SK Biopharmaceuticals Reports Record Q2 Results; Cenobamate US Sales Surpass $100 Million

Revenue Reaches KRW 176.3 Billion, Operating Profit Hits KRW 61.9 Billion

On August 5, SK Biopharmaceuticals announced its second-quarter results for this year, revealing that the US sales of cenobamate (marketed as XCOPRI® in the US) achieved the largest quarterly growth to date, continuing the company's upward performance trend.

SK Biopharmaceuticals reported revenue of KRW 176.3 billion for the second quarter of this year, representing a 22.1% increase from the previous quarter and a 31.6% rise compared to the same period last year. Operating profit reached KRW 61.9 billion, up 141.1% quarter-on-quarter and 137.6% year-on-year, significantly surpassing market consensus (analyst expectations).

In particular, cenobamate surpassed USD 100 million (approximately KRW 138.4 billion) in quarterly sales in the US for the first time, recording KRW 154.1 billion?an increase of 15.6% from the previous quarter and 46.5% from the same period last year. This achievement is attributed to the resolution of seasonal slowdowns and temporary sales stagnation at the beginning of the year, as well as the tangible effects of marketing strategies such as internal contests. In the second half of the year, the impact of direct-to-consumer (DTC) advertising and other marketing initiatives is also expected to become more pronounced.

SK Biopharmaceuticals stated, "This quarter's results reflect a significant expansion of operating leverage, driven by the high growth of our core product cenobamate and our cost efficiency strategies," adding, "We are now on a stable growth trajectory, supported by the continued strong performance of our key products."

Cenobamate Maintains Robust Growth in the US Market

In the second quarter of this year, cenobamate's US sales reached KRW 154.1 billion, up 15.6% from the previous quarter and 46.5% from the same period last year. In dollar terms, quarterly sales exceeded USD 100 million for the first time, reaching approximately USD 110 million. Alongside the recovery of strong sales growth, ongoing cost efficiency measures have curbed increases in selling, general, and administrative expenses, thereby expanding operating leverage and demonstrating a solid profit structure.

Other revenue reached KRW 22.2 billion, up about 140% from the previous quarter. This stable performance, centered on royalty and semi-finished product sales, met the annual guidance (sales target) for other revenue. In addition, the in-kind contribution made during the establishment of a joint venture in June with Eurofarma for an AI-based digital healthcare business was recognized as revenue under accounting standards.

Donghoon Lee SK Biopharm CEO

Notably, in the second quarter, the average monthly number of new patient prescriptions (NBRx) for cenobamate in the US rose significantly to about 1,800, up from over 1,600 per month in the first quarter. This growth is attributed to various sales enhancement activities, including the NBRx contest conducted in the first quarter. Furthermore, SK Biopharmaceuticals expects that the effects of the DTC advertising campaign launched in May will become more apparent in the second half of the year. The company also plans to expand patient engagement and strengthen its market position through proactive marketing initiatives such as the 'Line of Therapy' contest, which aims to move cenobamate earlier in the treatment sequence.

SK Biopharmaceuticals is also seeking to expand the market for cenobamate by broadening its indications and target age groups. The company expects to secure topline results from a phase 3 clinical trial for generalized tonic-clonic seizures (PGTC) within the year.

Accelerating Portfolio Diversification to Secure Growth Drivers

SK Biopharmaceuticals is working to strengthen its stable revenue base by pursuing the external introduction of a second commercialized product within the year. The product to be introduced is a central nervous system (CNS) disorder treatment, similar to cenobamate, and is expected to create strategic synergy with the direct sales infrastructure already established in the US. The company anticipates that immediate revenue contribution will be possible upon introduction by leveraging its existing sales network.

The company is also accelerating the expansion of its pipeline based on next-generation therapeutic technologies. In particular, it is focusing on research and development in the radiopharmaceutical (RPT) field, and is preparing to submit an IND for a phase 1 clinical trial of 'SKL35501', a solid tumor treatment candidate introduced from Full-Life Technologies last year. Alongside continued efforts to introduce additional external compounds, SK Biopharmaceuticals is also securing an internal discovery platform and has established a stable global supply chain for key radioactive materials, which is expected to further accelerate overall development.

In the targeted protein degradation (TPD) field, another growth axis, the company's US subsidiary SK Life Science Labs is focusing on discovering and developing protein degraders targeting diseases for which no treatments currently exist.

SK Biopharmaceuticals is also ramping up its entry into the AI-based digital healthcare sector. In June, the company established a joint venture with Eurofarma in the US to commercialize an 'AI-based epilepsy management solution' and is currently setting up the initial phase of the business.

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