Daewoong's Q2 operating profit up by 7.8% year-on-year
Daewoong Pharmaceutical said on Thursday that it recorded 307.1 billion won (approximately $ 240.4 million) in sales and 36.2 billion won in operating profit in the second quarter, up 4.5 percent and 7.8 percent, respectively, from the same quarter last year.
The company attributed the increase in operating profit to the launch of new drugs such as Fexuclue (ingredient: fexuprazan), a GERD treatment, Envlo (ingredient: enavogliflozin), a diabetes drug, and Nabota, a botulinum toxin (BTX) product.
In particular, Fexuclue which is quickly becoming a blockbuster, recorded 41 billion won in sales within a year of its launch in Korea. The company plans to accelerate its goal of entering 100 countries around the world by 2027, starting with exports to the Philippines in the second half of this year.
Envlo is a best-in-class drug in the fast-growing SGLT-2 inhibitor class in the type 2 diabetes market with significant growth potential.
Nabota’s influence is also expanding internationally through Daewoong's U.S. partner Evolus which launched Nabota (European name: Nuceiva) in Italy after the U.K., Germany, and Austria, expanding its influence in the two big markets of North America and Europe.
Furthermore, Nabota’s (U.S. name: Juveau) therapeutic indication partner, AEON BioPharma is also expanding its entry into the global toxin therapy market for indications such as episodic migraine which is worth $18.5 billion.
In response to the growing demand for Nabota, Daewoong Pharmaceutical announced in May that they plan to construct a third plant with an annual production capacity of 13 million vials.
Notably, global technology transfers such as the deal with Vitalli Bio in the U.S., for $477 million also showed significant results for the global development and commercialization of DWP213388, a drug candidate for the treatment of autoimmune diseases in phase 1 clinical trials.
"Based on the new growth engines of Daewoong Pharmaceutical, Nabota, Fexuclue, and Envlo, we will leap forward to become Korea's leading healthcare group in the global market."