Daewoong Pharmaceutical failed to achieve 800billion won in sales in 2016.
Daewoong Pharmaceutical announced it would achieve 1tillion won earlier than expected in the meeting of shareholders held in March 2016, but its growth trend turned downturn last year. The 2016 sales record temporarily announced on 9th February decreased 0.81% to about 794billion won from a year earlier. Operating profit also dropped 35.7% to about 35.3billion won.
The drop in sales resulted from the transfer of sales rights of Januvia Tab, Atozet Tab, Vytorin Tab made by MSD Korea and Gliatilin to Chong Kun Dang pharmaceutical.
According to UBIST(a medical supplies statistics provider), sales of Gliatillin in particular plunged 77.3% (roughly 15.3 billion won).
Sales of Albis Tab, Olmetec Tab, and Olmetec Plus Tab decreased 13.3% to about 43.3billion won, 3.1% to about 22.1billion won, and 9.4% to about 12.2billion won each.
Daewoong Pharmaceutical has been in a lawsuit against Korea United Pharm about Gasmotin Tab. The sale of the drug slightly decreased 1.3% to about 19.2billion won from a year earlier.
There are products that recorded more than a two-digit growth. Erdos sharply increased 22.5%, the highest growth. And Olostar Tab and Diabex XR Tab increased 21.7% to about 12.9billion won and 15.7% to about 12.2billion won.
Daewoong Pharmaceutical has embroiled in a dispute with Medytox about the source of ‘strain’ of botulinum toxin in 2016. Some say because executives at Daewoong Pharmaceutical moved to other companies, its driving force for growth might be weak.
Some people from the pharmaceutical industry say President Jaeseung Yun seems to be in conflict with executives in the processes of innovative activities such as revamping divisions.
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