SK biopharmaceuticals announced its 2023 fourth quarter and annual financial results, highlighting significant revenue growth and a reduction in operating losses, thanks to increased sales of its epilepsy drug, cenobamate, and cost efficiency measures.

The company's revenue for 2023 was 354.9 billion won ($265.4 million), marking a 44.2 percent increase from the previous year, and it reduced its operating loss to 37.1 billion won, an improvement from 131.1 billion won operating loss a year earlier.

Notably, the fourth quarter alone saw revenues of 126.8 billion won, and a turnaround to black with an operating profit of 15.2 billion won.

Cenobamate's sales in the U.S., the company's main source of revenue, reached 270.8 billion won in 2023, a 60.1 percent increase year-on-year. Despite a rise in R&D costs due to the acquisition of SK Life Science Labs, SK biopharmaceuticals kept annual administrative expenses growth at 5.4 percent.

In addition to cenobamate, the company also saw increased revenues from other sources, including clinical trials in Asia, royalties, and partnering revenues related to SK Life Science Labs.

The company expects these diverse revenue streams to continue contributing to its financial performance, including its plans to expand cenobamate's indications and patient age range.

Moving forward, SK biopharmaceuticals is focusing on expanding its portfolio, particularly in new modality technology platforms such as targeted protein degradation (TPD) and radiopharmaceutical therapy (RPT).

Following the acquisition of SK Life Science Labs, the company is developing molecule degraders through its MOPED platform and plans to announce an integrated pipeline soon.

In the RPT sector, the company aims to establish a stable supply of radioactive isotopes through collaborations, including with TerraPower, and is preparing to announce detailed strategic plans for this business area.