(Health Korea News / Lee Chang-yong) On the 25th, Bukwang Pharmaceutical held a first-half performance announcement conference and announced that both sales and operating profit increased compared to the first quarter on a separate basis.
On a separate basis, Bukwang Pharmaceutical recorded sales of KRW 36.7 billion, operating profit of KRW 2.3 billion, and an operating profit ratio of 6.3% in the second quarter. On a consolidated basis, it recorded sales of KRW 36.8 billion and an operating loss of KRW 2.6 billion.
According to Bukwang Pharmaceutical, sales increased due to the growth in prescriptions for strategic products, and profits also increased due to improved operating soundness and cost efficiency. Accounts receivable decreased by 38.6% compared to the end of last year. Other major management indicators such as accounts receivable turnover days and distribution inventory all improved.
Prescriptions for key strategic items grew compared to the same period last year. Key events in the second quarter include the establishment of a central nervous system (CNS) business division directly under the CEO. Pre-launch marketing activities for Latuda, an antipsychotic drug scheduled for release in August, have also begun. As marketing and sales activities in the psychiatry and neurology markets increase, CNS strategic product groups also recorded a 10% growth rate compared to the same period last year. The main products, Dexid and Thioctaside, also recorded a 6.8% growth rate, leading the overall sales growth.
Kim Seong-su, head of the Bukwang Pharmaceutical Management Strategy Division, said, “In the first half of this year, we secured profitability and a foundation for growth through strategic sales and financial improvements,” and “Based on separate criteria, we continued to post a surplus in the second quarter, following the first quarter.”
CEO Kim continued, “This year’s goal is to achieve a surplus not only on a separate basis but also on a consolidated basis,” and added, “To achieve this goal, we are introducing a new incentive system and doing our best to strengthen sales of strategic products including Latuda and reduce costs and improve efficiency.”
Kim Ji-heon, head of the R&D division of Bukwang Pharmaceutical, explained Latuda, a treatment for schizophrenia and bipolar depression scheduled for release in August, and emphasized, “Latuda has distinct advantages in terms of its effectiveness and side effects on depressive episodes in schizophrenia and bipolar disorder.” Starting with the release of Latuda, Bukwang Pharmaceutical aims to become the number one domestic market share in the domestic schizophrenia and bipolar disorder market within three years of its release.
Kim Ji-heon, the CEO, said, “Although the results of the European clinical trial for JM-010, announced by our subsidiary Contera Pharma in May, Contera Pharma also has various other pipelines and is currently developing CP-012, a treatment for Morning Off in Parkinson’s patients,” and explained, “We are exploring various forms of open innovation and investment attraction methods to obtain early results from CP-012’s phase 1 clinical trial and preclinical pipeline.”
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