'The Power of Cenobamate' SK Biopharm Achieves First Consecutive Q2 Profit Since Establishment

SK Biopharm has achieved its first-ever consecutive quarterly profits in the second quarter, driven by the growth of its epilepsy treatment Cenobamate.

Lee Dong-hoon, CEO of SK Biopharm, is presenting at the JP Morgan Healthcare Conference held in San Francisco, California, USA.
[Photo by SK Biopharm]

SK Biopharm announced on the 9th that it posted sales of 114 billion KRW and an operating profit of 10.3 billion KRW in the first quarter of this year. Sales grew by 87.5% compared to the previous year, and operating profit turned positive. These figures exceeded market expectations of 107.8 billion KRW in sales and 6.9 billion KRW in operating profit. Notably, while the market had forecasted a net loss of 1.3 billion KRW, the company succeeded in turning a net profit of 9.7 billion KRW.

The company stated, "We recorded sales growth through a sharp increase in Cenobamate sales and various other revenues. Achieving consecutive quarterly profits for the first time since our founding is significant, and we are steadily progressing toward our goal of 'annual and quarterly profitability.'"

SK Biopharm's epilepsy treatment 'Cenobamate' (U.S. product name Xcopri)
[Photo by SK Biopharm]

The epilepsy treatment Cenobamate (marketed as Xcopri in the U.S.), which drove this sales growth, posted sales of 90.9 billion KRW in the U.S. in the first quarter, representing a 68.5% increase year-over-year. Considering the sales scale and a gross profit margin approaching the mid-90% range, there are expectations for stable profitability going forward.

Cenobamate continued its growth in the first quarter by maintaining a high number of new patient prescriptions (NBRx). In March, the 47th month since Cenobamate’s launch, the total monthly prescriptions reached approximately 27,000, which is 2.3 times higher than the prescription volume of competing new drugs at the same 47-month mark. SK Biopharm aims to achieve the number one prescription ranking among drugs for the same indication this year through new education and marketing programs and improved incentives.

Additionally, the company expects strong sales from various revenue sources, including Cenobamate’s entry into the European market, royalty income from Solriamfetol, sales from ongoing clinical trials in Asia, and other service revenues. It is anticipated that the company will exceed its early-year target of 70 billion KRW in other revenues.