DAEWOONG PHARMACEUTICAL CO., LTD
2023-0503
Daewoong Pharmaceutical reaches sales of KRW292.3 billion and business profits of KRW31 billion in the first quarter…
- Contributing to the growth of Korea's bio health industry with new medicine developments and technical exports
- Setting a new record in first quarter business profits with Fexuclue, taking the third place in the gastroesophageal reflux disease market and Nabota increasing in export by 59.3%
-Leading the bio health industry by aggressively developing new medicines and exporting worldwide, following Nabota, Fexuclue and Envlo
Daewoong Pharmaceutical Co., Ltd. (CEO Jeon Sengho and Lee Chang-jae) announced the financial results for the first quarter of 2023. The sales in the first quarter amounted to KRW292.3 billion and business profits amounted to KRW31 billion, which is an increase by 7.4% and 15.9% from the same period of the previous year, respectively. The consolidated accounting report shows sales of KRW322.4 billion and business profits of KRW24.5 billion, which is an increase by 8.1% and 6.2% from the same period of the previous year, respectively.
Daewoong Pharmaceutical achieved its highest annual sales and business profits in 2022 and has set a new record for first quarter business profits this year (based on separate accounting). The overall growth is driven by the strong performance of high-profit ETC such as Fexuclue, a new medicine for gastroesophageal reflux disease, and Nabota, which is the only botulinum toxin approved by the FDA in Korea.
In the ETC sector, sales increased by 4.7% from KRW197.6 billion in the same period of the previous year to KRW206.9 billion, driven by high-profit medicines such as Fexuclue, a new medicine for gastroesophageal reflux disease, Litorvazet, a medicine for treating dyslipidemia, and Crezet, a medicine for treating hypercholesterolemia, all of which grew over 20%. Specifically, Fexuclue sales by prescription in the first quarter surged by 46% from the previous quarter to KRW10.8 billion, and Fexuclue has been ranked third in sales in the gastroesophageal reflux market since last February. Fexuclue has shown a steady monthly sales growth since its release and is expected to continue its stable and sustainable growth.
As for Nabota, sales increased by 40.3% from KRW30.4 billion in the same period of the previous year to KRW42.6 billion, with export showing a more significant increase of 59.3% from KRW22.8 billion to KRW36.4. In the major global markets such as Thailand, Brazil and Turkey, Nabota has also positioned itself as the fastest-growing botulinum toxin brand, with an upswing in export to Evolus. Given that Evolus is planning to expand into over 11 European countries and launch in Australia and Saudi Arabia as well, it is expected to continue its stable growth.
In the global sector, sales increased by 11.2% from KRW3.5 billion in the same period of the previous year to KRW3.9 billion, driven by the expanded sales network of Nuranta, a liquid anti-acid, in China and the launch of a new product, EasyDerm. Moving forward, Daewoong Pharmaceutical intends to focus on increasing the sale of digestive medicines in Asia, as well as promoting the sale of Fexuclue in the Philippines, Ecuador and Chile.
On the first day of this month, Daewoong Pharmaceutical released a new medicine for type 2 diabetes called Envlo, which is a sodium glucose cotransporter 2 (SGLT-2) inhibitor. Envlo is the first drug to be designated as a fast-track subject by the Ministry of Food and Drug Safety and is also the first drug of its kind to be successfully developed. SGLT-2 inhibitors for diabetes treatment are recognized as a next-generation diabetes treatment for its effect on cardiovascular diseases, kidney diseases, body weight and blood pressure reduction, as well as blood sugar reduction. Daewoong Pharmaceutical is planning to show the capabilities of Korean pharmaceutical and bio industry to the world as it increases its domestic market share and accelerates its technical exports. Last February, Daewoong Pharmaceutical signed a contract worth approximately KRW108.2 billion to export the technology of Envlo to Brazil and Mexico. Following the contract, Daewoong Pharmaceutical plans to expand into 15 countries by 2025 and 50 countries by 2030.
Amid the Korean government's attention to the bio health industry as a future growth engine, Daewoong Pharmaceutical signed a significant technical export contract on the 27th of last month (local time) with Vitalli Bio, a subsidiary of Aditum Bio, an American bio engineering investment company, at the Korea-US Digital Bio Health Business Forum held during the president Yoon Seok-yeol's visit to the US. The technical export contract is worth approximately USD477 million (KRW6,391 billion), which provides a substantial economic boost for the country. The contract was signed for DWP213388, a new medicine candidate for autoimmune disease, which was approved by the FDA in August last year for clinical phase 1 testing in the US. Additionally, in last January, Daewoong Pharmaceutical signed a technical export contract with China for Bersiporocin, a new medicine for idiopathic pulmonary fibrosis designated as an item subject to the FDA's fast track.
An official from Daewoong Pharmaceutical said, "Fexuclue is fast-growing, taking the third place in the gastroesophageal reflux disease market, and Nabota is also solidifying its position as a leading brand in the global botulinum toxin market", adding "We will contribute to the growth of Korea's bio health industry by actively developing new medicines and exporting, as well as expanding the market for Nabota, Fexuclue and Envlo".
