SK Biopharmaceuticals (326030.KS) posted a sharp jump in first-quarter revenue and operating profit, driven by the growth of its self-developed epilepsy drug cenobamate, sold in the United States under the brand name Xcopri.
The company said in a preliminary disclosure Wednesday that first-quarter consolidated revenue reached 227.9 billion won ($167 million) and operating profit came in at 89.8 billion won ($66 million), up 57.8% and 249.7%, respectively, from a year earlier. Net profit rose 423.5% year-on-year to 102.7 billion won.
The earnings growth was driven by expanded U.S. prescriptions of cenobamate, according to the company. U.S. sales of cenobamate totaled 197.7 billion won, up 48.4% from a year earlier. Monthly total prescriptions reached approximately 47,000 as of March, and new patient prescriptions in the first quarter set a quarterly average record high. The company plans to expand its scope to Phase 3 candidate substances based on its U.S. sales network to introduce follow-up products.
SK Biopharmaceuticals is also expanding cenobamate's indications and formulations. In March, the company completed a new drug application (NDA) filing with the U.S. Food and Drug Administration (FDA) for a suspension formulation, and is targeting to file within the year for additional indications including primary generalized tonic-clonic (PGTC) seizures and pediatric patient groups.
SK Biopharmaceuticals plans to reinvest profits generated through cenobamate into future growth drivers. Leveraging its strength in central nervous system (CNS) therapeutics, the company intends to expand its pipeline into next-generation modalities including radiopharmaceutical therapy (RPT) and targeted protein degradation (TPD).
"SK Biopharmaceuticals is the only Korean biotech company realizing profit growth through sustainable earnings from new drug sales," a company official said. "We have entered a virtuous cycle in which profits rise alongside expanded investment in new pipelines."
