Daewoong Pharmaceutical announced on March 6 that it posted sales of 1.31 trillion won (US$ 1.16 billion) last year.
It has became one of the few Korean pharma firms to reach the milestone. Three other local companies -- Kolmar Korea, GC Pharma and Hanmi Pharmaceutical -- crossed the landmark figure in 2017.
The company noted that sales of its ethical drugs increased 12.3 percent to 674 billion won and revenue from over-the-counter drugs also increased 10.8 percent to 92.2 billion won. However, its operating profit decreased 36.9 percent to 24.56 billion won.
Daewoong explained that the drop is due to its investments for establishing new factories, including the facility for self-developed botulinum toxin Nabota. Moreover, around 10 percent of the revenue was used for research and development.
“As a pharma firm we have to make some long-term investments for R&D and subsidiary firms. This was reflected in our profit decrease. We plan to aggressively expand our presence to improve our profits in the future,” an official said in a statement.
The company also noted that it expects improvement in profits soon, since this year it is entering both European and US botulinum toxin market currently worth around 2 trillion won. Nabota received marketing authorization from the US Food and Drug Administration on Feb. 1. It also expects to receive European Medicines Agency’s marketing authorization for Nabota during the first half of this year.
By Song Seung-hyun (email@example.com)