HK Innoen Completes Regular General Meeting of Shareholders... "Will Continue to Deliver Consistent Results with K-Cab"

Kwak Dal-won, CEO of HK Innoen, is giving a greeting speech at the 9th General Meeting of Shareholders held on the 28th at the headquarters in Heungdeok-gu, Cheongju-si, Chungbuk.
[Photo by HK Innoen]

HK Innoen announced on the 28th that it held the 9th General Meeting of Shareholders at its headquarters in Heungdeok-gu, Cheongju-si, Chungbuk, where it resolved key agenda items such as the reappointment of outside directors and approval of financial statements. At the meeting, a proposal to partially amend the articles of incorporation, including adding a clause to establish a Sustainability Management Committee within the board of directors to strengthen management, was also approved.

Kwack Dal-won, CEO of HK Innoen, said in his greeting, “Despite the challenging environment with ongoing global and domestic economic downturns, both our prescription drug and health beauty beverage (HB&B) business sectors showed steady growth last year. Recently, the new drug for gastroesophageal reflux disease, ‘K-CAB,’ began insurance coverage in China, which is expected to drive rapid sales growth, and Phase 3 clinical trials are progressing smoothly in the United States.” He added, “K-CAB is expected to receive approvals and launch in Latin America and Southeast Asia, and preparations are underway for expansion into Europe and the Middle East. We will continue to deliver consistent global success with the blockbuster new drug K-CAB.”

CEO Kwack also stated, “The HB&B business, including the hangover remedy ‘Condition,’ is rapidly recovering following the lifting of social distancing measures. We will strive to show sales growth and profitability improvement across all business sectors.”

At the shareholders' meeting, HK Innoen reported last year’s performance with sales of 846.5 billion KRW and operating profit of 52.5 billion KRW. Sales increased by 10% compared to the previous year, and operating profit rose by 4.3%. The company evaluated that this growth was influenced by balanced overall growth in both the prescription drug business sector, including the new drug K-CAB, infusion solutions, and chronic disease treatments, and the HB&B business sector, including the hangover remedy Condition.

Additionally, the proposal to reappoint two outside directors, Park Jae-seok, a certified public accountant at Kim & Chang Law Firm, and Moon Byung-in, director of Ewha Womans University Medical Center for Women’s Cancer, was approved, and a cash dividend of 320 KRW per share was declared.