Daewoong Pharmaceutical Surpasses KRW 300 Billion in Q3 Revenue as Nabota Sales Surge 93%, Leading Overall Revenue Growth

  • Nabota’s exports increased significantly, reaching 93.3% year-on-year growth, and overall revenue leads KRW 40.4 billion
  • Fexuclue, a new drug launched last July, shows strong market share growth in Korea
  • Nabota enters the European market and Fexuclue is widely used as in prescriptions for gastritis indications, which bodes well for continued strong sales

Seoul, South Korea, November 15, 2022 /PRNewswire/ — Daewoong Pharmaceutical Co., Ltd. (CEO Jeon Sengho, Lee Changjae) announced the third quarter financial results. Third quarter stand-alone revenue was KRW 301.5 billion while operating income recorded KRW 30.3 billionrepresenting a year-on-year (YOY) increase of 13.7% and 26.7% respectively, while consolidated revenue was KRW 331.9 billion with an operating result of KRW 30.1 billion.

Daewoong Pharmaceutical (hereinafter, Daewoong) exceeded 300 billion KRW in quarterly sales for the first time, thanks to the good export performance of Nabota botulinum toxin, favorable exchange rates and the growth of high value-added products, including Fexuclue, which was launched last July.

Of particular note is Nabota, a botulinum toxin product that experienced 93.3% year-on-year revenue growth, reaching KRW 40.4 billion in sales. Of this figure, exports accounted for KRW 32.6 billionan increase of 130.2% compared to KRW 14.2 billion at the same time last year. Daewoong has gained a foothold in Europe, the second largest pharmaceutical market in the world with the release of Nabota in the UK last September. The company is expanding its market share through active marketing in United States, the largest market. With the more natural treatment results of high purity toxin products becoming more widely known, sales also increased in South East Asia and central and South Americaregions with significant markets for aesthetic plastic surgery.

Already present in the UK, Daewoong plans to enter valuable European markets, including Germany and Austriain the year, while strengthening marketing and training efforts aimed at foreign healthcare professionals for the post-COVID era, with the aim of increasing and developing overseas sales and distribution channels .

As for ethical medicines (ETC), sales recorded KRW 209.5 billionan increase of 6.5% compared to KRW 196.7 billion in the same quarter last year. Fexuclue, a treatment for gastroesophageal reflux disease (GERD), was made available for inclusion in health benefits last July, after which it experienced rapid growth in market share and an increase in prescriptions in outside of pharmacy, as well as establishing a stable presence in major teaching and general hospitals and local markets. In addition, high profitability products such as hyperlipidemia treatments Crezet and Litorvazet, GERD treatment Nexierd and Axid, an anti-ulcer product, also contributed to the growth of the item category.

With clinically proven efficacy and safety, Fexuclue enjoys a strong prospect of increased acceptance and use in primary general hospitals, particularly now that it has gained additional treatable indications for acute gastritis and gastritis lesions. gastric mucosa associated with chronic gastritis, which is commonly found in Korean patients. Product visibility and sales are expected to increase significantly once actual prescriptions begin in the second half of the year.

In over-the-counter (OTC) products, sales amounted to KRW 34.8 billionan increase of 15.9% compared to 30 billion KRW in the same quarter last year. EZN 6, an antipyretic painkiller, saw 55% year-on-year growth due to the COVID pandemic, while Urusa, a fatigue remedy, was up 10% year-on-year. EasyDerm, a wet dressing, was also up 28% year-on-year, while the effort to increase its distribution in pharmacies is also expected to continue through the second half. Health functional foods grew 40% year-on-year as offline distribution channels for Senomega, a brand of products designed to improve blood circulation, are set to expand.

A Daewoong official said, “With the successful establishment of Fexuclue, the No. 34 domestically developed new drug, in the market and Nabota’s strong performance in the botulinum toxin market in the United States and European unprecedented 300 billion KRW of sales was achieved,” adding that “since this result is largely attributable to Fexuclue and Nabota, which are wholly developed by Daewoong, this sales result is particularly significant for us. We will continue our efforts to become a global pharmaceutical company with a competitive edge in various business areas.”

Meanwhile, Daewoong continues to acquire additional treatable indications for Fexuclue and introduce Nabota to the treatable indications market, while working to obtain marketing clearance for Enavogliflozin, the first SGLT deterrent. -2 developed by a Korean pharmaceutical company, with the Ministry of Food. and drug safety during the year, as well as working towards obtaining approval for biomedical products in China for Nabota. Additionally, clinical trials are currently underway for DWN12088, a potential drug candidate for pulmonary fibrosis nominated for accelerated approval by the United States Food and Drug Administration last July. Daewoong also runs a number of R&D programs to develop cellular and genetic drugs, while continuing its efforts to secure a new stem cell drug pipeline and to provide technology platforms for drug preparations and formulations. .

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SOURCE Daewoong Pharmaceutical Co., Ltd.