Daewoong Pharmaceutical recorded 238.1 billion won ($247.8 million) in sales in the first quarter of this year, a 10.3 percent increase from the same period of 2018, the company said. It also registered 10.2 billion won in operating profits, a drastic 27.2 percent increase.
|Daewoong's headquarters in Samsung-dong, southern Seoul.|
“Daewoong's earnings have been driven by sustained growth in ethical drugs (ETC) and over-the-counter (OTC) drugs, as well as new U.S. sales of our botulinum toxin Nabota, also known as Jeaveau in the U.S.,” the company said.
The ETC segment recorded sales of 178.9 billion won, up 15.2 percent from 155.2 billion won a year earlier, while the OTC division posted sales of 25.2 billion won, up 20.3 percent. Newly introduced products such as Zemiglo, Lixiana and Forxiga, and the sales of existing drugs such as Ursa, Albis, and Olmetec also contributed to the sales increase.
Notably, export for Nabota to the United States reached $33.2 billion, a massive increase of 1,107 percent year-on-year.
“Structural earnings are likely to improve on the back of steady growth in the ETC and OTC divisions and full-fledged sale of Nabota sales in the U.S.,” a company official said.
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