JW Pharmaceutical has posted record earnings in 2023, driven by increased sales of its hyperlipidemia drugs Livalo (pitavastatin) and LivaloZet and hemophilia drug Hemlibra.

JW Pharmaceutical released its preliminary operating results for the past year through a disclosure of changes in sales or profit and loss structure of more than 30 percent (15 percent for large corporations) on Monday.

According to the disclosure, JW Pharmaceutical posted consolidated sales of 750 billion won ($564 million), operating income of 99.6 billion won, and net profit of 34.8 billion won last year. Both sales and operating profit marked record highs.

Notably, operating profit increased by 58.2 percent, or 36.6 billion won, year-on-year, while sales and net profit increased by 9.6 percent (65.7 billion won) and 16.7 percent (5 billion won). The operating profit-to-sales ratio was 13.3 percent.

The company’s consolidated business results included those from its overseas offshoots, such as THERIAC Pharmaceutical Corporation, a U.S. R&D subsidiary, and Euvipharm JSC, a Vietnamese pharmaceutical company, aside from its domestic subsidiaries, like C&C Research Laboratories and Life World.

On a stand-alone basis, JW Pharmaceutical, the company posted 741.1 billion in sales, 104.3 billion won in operating income, and 36.1 billion won in net profit, according to the company.

Company officials attributed the strong performance to evenly growing sales of its ethical drugs (ETC), multivitamin fluids, and over-the-counter (OTC) businesses.

In particular, JW Pharmaceuticals emphasized that sales of ETC products that require a doctor's prescription reached 582.9 billion won last year, up 8.6 percent from 536.7 billion won in 2022, while sales of OTC drugs reached 56.7 billion won, up 9.4 percent year-on-year.

Besides, JW Pharmaceuticals won recognition last year for expanding the coverage of Hemlibra (emicizumab) for people with hemophilia A (non-antibody group) who do not have antibodies.

"All of our business segments are growing evenly, centered on original ETC drugs that have secured product competitiveness, and sales and operating profit are at record highs," a JW Pharmaceutical official said. "We will further strengthen the virtuous cycle of expanding R&D investment in our innovative drugs based on a stable profit structure."

JW Holdings also announced its preliminary operating results on Monday.

According to the disclosure, JW Holdings posted consolidated sales of 929.6 billion won, operating income of 143.5 billion won, and net income of 26.5 billion won last year. Revenue and operating profit increased by 7.52 percent (65 billion won) and 38.94 percent (40.2 billion won) year-on-year, while net profit decreased by 43.02 percent (20 billion won).

In its disclosure, JW Holdings explained the reasons for the changes in sales and operating profit structure, citing increased sales and operating profit due to increased profits of its major subsidiary JW Pharmaceutical, increased non-operating expenses due to the valuation of derivatives, and growth in non-operating expenses due to the valuation of subsidiaries.