DAEWOONG PHARMACEUTICAL CO., LTD
2023-0727
Daewoong Pharmaceutical Reports Second Quarter 2023 Financial Results
- Recorded Q2' 23 consolidated sales of KRW 350 billion and operating profit of KRW 39.5 billion
Seoul, S. Korea, Jul. 27, 2023 - Daewoong Pharmaceutical(KRX: 069620. KS) announced financial results for the second quarter year 2023. Based on consolidated accounting, the company recorded sales of KRW350 billion and operating profit of KRW39.5 billion.
The most remarkable growth is Fexuclue, a novel drug of gastroesophageal reflux disease (GERD) launched in July last year. Fexuclue has entered a growth phase, achieving KRW41 billion in sales within just one year after its launch in the South Korea. Also, Envlo, the first domestic SGLT-2 inhibitor released in May, is driving changes in the market. Nabota, the nation's only one product to have acquired FDA approval, is experiencing significant growth. In June, Evolus, the partner of Daewoong Pharmaceutical, released Nabota (marketed as Nuceiva in Europe) in Italy, following its successful release in the UK, Germany and Austria.
In terms of license agreement, Daewoong Pharmaceutical achieved noteworthy results by signing a large-scale contract worth USD477 million with American biotech investment company Aditum Bio. The agreement was settled to transfer the global development and commercialization rights of the new autoimmunity treatment candidate in April.
A representative from Daewoong Pharmaceutical stated, "Through the release of novel drugs, the global advancement of Nabota, and technology exports, we have created an 'innovative growth structure' that renews growth every quarter." We will become a leading healthcare group in the global market with new growth engines, which are Nabota, Fexuclue, and Envlo."
Forward-Looking Statements
This press release contains forward-looking statements that are based on the current beliefs and expectations of Daewoong Pharmaceutical's management. Factors that could cause or contribute to such differences include, but are not limited to: (1) Regulatory and governmental approvals: The approval process for pharmaceutical products is subject to extensive regulations and may involve uncertainties and delays. Any failure to obtain necessary approvals or the occurrence of delays in the approval process could adversely affect Daewoong Pharmaceutical's business and results of operations; and (2) Clinical trials: The success of Daewoong Pharmaceutical's products depends on the results of clinical trials. The results of early clinical trials may not be indicative of the results of later-stage or larger-scale clinical trials.
- Recorded Q2' 23 consolidated sales of KRW 350 billion and operating profit of KRW 39.5 billion
Seoul, S. Korea, Jul. 27, 2023 - Daewoong Pharmaceutical(KRX: 069620. KS) announced financial results for the second quarter year 2023. Based on consolidated accounting, the company recorded sales of KRW350 billion and operating profit of KRW39.5 billion.
The most remarkable growth is Fexuclue, a novel drug of gastroesophageal reflux disease (GERD) launched in July last year. Fexuclue has entered a growth phase, achieving KRW41 billion in sales within just one year after its launch in the South Korea. Also, Envlo, the first domestic SGLT-2 inhibitor released in May, is driving changes in the market. Nabota, the nation's only one product to have acquired FDA approval, is experiencing significant growth. In June, Evolus, the partner of Daewoong Pharmaceutical, released Nabota (marketed as Nuceiva in Europe) in Italy, following its successful release in the UK, Germany and Austria.
In terms of license agreement, Daewoong Pharmaceutical achieved noteworthy results by signing a large-scale contract worth USD477 million with American biotech investment company Aditum Bio. The agreement was settled to transfer the global development and commercialization rights of the new autoimmunity treatment candidate in April.
A representative from Daewoong Pharmaceutical stated, "Through the release of novel drugs, the global advancement of Nabota, and technology exports, we have created an 'innovative growth structure' that renews growth every quarter." We will become a leading healthcare group in the global market with new growth engines, which are Nabota, Fexuclue, and Envlo."
Forward-Looking Statements
This press release contains forward-looking statements that are based on the current beliefs and expectations of Daewoong Pharmaceutical's management. Factors that could cause or contribute to such differences include, but are not limited to: (1) Regulatory and governmental approvals: The approval process for pharmaceutical products is subject to extensive regulations and may involve uncertainties and delays. Any failure to obtain necessary approvals or the occurrence of delays in the approval process could adversely affect Daewoong Pharmaceutical's business and results of operations; and (2) Clinical trials: The success of Daewoong Pharmaceutical's products depends on the results of clinical trials. The results of early clinical trials may not be indicative of the results of later-stage or larger-scale clinical trials.
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Daewoong Pharma published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 10:05:35 UTC.
