Daewoong Pharmaceutical Achieved Record High Sales Last Year... Led by Pexuclu and Nabota

Operating Profit Up 11%·Net Profit Up 123.9%
Pecksukle Establishes Presence in Domestic Market
Nabota Sales Increase 78%

[Asia Economy Reporter Myunghwan Lee] Daewoong Pharmaceutical recorded its highest-ever sales last year, driven by the strong performance of the gastroesophageal reflux disease (GERD) new drug 'Pexuclu' and the botulinum toxin product 'Nabota'.

Daewoong Pharmaceutical announced on the 15th that its standalone sales last year were preliminarily estimated at 1.1613 trillion KRW, up 10.1% from the previous year. Operating profit during the same period also rose 11% to 106 billion KRW, and net profit grew 123.9% to 80.1 billion KRW.

Exterior of Daewoong Pharmaceutical.
Photo by Daewoong Pharmaceutical

On a consolidated basis, including subsidiary performance, sales last year reached 1.2801 trillion KRW, marking an 11% increase compared to the previous year. Consolidated operating profit rose 7.8% to 95.8 billion KRW, and net profit surged 151.6% to 76.1 billion KRW.

Daewoong Pharmaceutical explained that the strong performance last year was due to "an increase in sales of highly profitable in-house products alongside cost reduction effects." Specifically, the company added that the potassium-competitive acid blocker (P-CAB) class GERD new drug Pexuclu, launched in July last year, successfully settled in the market, while exports of the botulinum toxin (BTX) product Nabota showed favorable results.

By segment, sales in the ethical pharmaceuticals (ETC) division rose 6.1% year-on-year to 825.5 billion KRW. Pexuclu, launched mid-last year, achieved cumulative sales of 10 billion KRW within four months of its release, successfully establishing itself in the market. The strong performance of the liver function improvement agent 'Urusa' also contributed. Daewoong Pharmaceutical expects the growth momentum in the ethical pharmaceuticals segment to accelerate significantly this year as prescriptions for Pexuclu's gastritis indication become active in the first half and the type 2 diabetes treatment 'Enblo' is launched.

The BTX product Nabota achieved sales of 142 billion KRW, a 78.5% increase from the previous year. Of this, 109.9 billion KRW, accounting for 77% of total sales, came from overseas markets. Overseas sales grew 123.3% year-on-year, more than doubling. Daewoong Pharmaceutical plans to launch Nabota in countries with proven high market potential such as Australia, Germany, and Austria, while anticipating approval and entry into China this year.

The over-the-counter (OTC) segment recorded sales of 127.7 billion KRW, up 11.7% from the previous year. Sales of the pain reliever 'EZN' increased due to the COVID-19 pandemic, while sales of the newly launched moist dressing 'Ezyderm' and the liver health functional food 'Enercissle', which entered major large retailers, also rose. The global and other segments recorded sales of 20.3 billion KRW. Pexuclu has signed technology export contracts worth a cumulative 1.2 trillion KRW and obtained product approvals in the Philippines and Ecuador in its first year of domestic launch.

Meanwhile, Daewoong Pharmaceutical invested 139.3 billion KRW, equivalent to 12% of its annual sales last year, in research and development (R&D), achieving success in new drug development for two consecutive years since 2021.

A Daewoong Pharmaceutical official said, "Last year was a year that confirmed Daewoong Pharmaceutical's R&D capabilities by reaping the fruits of two consecutive years of new drug development, including the launch and market settlement of the in-house developed new drug Pexuclu and the acquisition of new drug product approval for Enblo tablets." He added, "This year, by nurturing the in-house developed troika of Pexuclu, Enblo, and Nabota into global blockbuster drugs, we will establish ourselves as a global healthcare group."