Korean Pharma Reports Net Profit of 3.8 Billion Won Last Year

Korea Pharma announced on the 7th that it achieved a net profit of 3.8 billion KRW last year, marking a sharp increase of 4426.7% compared to the previous year. During the same period, sales amounted to 81.3 billion KRW, and operating profit was 6.1 billion KRW.

The company explained that the main reasons for the increase in net profit were the reduction in convertible bond financial costs and corporate tax expenses. While the interest expense on convertible bonds was 3.4 billion KRW in 2023, it decreased to 2.6 billion KRW last year.

A Korea Pharma representative stated, "Last year, we maintained stable sales while the decrease in financial costs led to an increase in net profit," adding, "This year, additional sales are expected to enable external growth."

He continued, "We will enhance profitability through the discovery of high-margin products and efficient management."

On the 4th, Korea Pharma signed an exclusive domestic sales and distribution agreement with Korea Janssen for two types of schizophrenia treatments. Through this contract, Korea Pharma expects to generate approximately 14 billion KRW in additional annual sales.