Daewoong Pharmaceutical achieved its highest-ever performance last year since its founding, driven by the dual new drugs 'Pexuclu' and 'Enblo', along with the growth of the botulinum toxin 'Nabota'.
Exterior view of Daewoong Pharmaceutical headquarters in Gangnam-gu, Seoul[Photo by Daewoong Pharmaceutical]
Daewoong Pharmaceutical announced on the 5th that its individual basis sales reached 1.222 trillion KRW and operating profit was 133.47 billion KRW last year. Compared to 2022, sales grew by 5.23% and operating profit increased by 25.9%. The operating profit margin also rose by 2 percentage points to 11%, marking the highest profit margin in the company's history.
On a consolidated financial statement basis, sales reached 1.3753 trillion KRW and operating profit was 122.59195 billion KRW. Sales increased by 7.4% and operating profit by 28.0%.
The company attributed this strong performance to the sustained growth of prescription drugs (ETC) such as the domestic new drugs Pexuclu and Enblo, as well as the botulinum toxin Nabota, which is performing well in the global market. Pexuclu, a new drug for gastroesophageal reflux disease entering its second year since launch, led the growth, while Enblo, a new diabetes treatment drug launched last year, successfully established itself in the market. Nabota is also expanding its influence from the aesthetic market to the therapeutic market, mainly in large markets such as the United States and Europe.
Daewoong Pharmaceutical's core new drug for gastroesophageal reflux disease treatment, 'Pexuclu' (left), and diabetes treatment drug 'Enblo' [Photo by Daewoong Pharmaceutical]
By sector, prescription drug sales were recorded at 872.5 billion KRW. Pexuclu has grown into a blockbuster new drug with cumulative sales of about 72 billion KRW. Global market entry is also progressing rapidly, with Pexuclu currently approved or under new drug application (NDA) and technology exports in a total of 24 countries.
Enblo, the only domestic new drug among sodium-glucose co-transporter (SGLT)-2 inhibitors, is successfully establishing itself in the market by entering major general hospitals based on excellent efficacy and safety. The company is expanding its lineup by launching the metformin combination drug ‘Enblomet’ and accelerating global expansion by signing export contracts to Russia and the Commonwealth of Independent States (CIS).
Nabota (export name Juvista) continued its growth with sales of 147 billion KRW, about 80% of which came from overseas exports. Following the UK, Germany, and Austria, it has expanded into Italy, continuously growing the European market alongside the US. In particular, through its global therapeutic indication partner Ion Biopharma, clinical trials are accelerating for indications such as episodic and chronic migraine, cervical dystonia, gastroparesis, and post-traumatic stress disorder (PTSD), hastening entry into the therapeutic market following the aesthetic market. Daewoong Pharmaceutical also began construction of its third Nabota plant last year in preparation for increased demand. With an annual production capacity of 13 million vials, upon completion, Daewoong’s total annual Nabota production capacity will reach 18 million vials, combining the existing first and second plants.
Daewoong Pharmaceutical's botulinum toxin 'Nabota' Photo by Daewoong Pharmaceutical
Lee Chang-jae, CEO of Daewoong Pharmaceutical, said, “Despite a highly uncertain business environment, Daewoong Pharmaceutical achieved record-high sales, operating profit, and operating profit margin driven by the growth of new drugs and Nabota. Going forward, we will realize the ‘1 product, 1 trillion KRW’ vision centered on the three innovative new drugs Pexuclu, Enblo, and Nabota, and strengthen new pipelines including research and development (R&D) and digital healthcare to become a national representative healthcare group.”
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