SK Biopharm, Operating Loss of 130 Billion Won Despite Strong Performance of Epilepsy New Drug Last Year

Senobamate US Sales 169.2 Billion KRW... More Than Double Increase

[Asia Economy Reporter Myunghwan Lee] SK Biopharm reported an operating loss of approximately 130 billion KRW last year. Sales of the epilepsy drug 'Cenobamate' in the U.S. market more than doubled.

SK Biopharm announced on the 9th that it recorded a consolidated operating loss of 131 billion KRW last year, marking a turnaround to a deficit compared to the previous year. During the same period, sales decreased by 41.2% to 246.2 billion KRW, and net loss amounted to 139.4 billion KRW, also turning to a deficit. The company explained the decline in performance by stating, "The operating results decreased as the one-time revenue recognition effect from 2021 disappeared."

SK Biopharm's epilepsy drug Cenobamate (U.S. product name Xcopri) posted U.S. sales of 169.2 billion KRW in 2022, an increase of 116.3% compared to the previous year. Fourth-quarter sales reached 49.8 billion KRW, up 78.2% year-on-year. SK Biopharm explained that the total prescriptions (TRx) in the U.S. continue to show an increasing trend.

SK Biopharm expects U.S. sales of Cenobamate to reach between 270 billion KRW and 300 billion KRW this year. In particular, the company stated that achieving profitability in the fourth quarter of this year will be accomplished solely through sales and royalties from Cenobamate in the U.S., without large one-time revenues as in the previous year. Through this, the company aims to establish a 'sustainable profitable structure.'

SK Biopharm's mid- to long-term goal is to become a global healthcare company through four core growth strategies: accelerating U.S. growth of Cenobamate, expanding global market entry, broadening the brain disease pipeline, and innovating the research and development (R&D) platform.

Cenobamate is currently undergoing multinational clinical trials to expand its indications for generalized seizures and to extend the eligible age group from adults to adolescents. In addition to Cenobamate, SK Biopharm is conducting multiple clinical trials including Phase 3 for Carisbamate, a rare pediatric epilepsy treatment; Phase 1 for the next-generation epilepsy drug 'SKL24741'; and Phase 1/2 for the targeted anticancer drug 'SKL27969.' Cenobamate is also scheduled to be launched in eight additional European countries this year.