SK Biopharm achieved its highest-ever quarterly performance in the third quarter of this year.
The company announced on November 5 that its consolidated revenue for the third quarter reached 258.4 billion won, a 34.8% increase compared to the same period last year. Operating profit rose by 65.9% to 116.3 billion won.
According to the company, this marks the first time quarterly operating profit exceeded 100 billion won, excluding a quarter that included one-time service revenue. Cumulative operating profit for the third quarter surpassed 300 billion won, totaling 303.1 billion won. However, net profit for the period was 54.3 billion won, down 23.9% from the previous year.
SK Biopharm explained that while sales of its epilepsy drug, Cenobamate, were affected by currency fluctuations, it continued to grow in dollar terms. The decrease in selling and administrative expenses due to currency depreciation and an increase in service revenue also contributed to the improvement in operating profit.
For the third quarter, other revenue amounted to 34.8 billion won, consisting of 5.9 billion won from finished pharmaceuticals and active pharmaceutical ingredients (DP/API) sales, and 28.9 billion won from service revenue. This service revenue included income from royalties, clinical trial progress in Asia, and milestone payments. Selling and administrative expenses for the third quarter were 133.1 billion won, a decrease of 2.1 billion won from the previous quarter.
Lee Dong-hoon, CEO of SK Biopharm, stated, "Despite expanding technology licensing and research and development investments, our operating profit is increasing rapidly, allowing us to accumulate cash for substantial investments. We aim to strengthen our virtuous cycle by expanding our direct sales platform in the U.S. and reinvesting in the development of follow-up drugs."
* This article has been translated by AI.
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