Boryung eyes ₩1 tril. annual sales after record-breaking H1 earnings

Boryung is on track to potentially achieve its ambitious goal of 1 trillion won ($727.2 million) annual sales for 2024, following a record-breaking performance in the first half of the year thanks to robust sales from its various pipelines.

The company posted consolidated revenue and operating profit of 489.2 billion won and 36.5 billion won in the first half, representing a 16 percent and a 4 percent increase, respectively, year-on-year. 

The strong first-half results were driven by robust growth across all sectors of prescription drugs. Notably, revenues from the hypertension drug Kanarb product line surpassed 70 billion won, marking a 13 percent increase. The oncology division grew by over 8 percent year-on-year, wth the anti-cancer drug Gemzar saw a 23 percent increase in H1 sales.

Boryung's focus on diabetes and dyslipidemia products has also contributed to its growth trajectory. The diabetes treatment Trudapa has held the top position in the dapagliflozin generic market since its launch in April last year, establishing itself as a key growth driver.

New products, including K-CAB from HK inno.N, have boosted sales, with the drug reporting sales of 46.7 billion won in the second quarter, up 21.6 percent. Boryung and HK inno.N had entered into an agreement for the joint marketing of their flagship drugs, Kanarb and K-CAB, in January.

Looking ahead, Boryung plans to maintain its growth momentum in the second half of the year, focusing on chronic disease treatments and anti-cancer drugs. The company aims to strengthen profitability through in-house production of legacy brand acquisition (LBA) items like Eli Lilly's schizophrenia treatment Zyprexa and the development of various proprietary products.

The securities industry is optimistic about Boryung's goal of reaching 1 trillion won in sales this year, with DS Investment & Securities forecasting annual sales of 1.01 trillion won for the year.

"Despite unstable economic conditions and challenging business environments, we have taken a step closer to our goal of becoming a leading pharmaceutical company by maintaining high sales growth," Boryung CEO Jang Doo-hyun said. "We will continue to focus on nurturing our own products and strengthening our competitiveness in the pharmaceutical business through continuous innovation."