SK Biopharm's Q3 operating profit up 66% on US sales of seizure drug
SK Biopharmaceuticals, a biopharmaceutical arm of SK Group, said Thursday its operating profit rose 65.9 percent from a year earlier, boosted by robust U.S. sales of oral anti-seizure medication. The company reported an operating profit of 116.3 billion won in the July-September period, according to its regulatory filing. Sales increased 34.8 percent to 258.4 billion won. But net income was down…
SK Biopharmaceuticals, a subsidiary of SK Group, reported a significant increase in its operating profit by 65.9 percent during the third quarter, attributed to the strong sales of its oral anti-seizure medication in the United States. The company's operating profit for the period amounted to 116.3 billion won, with a 34.8 percent rise in sales to 258.4 billion won.
However, the net income saw a decrease of 23.9 percent to 54.3 billion won. This surge in operating profit can be credited to the robust growth of the seizure drug, Cenobamate, also known as Xcopri in the U.S. The strengthening of the Korean won against the U.S. dollar also played a role in lowering costs. The drug's sales in the U.S. reached $156.8 million, a 29.9 percent increase compared to the previous year.
As of the end of September, the drug's aggregate sales have reached 76 percent of the company's revenue guidance for the year, which is set at $580 million. Lee Dong-hoon, the CEO of SK Biopharm, acknowledged the company's efforts in expanding its presence in the U.S. market.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
