JW Jungwo Pharmaceutical Achieves Record High Sales and Operating Profit Last Year: "We Will Accelerate New Drug Development"

General and Prescription Drugs Each Grow by 10% Increase

[Asia Economy Reporter Myunghwan Lee] JW Pharmaceutical recorded its highest-ever performance last year.

JW Pharmaceutical announced on the 8th that its consolidated sales last year were tentatively estimated at 684.4 billion KRW, a 12.8% increase compared to the previous year. Operating profit during the same period rose 106.6% to 64.4 billion KRW. JW Pharmaceutical explained that both sales and operating profit last year were record highs.

During this period, net profit also turned positive, recording 33.6 billion KRW, showing improvement in profitability.

It was explained that sales in both prescription drugs and over-the-counter drugs grew by more than 10%, continuing the growth trend. JW Pharmaceutical’s prescription drug sales last year were 524.7 billion KRW, up 10.3% from 475.9 billion KRW the previous year.

Looking at individual products, the infusion segment, which accounts for the largest sales proportion, grew 6.4% year-on-year to 177 billion KRW. The dyslipidemia treatment 'Livalo' posted sales of 76.3 billion KRW, a 9.8% increase compared to the same period last year. The combination new drug 'Livalojet,' based on pitavastatin, the main ingredient of Gamribaro, grew into a blockbuster product with sales of 32.5 billion KRW just one year after its launch. The Livalo product line (Livalo, Livalojet, Livalo V) recorded sales of 114.7 billion KRW last year, surpassing 100 billion KRW annually.

A JW Pharmaceutical official explained, "Since the end of 2021, we have switched to in-house production of the main ingredient of Livalo, improving the cost ratio, which contributed to operating profit growth as sales increased."

Additionally, enteral nutrition infusion 'Ncover' recorded sales of 27.6 billion KRW, up 27.1%, and high-dose iron injection 'Perinject' grew 20.5% to 20.6 billion KRW. Rheumatoid arthritis treatment 'Actemra' increased 17.6% year-on-year to 23.6 billion KRW. Sales of hemophilia A treatment 'Hemlibra' rose 32.7% to 5.8 billion KRW during this period.

Sales in the over-the-counter drug segment last year reached 51.8 billion KRW, a 17.7% increase from the previous year. By product, artificial tears 'Friends Eye Drop' recorded sales of 12.3 billion KRW, up 13.5%, and wound care band 'HiMom' sales more than doubled, increasing 104% to 8.6 billion KRW. Sales of cold medicine 'Hwacol,' which was 900 million KRW in 2021, rose to 2.9 billion KRW last year due to an increase in respiratory disease patients. Pain reliever 'Pain Angel' and sterile saline 'Cleancl' posted sales of 2.4 billion KRW and 7.5 billion KRW, respectively, last year.

A JW Pharmaceutical official stated, "We achieved record-high sales and operating profit due to the growth of original prescription drug performance and a decrease in cost ratio," adding, "Based on the improving performance, we expect to achieve debt-free management on a net borrowing basis this year." The official emphasized, "Based on improved financial structure, we will focus more on strengthening research and development (R&D) competitiveness to accelerate the development of innovative new drugs."