'New Drug Success' HK Innoen Reports Operating Profit of 88.2 Billion KRW Last Year, Up 33.8% Year-on-Year

HK Innoen's gastroesophageal reflux disease treatment K-CAB (domestic name K-CAB). Photo by HK Innoen

HK Innoen announced on the 11th that its individual basis operating profit last year was tentatively estimated at 88.2 billion KRW, a 33.8% increase compared to the previous year. Sales rose 8.2% to 897.1 billion KRW. Net profit increased 30.5% to 61.6 billion KRW.

Operating profit on an individual basis for the fourth quarter was 22.4 billion KRW, up 8.2% compared to the same period last year. Sales and net profit were recorded at 235.8 billion KRW and 19.2 billion KRW, up 5.2% and 26.9%, respectively.

HK Innoen explained that the profitability of the gastroesophageal reflux disease drug 'K-CAB' grew last year, leading to increased profits in the prescription drug sector and resulting in operating profit growth. The fourth quarter off-prescription sales of K-CAB were 54.8 billion KRW, a 24.3% increase compared to the same period last year. Sales during the same period rose 32.5% to 44.2 billion KRW. Annual sales reached 168.8 billion KRW, up 41.2%. Sales of infusion solutions also increased 6.1% to 31.3 billion KRW in the fourth quarter.

During the same period, sales of other prescription drugs, including the antihypertensive drug 'Kanab', recorded 87.7% growth to 87.1 billion KRW. However, sales of the hangover remedy Condition decreased 3.3% to 16.2 billion KRW in the fourth quarter compared to the same period last year. The company analyzed this as a result of intensified price competition in the hangover remedy market.