SK Biopharm Surpasses Expectations with First Quarter Surplus and Plans for Second Commercial Product Launch

[이데일리 김진수 기자] SK Biopharm announced its performance in the first quarter of this year and announced on the 9th that it achieved a surplus in operating profit in the first quarter due to rapid growth in sales of cenobamate (US product name : Xcopri).

SK Biopharm’s first quarter sales were KRW 114 billion and operating profit was KRW 10.3 billion, exceeding market consensus for both sales and operating profit. SK Biopharm recorded an 87.5% increase in sales compared to the same period last year through increased sales of cenobamate and several other sales. In particular, considering the size of the US sales of Cenobamate, which has grown to about 90 billion won, it is analyzed that an additional stable structure has been secured.

First quarter performance of SK Biopharm 2024. (Table = SK Biopharm)

Other sales are also expected to be strong in general, reaching 23.1 billion won in the quarter, exceeding the annual guidance of 70 billion won at the beginning of the year.

SK Biopharmaceuticals achieved a surplus for two consecutive quarters for the first time since its establishment, and it is significant that the surplus was achieved in the first quarter entirely due to growth in sales of cenobamate in the US. Therefore, the goal of achieving an annual surplus is expected to be on track.

Cenobamate’s US sales in the first quarter amounted to KRW 90.9 billion, showing rapid growth of 68.5% compared to the same period last year and 17% compared to the previous quarter. Considering the sales volume and gross profit ratio of 90%, it is expected that the company will be able to achieve a stable surplus in the future.

In terms of other sales, sales from various sources of income show a good performance, such as sales of semi-finished product DP / API in the first quarter, royalty income from cenobamate Europe and solriamfetol, sales from clinical trials in Asia, and other service sales. As a result, there is another sales guide at the beginning of the year 700. It is expected that it will exceed 100 million won.

In the first quarter of this year, cenobamate continued to grow rapidly by maintaining a high number of new patient prescriptions (NBRx) in the US market. The total number of monthly prescriptions for cenobamate in March, 47 months after its launch, was about 27,000, which is about 2.3 times the number of prescriptions for a competing new drug 47 months after its launch soft SK Biopharmaceuticals aims to grow faster this year by increasing the number of monthly prescriptions (TRx) through new education and marketing programs and better incentives, thereby achieving the No. 1 position in drug prescriptions in the ‘TA’ (Therapeutic Area).

SK Biopharmaceuticals is preparing for a quantum leap in sales by expanding the indications for cenobamate to general seizures and expanding the age range to include children and adolescents by 2026.

Construction of the second commercial product and industrial material TPD and RPT

Along with the growth of Cenobamate, SK Biopharmaceuticals is growing at an accelerated rate by introducing external commercial products that utilize the existing marketing infrastructure, and based on the funds in addition that comes from here, the company is developing a new modality and anti-technology platform. – cancer technology The plan is to expand the field and make full-scale progress towards becoming a ‘big biotech’.

SK Biopharmaceuticals is the only Korean biopharmaceutical company that has a direct sales system and sells its own innovative drugs in the US market. Cenobamate operates through a direct sales system, ensuring high profitability with a gross profit ratio in the mid-90s in the US, and SK Biopharmaceuticals plans to introduce a ‘second commercial product’ that will fully need for US direct sales infrastructure. .

SK Biopharm selected RPT (Radiopharmaceutical Therapeutics), TPD (Targeted Protein Degradation Therapeutics), and CGT (Cell Gene Therapy) as the three new methods through a new financial story last year, and based on cooperation with SK Group, we are ‘ accelerate R&D in all areas.

In the TPD area, we successfully acquired SK Life Science Labs last year and are ‘best in class’ to work on previously untreated targets through ‘MOPED’, an innovative platform for to find molecular glue (MG). sourcing and developing best-in-class and first-rate linemen, and plans to present an integrated pipeline and development schedule within the year.

In the field of RPT, the plan is to announce a business plan, including a detailed strategic direction and schedule of the RPT business, including the acquisition of stable radioisotopes (RI), to lead the RPT business as a first mover in the Asian region.