(LEAD) SK Biopharm's Q3 operating profit up 66 pct on U.S. sales of seizure drug

SK Biopharmaceuticals Co., a subsidiary of SK Group, announced a significant increase in its operating profit for Q3 2021, driven by robust sales of its seizure medication in the United States. The company reported a 65.9 percent rise in operating profit, reaching 116.3 billion won, up from 71.2 billion won in the same period last year.

This increase was primarily fueled by a 34.8 percent surge in sales, totaling 258.4 billion won. However, net income saw a decline of 23.9 percent to 54.3 billion won. The company attributed this improvement to a strong performance of its oral anti-seizure medication, Cenobamate, also known as Xcopri, which generated US$156.8 million in sales in the U.S. market, marking a 29.9 percent year-on-year increase.

The overall sales of Cenobamate by the end of September accounted for 76 percent of the company's revenue guidance for the year, set at $580 million. SK Biopharm's CEO, Lee Dong-hoon, attributed the company's success to its aggressive expansion in the U.S. market, which has led to increased cash flow, enabling the firm to undertake substantial investments.

The company is also exploring new avenues, having signed an agreement to license a novel epilepsy drug candidate from U.S. biotech firm Biohaven. Additionally, SK Biopharm is set to commence clinical trials for several other drug candidates, including SKL32276, a potential treatment for Parkinson's disease.