-Daewoong Pharmaceutical Surpasses KRW 300 Billion Revenue In Q3 As Nabota Sales Increased 93%, Leading Overall Revenue Growth
SEOUL, South Korea, Nov. 15, 2022 /PRNewswire/ -- Daewoong Pharmaceutical Co., Ltd. (CEO Jeon Sengho, Lee Changjae) has announced third-quarter financial results. Third-quarter stand-alone revenue was KRW 301.5 billion and operating profit was KRW 30.3 billion, up 13.7 and 26.7% year-on-year respectively, while consolidated revenue was KRW 331.9 billion. KRW and operating profit at KRW 30.1 billion.
Daewoong Pharmaceutical (hereinafter Daewoong) has surpassed KRW 300 billion in quarterly revenue for the first time, thanks to strong export performance of Nabota botulinum toxin, favorable exchange rates and growth of high-value products such as Fexuclue, which went on the market last July.
Notably, Nabota, a botulinum toxin product, has experienced 93.3% year-on-year revenue growth, reaching KRW 40.4 billion in sales. Of this figure, exports accounted for KRW 32.6 billion, an increase of 130.2% over KRW 14.2 billion in the same period of the previous year. Daewoong established itself in Europe, the world's second largest pharmaceutical market, with the launch of Nabota in the UK last September. The company is expanding its market share through active marketing in the United States, the largest market. With increasing awareness of the more natural results of high purity toxin treatments, sales have also increased in Southeast Asia and Central and South America, regions with significant cosmetic plastic surgery markets.
With a presence already in the UK, Daewoong plans to enter valuable European markets, including Germany and Austria, in the course of the year, while reinforcing marketing and training efforts targeting overseas medical professionals for the post-COVID era. , in an effort to increase and develop overseas sales and distribution channels.
For Ethical Medicines (ETC), sales reached KRW 209.5 billion, up 6.5% from KRW 196.7 billion in the same quarter of the previous year. Fexuclue, a treatment for gastroesophageal reflux disease (GERD), became available for inclusion in healthcare benefits last July, after which it experienced rapid market share growth and increased prescriptions in external pharmacies, as well as establishing a stable presence in the main university and general hospitals and in local markets. In addition, high-profit products such as hyperlipidemia treatments Crezet and Litorvazet, GERD treatment Nexierd, and Axid, an anti-ulcer product, have also contributed to merchandise category growth.
With clinically proven efficacy and safety, Fexuclue has great prospects for increased acceptance and use among general primary care hospitals, especially now that it has gained additional treatable indications for acute gastritis and associated gastric mucosal lesions. to chronic gastritis, which are common among Korean patients. Both product visibility and sales are expected to grow significantly once actual prescriptions begin in the second half of the year.
For over-the-counter products, revenue was KRW 34.8 billion, up 15.9% from KRW 30 billion in the same quarter of the previous year. EZN 6, an antipyretic pain reliever, saw 55% year-on-year growth due to the COVID pandemic, while Urusa, a fatigue remedy, grew 10% year-on-year. EasyDerm, a moist dressing, also grew 28% year-on-year, while the effort to increase its distribution through pharmacies will continue in the second half of the year as well. Functional health foods grew 40% year-on-year, and the offline distribution channels of Senomega, a brand of products designed to improve blood circulation, are set to expand.
An official from Daewoong stated, "With the successful establishment in the market of Fexuclue, the 34th new drug developed in the country, and the good performance of Nabota in the botulinum toxin market in the US and Europe, the has achieved an unprecedented sales figure of KRW 300 billion," adding, "As this result is largely attributable to Daewoong's Fexuclue and Nabota, this sales result is especially significant for us. We will continue to strive for becoming a global pharmaceutical company with a competitive advantage in various business areas."
Meanwhile, Daewoong continues to acquire additional treatable indications for Fexuclue and introduce Nabota to the market for treatable indications, while also working to obtain marketing approval for Enavogliflozin, the first SGLT-2 deterrent developed by a Korean pharmaceutical company, by part of the Ministry of Food and Drug Safety in the course of the year, as well as working to obtain approval of biomedical products in China for Nabota. In addition, clinical trials are ongoing for DWN12088, a potential pulmonary fibrosis drug candidate designated for fast-track approval by the US Food and Drug Administration in July. Daewoong is also carrying out a series of RD programs to develop cellular and genetic drugs, while continuing its efforts to secure a new stem cell drug production line and introduce technology platforms for drug preparation and formulation.
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