- Contributing to the growth of Korea's bio health industry with new medicine developments and technical exports
- Setting a new record in first quarter business profits with Fexuclue, taking the third place in the gastroesophageal reflux disease market and Nabota increasing in export by 59.3%
-Leading the bio health industry by aggressively developing new medicines and exporting worldwide, following Nabota, Fexuclue and Envlo
Daewoong Pharmaceutical Co., Ltd. (CEO Jeon Sengho and Lee Chang-jae) announced the financial results for the first quarter of 2023. The sales in the first quarter amounted to KRW292.3 billion and business profits amounted to KRW31 billion, which is an increase by 7.4% and 15.9% from the same period of the previous year, respectively. The consolidated accounting report shows sales of KRW322.4 billion and business profits of KRW24.5 billion, which is an increase by 8.1% and 6.2% from the same period of the previous year, respectively.
Daewoong Pharmaceutical achieved its highest annual sales and business profits in 2022 and has set a new record for first quarter business profits this year (based on separate accounting). The overall growth is driven by the strong performance of high-profit ETC such as Fexuclue, a new medicine for gastroesophageal reflux disease, and Nabota, which is the only botulinum toxin approved by the FDA in Korea.
In the ETC sector, sales increased by 4.7% from KRW197.6 billion in the same period of the previous year to KRW206.9 billion, driven by high-profit medicines such as Fexuclue, a new medicine for gastroesophageal reflux disease, Litorvazet, a medicine for treating dyslipidemia, and Crezet, a medicine for treating hypercholesterolemia, all of which grew over 20%. Specifically, Fexuclue sales by prescription in the first quarter surged by 46% from the previous quarter to KRW10.8 billion, and Fexuclue has been ranked third in sales in the gastroesophageal reflux market since last February. Fexuclue has shown a steady monthly sales growth since its release and is expected to continue its stable and sustainable growth.
As for Nabota, sales increased by 40.3% from KRW30.4 billion in the same period of the previous year to KRW42.6 billion, with export showing a more significant increase of 59.3% from KRW22.8 billion to KRW36.4. In the major global markets such as Thailand, Brazil and Turkey, Nabota has also positioned itself as the fastest-growing botulinum toxin brand, with an upswing in export to Evolus. Given that Evolus is planning to expand into over 11 European countries and launch in Australia and Saudi Arabia as well, it is expected to continue its stable growth.
In the global sector, sales increased by 11.2% from KRW3.5 billion in the same period of the previous year to KRW3.9 billion, driven by the expanded sales network of Nuranta, a liquid anti-acid, in China and the launch of a new product, EasyDerm. Moving forward, Daewoong Pharmaceutical intends to focus on increasing the sale of digestive medicines in Asia, as well as promoting the sale of Fexuclue in the Philippines, Ecuador and Chile.
On the first day of this month, Daewoong Pharmaceutical released a new medicine for type 2 diabetes called Envlo, which is a sodium glucose cotransporter 2 (SGLT-2) inhibitor. Envlo is the first drug to be designated as a fast-track subject by the Ministry of Food and Drug Safety and is also the first drug of its kind to be successfully developed. SGLT-2 inhibitors for diabetes treatment are recognized as a next-generation diabetes treatment for its effect on cardiovascular diseases, kidney diseases, body weight and blood pressure reduction, as well as blood sugar reduction. Daewoong Pharmaceutical is planning to show the capabilities of Korean pharmaceutical and bio industry to the world as it increases its domestic market share and accelerates its technical exports. Last February, Daewoong Pharmaceutical signed a contract worth approximately KRW108.2 billion to export the technology of Envlo to Brazil and Mexico. Following the contract, Daewoong Pharmaceutical plans to expand into 15 countries by 2025 and 50 countries by 2030.
Amid the Korean government's attention to the bio health industry as a future growth engine, Daewoong Pharmaceutical signed a significant technical export contract on the 27th of last month (local time) with Vitalli Bio, a subsidiary of Aditum Bio, an American bio engineering investment company, at the Korea-US Digital Bio Health Business Forum held during the president Yoon Seok-yeol's visit to the US. The technical export contract is worth approximately USD477 million (KRW6,391 billion), which provides a substantial economic boost for the country. The contract was signed for DWP213388, a new medicine candidate for autoimmune disease, which was approved by the FDA in August last year for clinical phase 1 testing in the US. Additionally, in last January, Daewoong Pharmaceutical signed a technical export contract with China for Bersiporocin, a new medicine for idiopathic pulmonary fibrosis designated as an item subject to the FDA's fast track.
An official from Daewoong Pharmaceutical said, "Fexuclue is fast-growing, taking the third place in the gastroesophageal reflux disease market, and Nabota is also solidifying its position as a leading brand in the global botulinum toxin market", adding "We will contribute to the growth of Korea's bio health industry by actively developing new medicines and exporting, as well as expanding the market for Nabota, Fexuclue and Envlo".
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Daewoong Pharma published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2023 05:15:55 UTC.
