[Asia Economy Reporter Myunghwan Lee] HanAll Biopharma announced on the 19th that its consolidated sales for 2022 were preliminarily estimated at 110 billion KRW, an 8.3% increase compared to the previous year. Operating profit for the same period decreased by 85.1% to 1.5 billion KRW, and net profit dropped by 77.6% to 2 billion KRW.
The company explained that strong pharmaceutical sales and the inflow of milestone royalties from new bio-drug developments drove overall sales. In the pharmaceutical sector, the flagship products?gastroenteritis treatment 'Normix' and prostate cancer treatment 'Eligard'?along with the probiotic drug 'Biotop' joined the annual sales group exceeding 10 billion KRW.
Revenue from royalties also contributed to the overall sales increase as milestones continued to be received from global clinical development. HanAll previously disclosed in December that it would receive approximately 10 million USD (about 13.2 billion KRW) in milestone payments from its partner Immunovant upon entering Phase 3 clinical trials for myasthenia gravis.
However, the company explained that operating profit declined compared to the previous year due to increased research and development (R&D) expenses.
HanAll Biopharma aims to reinvest the profits generated, including this milestone, into new drug development programs to strengthen a virtuous cycle of R&D investment. Seungwon Jung, CEO of HanAll Biopharma, stated, "As we expect to enter more global clinical trials this year, we will further expand investment in new drug research and development to provide innovative new drugs to patients suffering from diseases."
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