Shinshin Pharmaceutical Q1 Sales Up 5.3% YoY... "Growth Accelerated by New Drugs and Microneedles"

Transdermal drug delivery platform company Shinshin Pharmaceutical announced on the 14th that its consolidated sales for the first quarter reached 24.7 billion KRW, a 5.3% increase compared to the same period last year. During the same period, operating profit and net profit recorded 600 million KRW and 300 million KRW respectively, maintaining a positive earnings trend.

Shinshin Pharmaceutical's strong first-quarter performance is attributed to increased sales of key products based on transdermal drug delivery system (TDDS) technology. Core products such as Arex and Shinshin Paf continue to show steady growth, and the premium lineup "Flex" series, launched last year, has also begun generating sales in earnest.

Shinshin Pharmaceutical plans to continue its growth trend through large-scale exports to China. Last year, Shinshin Pharmaceutical signed a pharmaceutical supply contract worth 5.4 million USD with Sinopharm, the number one pharmaceutical company in China. Last month, the company successfully completed testing for supply to the Chinese market and is preparing to ship the initial batch. China has the second-largest pharmaceutical market in the world after the United States, and since the supply contract was signed at Sinopharm's proposal, there is a high possibility of expanding export volume in the future.

Last year, Shinshin Pharmaceutical began developing an innovative drug for sarcopenia and expanded its pipeline to include dementia and Parkinson's disease. The company is also accelerating the commercialization of microneedle pharmaceuticals after securing its own technology. To this end, it increased its research and development (R&D) personnel by more than 30%, and the company explained that operating profit and net profit slightly decreased in the first quarter due to increased related expenses.

A Shinshin Pharmaceutical official said, "Following the breakthrough of 100 billion KRW in annual sales for the first time last year, we expect this year's performance to grow further due to the full-scale entry into the Chinese market and increased sales of premium new products," adding, "We will secure mid- to long-term growth engines through the development of various new drugs and microneedle pharmaceuticals."

He continued, "With TDDS technology-based new drug development, it is possible to diversify the product portfolio by expanding indications, and the profit margin from new drug sales is expected to increase more than twice compared to existing products," adding, "Together with new drugs, we will lead the global microneedle pharmaceutical market through the commercialization of microneedle pharmaceuticals."