Bukwang Pharmaceutical recorded an operating profit of 1.6 billion won last year, successfully returning to profitability. This marks a performance improvement after recording its first loss in 2022, three years later.
Bukwang Pharmaceutical noted that its consolidated revenue reached 160.1 billion won last year, an increase of 27.2% compared to the same period the previous year. The net loss was reduced by 92.2% from the previous year to 2.68639 billion won. The expense invested in research and development was 23.7 billion won, accounting for 14.8% of total revenue.
On a separate basis, last year's revenue increased by 25.9% compared to the previous year, reaching 157.6 billion won, and the operating profit was 17 billion won, achieving a return to profitability.
The company's diabetes neuropathy treatments, "Dexide (active ingredient: alpha-lipoic acid treamine salt)" and "Chioktaside (active ingredient: thioctic acid)," drove the performance growth. Bukwang Pharmaceutical conducted symposiums and marketing activities at major conferences in the fourth quarter of last year to promote the growth of the Dexide and Chioktaside product lines.
Central nervous system (CNS) specialty pharmaceuticals (ETC) also contributed to the return to profitability. Last year's sales of CNS strategic products increased by 42% compared to the previous year.
In particular, the antipsychotic new drug "Latuda (active ingredient: lurasidone hydrochloride)," released last August, was prescribed at more than 26 general hospitals, including Seoul National University Hospital, last year, and passed pharmacy reviews at 94 general hospitals, including Seoul National University Hospital, Severance Hospital, and Gangbuk Samsung Hospital. Currently, reviews are underway at major general hospitals nationwide, such as Samsung Seoul Hospital, Chungnam National University Hospital, Jeonbuk National University Hospital, and Kyungpook National University Hospital.
With the early market establishment of Latuda, sales of existing CNS products, including the insomnia treatment "Zaledip (active ingredient: zaleplon)," depression treatment "Excel Capsule (active ingredient: milnacipran hydrochloride)," and epilepsy treatment "Orfil (active ingredient: valproate sodium)," have increased.
Bukwang Pharmaceutical plans to strengthen its research and development capabilities and focus on new drug development through domestic and international open innovation strategies.
Bukwang Pharmaceutical's new drug development subsidiary, Contera Pharma, recruited a new board of directors with expertise and experience in various fields last December to enhance R&D innovation and attract investment. The Parkinson's disease morning akinesia treatment CP-012 is currently undergoing phase 1b clinical trials. Additionally, they established a development platform for RNA-based low molecular compounds and generated new projects.
Lee Jae-young, CEO of Bukwang Pharmaceutical, said, "2024 was a year of laying the foundation through strategic sales activities and operational efficiency," adding, "I will work to ensure that the promise '2023 will be the last year of losses in Bukwang's history' does not become a hollow declaration and that 2025 will be a year of further growth."
Lee added, "We will achieve growth and innovation through selection and concentration," stating, "To ensure sustainable growth, we plan to strengthen existing businesses while launching reformulated drugs and first generics, and actively engage in partnering activities to secure original drugs and explore new business opportunities."