Boryeong, First Half Sales 489.2 Billion Won... Opening the Era of 'Annual Sales 1 Trillion Won'?

Boryung announced on the 31st that it recorded provisional consolidated operating results for the second quarter of this year with sales of 255.562 billion KRW and operating profit of 20.121 billion KRW. Compared to the same period last year, sales increased by 18.17% and operating profit by 5.69%. For the first half of the year combined, sales reached 489.163 billion KRW and operating profit 36.467 billion KRW, representing growth of 16.45% and 4.09% respectively compared to the same period last year.

Boryeong Headquarters Exterior
[Photo by Boryeong]

The company stated, "Thanks to the strong performance of key products, we continued high growth in the first half of this year," and evaluated that "we achieved the highest performance on a half-year basis." Securities analysts expect that if this growth trend continues throughout the year, Boryung’s annual sales will increase by 20.24% from last year to 1.0336 trillion KRW, opening the era of the first-ever annual sales exceeding 1 trillion KRW.

By segment, all prescription drug sectors showed balanced growth, with the hypertension drug Kanarb product line recording half-year sales exceeding 70 billion KRW for the first time, achieving a high sales growth rate of 13%. Boryung co-markets the blockbuster Kanarb, a key product, with HK Innoen. Similarly, both companies actively pursue performance growth through new drugs by co-marketing HK Innoen’s blockbuster gastroesophageal reflux disease treatment K-CAB.

The oncology (Onco) segment, which surpassed half-year sales of 100 billion KRW for the first time last year, also grew by more than 8% compared to the previous year. In particular, the anticancer drug Gemzar saw a 23% increase in sales in the first half, and prescriptions expanded for all legacy brand acquisition (LBA) products.

Recently, Boryung’s focused diabetes and dyslipidemia products have successfully established themselves in the early market and continue to grow. The diabetes treatment Trudapa has ranked first in the generic market for dapagliflozin-based drugs since its launch in April last year.

Boryung plans to sustain growth in the second half of the year centered on chronic disease treatments and anticancer drugs. It will build a foundation for continuous growth by strengthening profitability through in-house production transition of the LBA schizophrenia treatment Jaiprex and developing various proprietary products.

Jang Doo-hyun, CEO of Boryung, said, “Despite unstable economic conditions such as exchange rates and inflation and a challenging business environment this year, we attach significance to having taken a step closer to our goal of becoming a ‘leading pharmaceutical company’ by maintaining high sales growth.” He added, “We will continue to focus our capabilities on strengthening competitiveness in the pharmaceutical business based on nurturing proprietary products and continuous innovation.”