- Daewoong Pharmaceutical Co., Ltd. achieved 293.8 billion won in sales and 33.6 billion won in operating revenue in the second quarter due to the growth of ethical drugs and Nabota.
- A continuous increase in profitability is expected due to sales visualization of the new drug Fexuclue and Nabota's entry into the European market in the third quarter.
SEOUL, South Korea, July 28, 2022 /PRNewswire/ -- Daewoong Pharmaceutical Co., Ltd. (represented by Jeon Seng-ho and Lee Chang-jae) presented its management performance (separate standards) for the second quarter of 2022. In the second quarter, separate standard sales 293.8 billion won and operating revenues 33.6 billion won with a respective year-on year increase of 7.6% and 25.8%. In the same quarter, combined sales revenue reached 322.1 billion won and operating revenue reached 30 billion won.
Daewoong Pharmaceutical Co., Ltd. revs up the growth engine for Nabota, achieving the highest quarterly performance ever.
Daewoong Pharmaceutical Co., Ltd. broke its highest quarterly operating revenue (separate standards) for this year's 1st and 2nd consecutive quarters as its sales also hit an all-time quarterly high. The ETC sector's continuous growth, the surge in export of the botulinum toxin Nabota, and the favorable exchange rate propelled the company's operating revenue and profitability improvement.
The ETC sector recorded a 5.5% year-on year increase in sales revenue, summing up to 205.8 billion won in contrast to 195.1 billion won. Profitable products such as Crejet, the hyperlipidemia treatment, Ususa, the liver supplement, Diabex, the diabetes treatment, and Anplone, the anti-thrombotic drug, showed year-on-year growth of over 10%, as well as over 30% in sales for Forxiga, the diabetes treatment distributed through the company.
Botulinum toxin solution Nabota achieved 37.1 billion won in sales, a year-on-year increase of 60% from 23.2 billion won, of which exports showed a year-on-year growth of 105% from 14.2 billion won to 29.2 billion won. Due to the increase in local shares and recognition, exports to the U.S. sales partner Evolus doubled year-on-year to 21.1 billion won and took a favorable turn in exports in Southeast Asia and Latin America. Nabota will launch in primary botulinum toxin markets such as Europe, Turkey, and Chile in the third and fourth quarters and overseas sales are expected to increase further.
In addition, Fexuclue, a new drug for gastroesophageal reflux disease released earlier this month by Daewoong Pharmaceutical Co., Ltd., is expected to act as a positive factor in gaining good results in the second half year. Daewoong Pharmaceutical Co., Ltd. is now speeding up to expand its Fexuclue market shares. In the domestic market, Daewoong Pharmaceutical Co., Ltd. is using various channels to actively promote the unique features of Fexuclue Tab. to medical staff across the country. For overseas markets, it promptly agreed to technology exports worth 1.1 trillion won to 15 countries worldwide, planning to gradually expand its export range to foster it as a new global blockbuster drug.
The OTC sector recorded a sales revenue of 34.3 billion won, a year-on-year increase of 19.9% from 28.6 billion won. Due to COVID-19, the antipyretic Ezn6 grew 45% year-on-year, while Urusa, the liver supplement, grew over 30% year-on-year. Health functional foods also had a 100% year-on-year growth, and the offline distribution of Enerthistle, a brand specializing in liver health, will be expanded in the second half of the year.
Daewoong Pharmaceutical Co., Ltd. is strengthening its growth engine by investing 33 billion won, or 11.2% of sales, in research and development, which is generating tangible results such as Fexuclue Tab., the in-house developed 34th domestic new drug.
Daewoong Pharmaceutical stated that Nabota's expansion in market shares and exports in primary global botulinum toxin markets including the U.S., led to record quarterly sales and operating revenue and Daewoong Pharmaceutical expects the company's growth and revenue to increase when Nabota is released in Europe.
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Source: Daewoong Pharmaceutical Co., Ltd Related Stocks: Korea:069620