[THE INVESTOR] Boryung Pharmaceutical's flagship anti-hypertension drug Kanarb will continue to support the company’s growth next year, a local securities firm said on Dec. 22.
Launched in 2011, Kanarb is an angiotensin receptor blocker drug for high blood pressure.
Lee Eun-saem, an analyst at Shinhan Investment said the treatment was the country’s most prescribed medication among new drugs developed by Korean pharma companies and is expected to further bolster its presence here and abroad.
As the company is in a full swing to expand its foothold in advance markets, sales of Kanarb are projected to grow to 94.9 billion won (US$79.12 million) by 2018 from 33.4 billion won in 2015, Lee said.
“Boryung’s growth will be driven by the launch of Kanarb-based combination drugs and expansion in Russia and other Asian countries,” he said.
Shinhan Investment expects the sales of Boryung to increase 15.2 percent on-year to 492 billion won in 2017 while operating profit will grow 27.8 percent to 38.6 billion won.
By Park Han-na (hnpark@heraldcorp.com)