Balanced Growth Across All Fields Including Chronic Diseases and Cancer Treatment
'Yonggaksan' Boosts Over-the-Counter Drug Market
[Asia Economy Reporter Lee Gwan-joo] Boryung (formerly Boryung Pharmaceutical) recorded its highest-ever performance last year, with significant growth in both sales and operating profit.
Boryung announced on the 6th that its consolidated sales and operating profit for last year reached 760.5 billion KRW and 56.6 billion KRW respectively, marking increases of 21% and 37% compared to the previous year.
Boryung also set a new record based on its standalone business performance. The cumulative fourth-quarter standalone results were tentatively tallied at 722.1 billion KRW in sales and 60.3 billion KRW in operating profit. These figures represent growth of 21% and 20% year-on-year, surpassing the initially targeted annual sales of 650 billion KRW and operating profit of 56 billion KRW.
This strong performance is attributed to the establishment of a stable revenue structure centered on a portfolio of specialty pharmaceuticals for chronic diseases (such as cardiovascular, diabetes, cancer, and mental disorders) and balanced growth across all sectors, based on CEO Jang Doo-hyun’s innovative management aimed at 'strengthening the competitiveness of the business itself.'
The flagship product, the new hypertension drug Kanarb family, which includes the single agent Kanarb (active ingredient: Pimasartan) and a total of six lineup options, provided diverse treatment choices and achieved sales of 130.2 billion KRW last year, growing 19% compared to the previous year. The Kanarb family, whose lineup expanded with the launch of the triple-combination hypertension drug Dukarb Plus (active ingredients: Pimasartan, Amlodipine, Hydrochlorothiazide) last year, is expected to continue its growth this year.
In the oncology sector, sales reached 160.6 billion KRW, a 61% increase from the previous year. As the number one player in the domestic oncology drug market, Boryung has solidified its position as a specialized oncology pharmaceutical company by expanding its portfolio with various products ranging from synthetic drugs to biosimilars and cancer adjuvant therapies.
Last year, the neutropenia treatments Grasin (active ingredient: Filgrastim) and Neulasta (active ingredient: Pegfilgrastim), co-marketed with Kyowa Kirin Korea, recorded sales of 17.6 billion KRW and 34.6 billion KRW respectively. Boryung’s exclusive sales of Samsung Bioepis’s biosimilars 'Samfenet' (active ingredient: Trastuzumab) and 'Onbevzi' (active ingredient: Bevacizumab) since 2021 also saw rapid growth, with sales of 7.2 billion KRW and 19.3 billion KRW respectively, marking increases of 157% and 421% year-on-year.
Additionally, the central nervous system (CNS) business recorded sales of 26.6 billion KRW last year, growing 127%, centered on Zyprexa (active ingredient: Olanzapine). Boryung plans to develop CNS as a specialized business area, focusing on Zyprexa, which was assetized through the original brand acquisition strategy (LBA). In the renal disease sector, sales grew 7.8% to 55.2 billion KRW, and the contract manufacturing sector achieved 52% growth with sales of 59.9 billion KRW.
The over-the-counter (OTC) pharmaceutical business also performed well, growing to 29.8 billion KRW last year, driven by the growth of the Yonggaksan brand. The Yonggaksan brand became a blockbuster drug last year, recording sales of 13 billion KRW, supported by increased demand for essential medicines due to the spread of Omicron and COVID-19 home treatment.
CEO Jang stated, "Through building a business structure with industry-leading profitability, we will achieve early targets of 1 trillion KRW in sales and 200 billion KRW in operating profit by 2026," adding, "This year will be a year to firmly establish ourselves as a 'sustainable innovation growth company.'"
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