Daewoong, Q1 is just early stage of better performance
- OP. income exceeded 20 billion won due to successful export of Fexuprazan and sales recovery
- Nabota(botulinum toxin) revenue soared after settlement, historical high performance in March
- Turnaround in earnings just started and will continue to 2H
SEOUL, South Korea, May 7, 2021 /PRNewswire/ -- Daewoong Pharmaceutical(CEO Sengho Jeon) announced its management performance (based on consolidation) in Q1 of 2021. Its sales and operating profit were 269.6 billion and 26.6 billion KRW. It rose 4.7 percent and 305 percent yoy, respectively. Operating profit surpassed 20 billion won in eight years as ETC and OTC drugs maintained solid sales plus upfront from Fexuprazan to China and decreased legal cost as ITC lawsuits were settled.
The ETC division revenue grew 11.7 percent yoy(from 162.1 billion won to 181 billion won). Sales of products such as Ursa(prescription drug), Luphere Depot, and Crezet and introduced items such as Crestor, Forxiga, and Lixiana have increased. The OTC division showed stable results(from 26.1 billion KRW to 26.4 billion KRW). Impactamin(vitamin B complex) series and liver function-enhancing drug URSA(non prescription) continued stable sales.
Nabota's sales reached 15.4 billion won from 15.1 billion won Q1, 2020. Not only did domestic sales increase, but ITC's agreement on February 19 resolved uncertainties, resulted in surged U.S. sales, marking the historical high performance in March. Turkey and Chile, which recently acquired product licenses, are also planning to launch Nabota in Q3.
HanAll Biopharma, a major subsidiary, recorded 27.8 billion won this year from 22.1 billion won in sales in the same period last year, and its operating profit increased from 3 billion won to 5.4 billion won during the same period. Upfronts for new drug candidates, such as HL036(for dry eyes) and HL161(for autoimmune diseases) contributed to make better performance.
"We have been showing sluggish performance by many non business factors, but our performance defintely begun to improve from Q1. In particular, Nabota's scalability in U.S. is just opening and it is expected to stand out in Europe, China and other markets." said from an insider. "Foistar Tab and DWRX2003(Niclosamide) for COVID19 treatmenmt and new drugs such as Fexuprazan and Enavogliflozin, are also considered to have great market potential" he said.