'The Power of Technology Export' Chong Kun Dang, Operating Profit Up 124% Last Year

Jongkundang announced on the 5th that it recorded sales of 1,669.4 billion KRW and an operating profit of 246.59928 billion KRW in its operating performance last year.

Exterior view of Chong Kun Dang headquarters in Seodaemun-gu, Seoul
[Photo by Chong Kun Dang]

Sales increased by 12.2% compared to 2022, and operating profit surged by an impressive 124.4%. The company explained that "the continued growth of key products and sales and profit growth from the technology export of 'CKD-510'" were the main reasons for the increase in operating profit.

In November last year, Jongkundang signed a technology export contract for 'CKD-510,' a histone deacetylase 6 (HDAC6) inhibitor, with global big pharma Novartis, with the largest contract size of 1.305 billion USD (approximately 1.74 trillion KRW) and a contract deposit of 80 million USD (approximately 106.6 billion KRW). It is interpreted that the contract deposit was reflected in the performance, causing a sharp rise in results.

Novartis plans to develop CKD-510 as a treatment for cardiovascular diseases such as atrial fibrillation. Vas Narasimhan, CEO of Novartis, emphasized this partnership during his presentation at the JP Morgan Healthcare Conference (JPMHC) held last month, stating, "We recently announced a partnership with Jongkundang related to HDAC6 inhibitors," showing considerable expectations from Novartis as well.

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