Chong Kun Dang said its consolidated operating profit surged by 124.4 percent on-year to 246.6 billion won ($184.7 million) in 2023, marking a record achievement thanks to its recent licensing deal with Novartis.

The company's annual revenue increased by 12.2 percent to 1.6 trillion won last year, setting new all-time highs for both sales and operating income. Additionally, the net income jumped by 167.1 percent to 213.6 billion won.

The substantial improvement in financial performance is attributed primarily to the strong sales of its leading products.

Notably, a significant boost came from receiving a payment related to the technology transfer of CKD-510, a treatment under development for the rare disease Charcot-Marie-Tooth disease, to Novartis in November of last year.

The company stressed that the deal, valued at approximately 1.7 trillion won, has been a major contributor to the company’s increased earnings.

"This year, we plan to focus on generating profits through the growth of our main products and new offerings,” the company said. “

The company also expressed its intention to continue expanding its research and development efforts into new drug categories, such as antibody-drug conjugates (ADCs) and cell and gene therapies (CGT), aiming to sustain its R&D success.