SK Biopharmaceuticals, the biopharmaceutical division of SK Group, announced on Thursday that its operating profit climbed 65.9 percent compared to the previous year, driven by strong U.S. demand for its oral anti-seizure medication.
The company disclosed an operating profit of 116.3 billion won for the July-September quarter in a regulatory filing.
Revenue grew by 34.8 percent to reach 258.4 billion won. However, net income experienced a 23.9 percent decline, falling to 54.3 billion won.
The significant jump in operating profit occurred despite fluctuations in the won-dollar exchange rate, supported by the steady performance of its seizure treatment, Cenobamate—marketed as Xcopri in the United States. The company noted that the strengthening of the won also contributed to reduced operational costs.
U.S. sales for the oral prescription medication totaled $156.8 million, marking a 29.9 percent year-on-year increase. According to the firm, total sales for the drug as of the end of September have hit 76 percent of the upper end of its annual revenue guidance of $580 million.
Lee Dong-hoon, the chief executive officer of SK Biopharm, stated that the company’s initiatives in the U.S. market have accelerated the growth of operating profits, providing sufficient cash flow to fund major <a We are now moving beyond the success of a single product to further strengthen a vicious cycle where we extend the value of our direct sales platforms to our next products, and reinvest the proceeds into the research and development of subsequent drugs," he said.
The company also announced that it has entered into an agreement to license a new epilepsy drug candidate from the U.S.-based firm Biohaven and is currently finalizing the deal.
Additionally, the company is preparing to launch clinical trials for several drug candidates, including SKL32276, which is being developed to treat Parkinson’s disease.
