Bukwang Pharmaceutical has reported that its revenue for the first half of the year has surpassed 100 billion won for the first time in the company's history. While revenue grew by double digits, profitability significantly declined due to rising costs.
On July 21, Bukwang announced that it recorded 104.8 billion won in revenue and 2.5 billion won in operating profit for the first half of the year. This represents a 15.9% increase in revenue compared to the same period last year, while operating profit fell by 49.9%.
The revenue growth was attributed to improved performance from Bukwang Medica and growth in key products. However, the decline in operating profit was due to increased cost burdens from rising exchange rates, higher outsourcing costs related to the establishment of automated production lines, and temporary increases in initial marketing expenses for new product launches.
Prescription drugs also continued to show growth. The prescription amounts for the diabetic neuropathy treatments 'Dexide' and 'Chioctaside' increased by 7% compared to the same period last year.
The central nervous system (CNS) product line also experienced growth. The prescription amounts for strategic products such as the schizophrenia and bipolar disorder treatment 'Latuda', the insomnia treatment 'Zaleplon', and the epilepsy treatment 'Orphir' increased by 32% compared to the first half of last year.
During an investor relations event, the company disclosed its R&D status. Bukwang received approval for an Investigational New Drug (IND) application for a Phase 3 clinical trial to expand the indications for 'Latuda' as an adjunctive treatment for major depressive disorder (MDD). The company plans to use this to broaden the prescription range of 'Latuda' and enhance its product competitiveness.
Subsidiary Contera Pharma has applied for an IND for a global Phase 2 clinical trial of 'CP-012', a treatment for morning akinesia in Parkinson's disease. This trial will involve 80 adult Parkinson's patients experiencing morning off symptoms, and will be conducted at 25 specialized medical institutions in the United States, Poland, Italy, and Spain. The company aims to secure key top-line data in the first quarter of 2028 and complete the final clinical trial report in the first half of that year.
Meanwhile, Bukwang is pursuing a strategic integration with Korea Union Pharmaceutical and has restructured its board. Seong Kwang-hyun has been appointed as the CEO of Korea Union Pharmaceutical, while Kim Seong-soo has been named the Vice President of Korea Union Pharmaceutical.
Seong Kwang-hyun, an in-house director, is a human resources and organizational management expert who previously served as the Executive Director of OCI HR/GA and the Executive Director of OCI Holdings' HR department. He has been leading the integration efforts as the Vice President of the Union Pharmaceutical Acquisition Planning Task Force (TF) at Bukwang.
Kim Seong-soo, also an in-house director, is a financial and management consulting expert who has served as a partner at Samil PwC, EY Hanyoung, and Samjeong KPMG. Since 2024, he has been the Vice President overseeing Bukwang's business operations, leading the company's turnaround efforts.
* This article has been translated by AI.
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