Bukwang Pharmaceutical Posts KRW 162.7 Billion in Revenue Through Q3, Up 18% YoY

Operating profit at KRW 4.7 billion... down 22% on higher R&D investment
CNS strategic product prescription sales grow 20%
Parkinson's treatment prepares for Phase 2 trial in U.S.

Bukwang Pharmaceutical increased its revenue by nearly 18% year over year through the third quarter of this year, driven by expanded prescriptions for key strategic products, including treatments for central nervous system (CNS) disorders. It remained profitable from operations, but operating profit declined as the company increased research and development (R&D) investment to develop new drugs.

Bukwang Pharmaceutical said on October 23 that it recorded cumulative consolidated revenue of KRW 162.7 billion and operating profit of KRW 4.7 billion through the third quarter. Revenue rose 17.8% year over year, while operating profit fell 22.2%.

Bukwang Pharmaceutical's headquarters in Dongjak-gu, Seoul. Bukwang Pharmaceutical.

Revenue improved on expanded prescriptions for key strategic products and better performance at subsidiaries. The out-of-hospital prescription sales of strategic ethical drug (ETC) products rose 9% year over year, while strategic CNS products grew 20%. In particular, CNS products such as Latuda (ingredient: lurasidone) grew faster than the market, which expanded by 9%. The company also moved to strengthen product competitiveness, including by launching three domestic Phase 3 clinical trials to expand the indication for major depressive disorder (MDD).

Higher expenses from increased R&D investment weighed on profitability. Cumulative consolidated R&D expenses totaled KRW 16.9 billion, up 29.5% year over year, including spending on the Phase 2 clinical trial of CP-012, a treatment for morning akinesia in patients with Parkinson's disease. Contera Pharma, its U.S. subsidiary, has also received approval from the U.S. Food and Drug Administration (FDA) for an investigational new drug (IND) application for the Phase 2 trial of CP-012 and is preparing to begin the trial.

Contera Pharma has also completed the spin-off process in Denmark for a new entity focused on developing ribonucleic acid (RNA) therapeutics. The company plans to introduce the new RNA entity, its platform and key pipeline programs at its R&D Day on November 24.

In the fourth quarter, Bukwang Pharmaceutical plans to expand new prescriptions in the cardiovascular and respiratory areas and focus on coding new products at hospitals. Through collaboration between its CNS business division and out-of-hospital sales division, as well as marketing for Latuda, the company aims to expand prescriptions at hospitals and clinics. It also plans to secure product listings at general hospitals for key products, including Bukwang Brifil and Shinsin Donepezil Solution.

A company official said, "We plan to strengthen the competitiveness of our existing business while pursuing growth in key strategic products and expanding R&D investment," adding, "We intend to build a foundation for mid- to long-term growth through new drug development."

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