- Recorded operating result KRW 88.9 billion and net profit KRW 31.6 billion in 2021 with the culmination of its tireless focus on R&D
- Attributed to Nabota’s export boom, KRW 1,100,000,000,000 overseas technology transfer of Fexuclue tablets and growth of highly profitable ETC drugs
Seoul, South Korea, February 21, 2022 /PRNewswire/ — Daewoong Pharmaceutical (Daewoong) (CEO Sengho Jeon & Changjae Lee) recently announced its 2021 financial results with record revenue. Consolidated annual sales in 2021 were KRW 1,153 billion, up 9.2% year-on-year, and operating profit and net profit reached KRW 88.9 billion and KRW 31.6 billion. of KRW, up 423% and 31.3% YoY respectively. According to separate financial statements, Daewoong had revenue of KRW 1,055 billion, operating profit of KRW 95.5 billion and net profit of KRW 40.5 billion.
Last year’s increase in sales and record operating sales reflects overseas technology transfer of Fexuclue tablets (ingredient name: fexuprazan hydrochloride), the gastroesophageal reflux disease medication from Daewoong who have received new drug approval from Korea’s Ministry of Food and Drug Safety. last year, the rapid growth in exports of Nabota, a botulinum toxin product that had settled all legal disputes in Korea and overseas and is currently marketed as Jeuveau in the United States, and steady growth in highly profitable ethical-the-counter (ETC) drugs.
ETC drug sales increased to KRW 778 billion from KRW 709.4 billion a year ago, driven by strong growth in sales of highly profitable products, such as Luphere Depot oncology drug injection and Crezet tablets , a drug for hyperlipidemia. Daewoong will further accelerate its growth in ETC drugs, with the upcoming release of Fexuclue 40mg film-coated tablets in the first half of this year.
Over-the-counter drug sales reached KRW 114.4 billion, up slightly from KRW 113.3 billion a year earlier. In response to the growing dietary supplement market, Daewoong actively expanded its business by promoting a specialized liver brand Ener Thistle and launching Say Health for hospital channels.
Nabota’s sales jumped to KRW 79.6 billion from KRW 50.4 billion a year ago. Its domestic sales nearly doubled year-on-year and its overseas sales grew more than 60%, centered on the United States where all of the company’s lawsuits and business uncertainties related to botulinum toxin have been resolved. favorably to Daewoong. Nabota is also expected to launch in Europe and China during this year, after its record quarterly sales figures in the United States since the second quarter of 2021.
Global sales, excluding Nabota, rose sharply to KRW 36.9 billion from KRW 14.8 billion the previous year. Daewoong has signed a series of technology export deals on Fexuclue tablets, which received new drug approval late last year. The contracts totaling KRW 1.1 trillion have thus enabled the company to secure sales channels entering the global anti-ulcer drug market estimated at approximately KRW 40 trillion, including the two largest markets, the United States and Chinaand central and South America and the Middle East.
In 2021, Daewoong invested KRW 127.3 billion, or more than 10% of its annual revenue, in R&D, and created the business cycle whereby R&D results lead to sales and revenue growth. operating profit and provide a new engine of growth. The company experienced upturns and achieved key achievements last year; it received new drug approval for Fexuclue tablets and generated more than KRW 1 trillion the benefits of overseas technology transfer, and is expected to introduce Nabota to the world’s second and third largest botulinum toxin markets this year, Europe and China. In China, Daewoong has already submitted an application for a biological products license. In addition, the Phase 3 trial of Enavogliflozin, a sodium-glucose-2 (SGLT-2) cotransporter inhibitor for diabetes first developed by a Korean pharmaceutical company, was successfully completed earlier. this year and showed a strong possibility that Daewoong will successively introduce new drugs, following Fexuclue tablets.
“In 2021, we were delighted that our investments and strong R&D efforts delivered major results throughout the year, improving social well-being with a new medicine and delivering record revenues,” said Sengho Jeon, CEO of Daewoong Pharmaceutical. “We will simultaneously propel new drug development and commercial growth this year, in addition to introducing our excellent drugs, including Fexuclue and Nabota tablets, to the Korean and overseas markets and accelerating new drug development through a proactive partnership.
Daewoong also considers the protracted risks and litigation associated with its botulinum toxin business to have been fully and favorably resolved in 2021, with the criminal lawsuit filed by its competitor being dismissed in Korea and the final decision of the International Trade Commission of the United States was struck down, including the import ban. Daewoong sees 2022 as another banner year that will begin to deliver tangible improvement in profitability.
SOURCE Daewoong Pharmaceutical Co.,Ltd