Chong Kun Dang reported on the 1st that its consolidated operating profit for the second quarter was 22.2 billion won, a decrease of 21.9% compared to the same period last year. Second-quarter sales amounted to 429.6 billion won, an increase of 11.6% from the same period last year.
Cumulative sales for the first half of the year reached 82.87 billion won, up 12.2% compared to the same period last year. Operating profit for the first half decreased by 36.5% compared to the same period last year, recording 3.5 billion won.
The company explained that increased sales of existing and new products, along with a technology transfer milestone payment of $5 million (about 6.9 billion won) received from the Swiss pharmaceutical company Novartis in May, contributed to the sales increase. However, operating profit decreased due to rising research and development expenses.
A company official said, "The antibody-drug conjugate (ADC) anticancer drug CKD-703 has entered clinical trials in the United States, resulting in increased research and development expenses," adding that "sales increased due to the continuous growth of existing and new products and receiving new drug milestones."