SK Biopharm achieved its highest quarterly performance to date in the second quarter of this year. The increase in sales of its primary epilepsy treatment, cenobamate (marketed in the U.S. as Xcopri), contributed to double-digit growth in both revenue and operating profit.
On August 5, SK Biopharm announced that its consolidated revenue for the second quarter reached 247.4 billion won, with an operating profit of 97.1 billion won. This represents a 40.3% increase in revenue and a 56.9% increase in operating profit compared to the same period last year. The company noted that this quarter's results are the highest ever, excluding one-time service revenues.
Prior to this announcement, analysts had projected SK Biopharm's consolidated revenue for the second quarter to be around 238.5 billion won, reflecting a 35.3% increase from the previous year. They also expected operating profit to rise to 88.5 billion won, a 43.0% increase, surpassing market expectations.
According to the company, U.S. sales of cenobamate totaled 224.4 billion won, marking a 13.5% increase from the previous quarter and a 45.6% increase year-on-year. Cumulative U.S. sales for the first half of the year reached 422.1 billion won.
Prescriptions in the U.S. have also been steadily increasing. In the second quarter, total prescriptions (TRx) reached approximately 143,000, an 8.4% increase from the previous quarter, while new patient prescriptions (NBRx) maintained an average of over 1,800 per month. In June, monthly prescriptions totaled 49,155.
SK Biopharm is accelerating the expansion of cenobamate's indications and formulations. In March, the company submitted a New Drug Application (NDA) for a suspension formulation in the U.S. and plans to submit additional applications for primary generalized tonic-clonic seizures (PGTC) and pediatric indications within the year.
The company is also expanding into international markets. It has completed launches in South Korea and China, and aims to obtain approval in Japan by the end of the year. In Latin America, a launch in Brazil is scheduled for this month.
SK Biopharm is increasing investments in next-generation pipelines, including central nervous system (CNS) drugs, radiopharmaceutical therapies (RPT), and targeted protein degradation (TPD), based on the cash flow generated from cenobamate. In June, the company began a collaborative research project with Insilico Medicine for AI-based drug discovery.
Lee Dong-hoon, CEO of SK Biopharm, stated, "It is encouraging that operating profit continues to grow despite increased investments in research and marketing. We will push forward with our strategy to become a 'big biotech' based on the growth of cenobamate."
The growth of Xcopri is expected to continue in the second half of the year. Kim Sun-ah, an analyst at Hana Securities, noted, "Based on the second quarter prescription volume, the estimated revenue for Xcopri this year is projected to be $584 million, nearing the upper end of the company's guidance. We also anticipate milestone payments and royalties from the approval in Japan."
The expansion of research and development investments is also positive. Kim added, "Starting this year, SK Biopharm is actively pursuing the development of more than five new drugs and increasing R&D investments. The collaboration with Insilico Medicine for the development of next-generation modalities, including radiopharmaceuticals (RPT) and targeted protein degradation (TPD), is strengthening our growth drivers."
On August 5, SK Biopharm announced that its consolidated revenue for the second quarter reached 247.4 billion won, with an operating profit of 97.1 billion won. This represents a 40.3% increase in revenue and a 56.9% increase in operating profit compared to the same period last year. The company noted that this quarter's results are the highest ever, excluding one-time service revenues.
Prior to this announcement, analysts had projected SK Biopharm's consolidated revenue for the second quarter to be around 238.5 billion won, reflecting a 35.3% increase from the previous year. They also expected operating profit to rise to 88.5 billion won, a 43.0% increase, surpassing market expectations.
According to the company, U.S. sales of cenobamate totaled 224.4 billion won, marking a 13.5% increase from the previous quarter and a 45.6% increase year-on-year. Cumulative U.S. sales for the first half of the year reached 422.1 billion won.
Prescriptions in the U.S. have also been steadily increasing. In the second quarter, total prescriptions (TRx) reached approximately 143,000, an 8.4% increase from the previous quarter, while new patient prescriptions (NBRx) maintained an average of over 1,800 per month. In June, monthly prescriptions totaled 49,155.
SK Biopharm is accelerating the expansion of cenobamate's indications and formulations. In March, the company submitted a New Drug Application (NDA) for a suspension formulation in the U.S. and plans to submit additional applications for primary generalized tonic-clonic seizures (PGTC) and pediatric indications within the year.
The company is also expanding into international markets. It has completed launches in South Korea and China, and aims to obtain approval in Japan by the end of the year. In Latin America, a launch in Brazil is scheduled for this month.
SK Biopharm is increasing investments in next-generation pipelines, including central nervous system (CNS) drugs, radiopharmaceutical therapies (RPT), and targeted protein degradation (TPD), based on the cash flow generated from cenobamate. In June, the company began a collaborative research project with Insilico Medicine for AI-based drug discovery.
Lee Dong-hoon, CEO of SK Biopharm, stated, "It is encouraging that operating profit continues to grow despite increased investments in research and marketing. We will push forward with our strategy to become a 'big biotech' based on the growth of cenobamate."
The growth of Xcopri is expected to continue in the second half of the year. Kim Sun-ah, an analyst at Hana Securities, noted, "Based on the second quarter prescription volume, the estimated revenue for Xcopri this year is projected to be $584 million, nearing the upper end of the company's guidance. We also anticipate milestone payments and royalties from the approval in Japan."
The expansion of research and development investments is also positive. Kim added, "Starting this year, SK Biopharm is actively pursuing the development of more than five new drugs and increasing R&D investments. The collaboration with Insilico Medicine for the development of next-generation modalities, including radiopharmaceuticals (RPT) and targeted protein degradation (TPD), is strengthening our growth drivers."
* This article has been translated by AI.
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