.772 billion KRW, operating profit of 70.971 billion KRW, and net income of 15.945 billion KRW. Sales and operating profit increased by 10.7% and 91.2% respectively compared to last year, while net income decreased by 28.5%.

A JW Pharmaceutical official said, “Strong performance growth continues centered on original drugs with excellent product competitiveness. We will continue to strengthen a virtuous cycle structure that focuses more on innovative new drug research and development based on a stable profit structure.”

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