Boryung's Operating Profit Hits KRW 69.4 Billion in First Three Quarters, Surpassing Last Year's Full-Year Total

Third-quarter revenue of KRW 314.4 billion; operating profit of KRW 25.5 billion
Kanarb, Attozet, and Taxotere drive growth
Cumulative oncology revenue up 24%

Boryung said on October 22 that it recorded consolidated revenue of KRW 314.4 billion and operating profit of KRW 25.5 billion in the third quarter of this year. Revenue rose 12.3% year on year, while operating profit fell 13.4% due to factors including higher marketing costs for new products and increased labor expenses.

Cumulative revenue for the first three quarters of this year was KRW 849.4 billion, up 10% from the same period last year. Cumulative operating profit for the same period was KRW 69.4 billion, surpassing last year's full-year operating profit in just three quarters. The company maintained profitability despite reflecting provisions related to the Kanarb drug pricing lawsuit. Its cumulative operating margin was 8.2%.

Steady prescription growth for the Kanarb Family, the addition of the Attozet co-promotion, and domestic and overseas sales of Taxotere drove the company's performance higher. According to UBIST, a pharmaceutical market research firm, third-quarter prescriptions for the Kanarb Family increased 7.1% year on year, outpacing the 4.2% growth rate in the hypertension market. In particular, Kanarbjet, a new product launched in June, exceeded KRW 1 billion in monthly outpatient prescription sales last month, just four months after its launch.

Boryung signed an agreement with Organon Korea and began co-promoting Attozet last month, expanding its dyslipidemia portfolio. The company plans to strengthen sales and marketing activities for Attozet by leveraging its existing sales network. It expects revenue recognized from the co-promotion to grow further going forward.

The oncology business continues to deliver solid results. Cumulative oncology revenue for the first three quarters was KRW 221.4 billion, up about 24% year on year, while the cumulative gross margin improved to 41.4%. Taxotere, in particular, generated revenue of KRW 27.7 billion, comprising about KRW 21.3 billion in global sales and about KRW 6.4 billion in domestic sales, driving the oncology business's performance.

A Boryung representative said, "The formulation improvements to Gemzar and Alimta reflect Boryung's technological capabilities and strengths in oncology." The representative added, "We expect profitability in the oncology business to continue improving through a phased strategy that includes transitioning to in-house production and improving formulations."

This content was produced with the assistance of AI translation services.