Daewoong Pharmaceutical posted a record-high revenue in 2021 on the back of botulinum toxin export to the U.S. and a licensing-out deal over the nation’s 34th drug Fexuclue Tab. (fexuprazan hydrochloride), a treatment for gastroesophageal reflux disease (GERD). As a result, operating income jumped 423.6 percent year on year.

According to Daewoong’s public filing on Tuesday, the company’s consolidated revenue expanded 9.2 percent on year to 1.15 trillion won ($960.6 million) in 2021. Operating income went up 423.6 percent to 88.9 billion won, and net income rose 31.3 percent to 31.6 billion won.

Excluding earnings of subsidiaries such as HanAll Biopharma, Daewoong’s sales recorded 1.05 trillion won, operating profit, 95.5 billion won, and net profit, 40.5 billion won.

The robust growth of sales and operating profit margin are attributed to the 1.1 trillion won the licensing-out deal over Fexuclue Tab., which won approval last year, and the completion of legal disputes over the U.S. sale of the BTX, Nabota, observers said. Also, they said that Daewoong showed stable growth in sales of highly profitable ethical (ETC) drugs.

The sales of Nabota surged to 79.6 billion won last year from 50.4 billion won a year earlier. The company said that the local revenue almost doubled, and overseas sales increased by more than 60 percent.

The end of legal disputes over the sale of Nabota in the U.S. reduced litigation costs.

Sales of Daewoong’s prescription drugs increased to 778 billion won in 2021 from 709.4 billion won in 2020. Profitable items such as anticancer drug Luphere Depot (leuprolide acetate) and hyperlipidemia treatment Crezet (ezetimibe/rosuvastatin) drove up the sales.

However, the revenue of over-the-counter (OTC) drugs slightly went down to 114.4 billion won last year from 113.3 billion won a year earlier.

Daewoong said it would maintain the growth momentum in 2022.

The company plans to release Nabota in Europe in the first half and hopes to obtain approval for the BTX product in China within this year.

Daewoong has submitted a biologics license application (BLA) to the Chinese authorities for marketing approval for Nabota.

The company predicted that once it rolls out Fexuclue Tab. in the first half in Korea, the ETC drug sales growth would accelerate.

Daewoong is also mulling an entry into the overseas anti-ulcer drug market worth 40 trillion won.

“In 2021, Daewoong developed a new drug, contributed to society, and posted record sales. This was the result of the company’s continuous R&D investment,” said Jeon Seng-ho, CEO of Daewoong Pharmaceutical.

In 2022, the company will introduce Fexuclue Tab. and Nabota to local and foreign clients, seek aggressive open collaboration to speed up new drug development and increase the company’s growth and value simultaneously.