Huons' sales exceeded 500 billion won ($375 million) last year, thanks to increased pharmaceutical exports and efficient management of sales and management expenses.

In a public filing on Wednesday, the company disclosed its preliminary consolidated operating results for 2023.

According to the disclosure, the company posted sales of 552 billion won, operating income of 55 billion won, and net profit of 49.7 billion won last year. These represent year-on-year increases of 12.1 percent, 35.6 percent, and 119.9 percent from 2022. The operating profit ratio was 9.96 percent.

Based on standalone financial statements, revenue was 515 billion won, operating income was 54.4 billion won, and net income was 49.5 billion won.

As reasons for the results, Huons cited an increase in pharmaceutical exports, stable sell-through rate improvement, and a low base of non-operating and income tax expenses in the previous business year.

In particular, the increase in exports of injectable products that have received generic ANDAs (abbreviated new drug approval) from the U.S. Food and Drug Administration (FDA) contributed to the strong performance. According to the company, the annual export value of five injectable products, including lidocaine-based local anesthetics, to the North American market was 26.2 billion won in 2023, up 113 percent from 12.3 billion won in 2022.

In addition to the significant growth in exports of anesthetics, Huons said that prescription sales of medicines in various therapeutic areas, including circulatory and digestive systems, have steadily increased. This growth led to sales of 261.2 billion won in the specialty pharmaceuticals segment, up 22 percent year-on-year.

In the beauty and wellness business, sales grew 8 percent year-on-year to 188.8 billion won, driven by stable growth in non-prescription drugs, including vitamin injections and health functional foods. Menolacto, a lactobacillus for menopause, exceeded 40 billion won in annual sales, for the first time, thanks to increased sales in its mall and online.

In addition, sales in the contract manufacturing organization (CMO) business reached 65 billion won, driven by increased sales of eye drops.

Huons plans to continue its growth this year. The company said it has increased the capacity of its eye drops line by more than 50 percent with the expansion of its second plant in Jecheon, North Chungcheong Province, and has secured additional solid drug production lines worth more than 25 billion won through Crystal Life Sciences, a finished drug manufacturer it acquired late last year.

The company also disclosed its outlook for 2024 sales to the Korea Exchange at 635.3 billion won, with a growth target of 15 percent. This is based on the assumed sales of 566 billion won from Huons, 50.2 billion won from Huons Foodience, and 25.3 billion won from Crystal Life Sciences.

The company also announced that its board of directors has declared a cash dividend of 330 won per share. The ex-dividend date is April 1.

Huons is scheduled to hold the annual general shareholders meeting in mid-March. "The scheduled date of the shareholders' meeting will be announced as soon as the board of directors decides it," it said.