SK Biopharmaceuticals records profit for 3 quarters

Xcopri’s sales exceed KRW 100 billion in the U.S.

Operating profit of KRW 26 billion in Q2 this year, the 3rd consecutive quarter the company saw profit since Q4 last year

U.S. sales of epilepsy drug Xcopri reached KRW 105.2 billion...prescription performance continues to rise

SK Biopharmaceuticals succeeded in recording an operating profit for the third consecutive quarter.

 

SK Biopharmaceuticals, which had been in the red for a long time until Q3 last year, has been in the black since Q4 last year.

 

This is due to the strong performance of its epilepsy drug Xcopri (cenobamate) in the U.S.

 

market.

 

Xcopir’s sales in the U.S.

 

exceeded KRW 100 billion in Q2 this year.

 

Successfully achieved a profit for 3 consecutive quarters since Q4 last year On the 8th, SK Biopharmaceuticals posted an operating profit of KRW 26 billion in Q2 last year according to the Financial Supervisory Service.

 

SK Biopharmaceuticals, which posted an operating loss of KRW 18.9 billion in Q2 last year, succeeded in turning to a profit for the first time in 1 year.

 

The company has been recording an operating profit since Q4 last year.

 

SK Biopharmaceuticals, which had been posting an operating loss for a long time until then, turned to a profit in Q4 last year with an operating profit of KRW 14.8 billion.

 

Since then, the company posted consecutive operating profits of KRW 10.3 billion in Q1 and KRW 26 billion in Q2 this year.

 

The company's revenue has also improved significantly during the same period.

 

Until Q3 last year, SK Biopharmaceuticals' revenue was less than KRW 100 billion.

 

However, after recording KRW 126.8 billion in Q4 last year, the company generated more than KRW 100 billion in sales every quarter, including KRW 114 billion and KRW 134 billion in Q1 and Q2 this year, respectively.

 

Xcopri’s U.S.

 

sales exceeded KRW 100 billion...green light lit to achieving annual sales target The company’s positive results are largely attributed to Xcopri’s strong performance in the United States.

 

In Q2 last year, Xcopri recorded sales of KRW 105.2 billion in the U.S.

 

market.

 

This is the first time that Xcopir’s sales in the U.S.

 

exceeded KRW 100 billion.

 

SK Biopharmaceuticals launched Xcopri in the U.S.

 

market in Q2 2020.

 

In Q1 2022, sales exceeded KRW 30 billion.

 

In Q1 2023, it crossed the KRW 50 billion mark and then surpassed the KRW 100 billion mark in less than a year.

 

At the beginning of the year, SK Biopharmaceuticals set a U.S.

 

sales target of USD 300 million (KRW 410 billion) to USD 320 million (KRW 440 billion) for Xcopri.

 

At this rate, the company expects it will be able to achieve the upper end of the target.

 

In addition, the company exceeded the target royalties and other service revenues it had set at the beginning of the year.

 

In Q2, the company generated service revenue by out-licensing SKL22544.

 

In April, SK Biopharmaceuticals signed an agreement to transfer the technology of SKL22544, a non-narcotic analgesic candidate, to Chinese joint venture Ignis Therapeutics.

 

The deal includes an upfront payment of USD 3 million (approximately KRW 4.2 billion) and development and milestone payments of up to USD 55 million.

 

SK Biopharmaceuticals plans to reinvest the excess cash generated from the growth of Xcopri’s performance.

 

The company plans to accelerate the expansion of Xcopri’s indication.

 

The company is currently conducting Phase III clinical trials in Asia for primary generalized tonic-clonic (PGTC) seizures and partial onset seizures.

 

It is also running a Phase III clinical trial to expand the pediatric age indication.

 

The company plans to submit an NDA for the indication expansion next year.

 

At the same time, the company is working on discovering a second Xcopri.

 

The company is conducting a global Phase III clinical trial for carisbamate, a candidate for a rare pediatric epilepsy Lennox-Gastaut Syndrome.

 

Relenopride, which targets a rare neurological disease, is in Phase II trial.

 

The company is also developing SKL13865 for attention disorder, SKL20540 for schizophrenia, and SKL24741 for epilepsy.