HK inno.N said on the 29th that, on a consolidation basis, operating profit for the third quarter was 27.9 billion won, up 16.4% from a year earlier on a preliminary basis. Revenue for the same period was 260.8 billion won, up 13.7% year over year. Net profit was 18.6 billion won.
The company said growth in the prescription drug division drove third-quarter results. The increase in operating profit was led by higher sales and global royalties of the gastroesophageal reflux disease drug "K-CAB," along with strong revenue growth in infusion solutions.
K-CAB posted third-quarter revenue of 46.4 billion won, up 30.1% from a year earlier. Domestic sales were 43.8 billion won, and exports were 2.6 billion won. Outpatient prescriptions in the third quarter totaled 56.1 billion won, up 11.4% from a year earlier, with a market share of 15%. K-CAB exports technology and finished goods to 53 countries and has launched in 18 countries including Korea. In addition, approvals have been completed in three more countries.
During the same period, infusion solution revenue rose 13.9% to 38.8 billion won. The analysis was that stable growth in basic infusion solutions and high growth in nutrition infusion solutions continued. Third-quarter revenue for the hangover remedy "Condition" was 10.4 billion won, down 23.1% from a year earlier. As overall consumption of alcohol and hangover remedies declined, the recovery in sales was delayed.
However, a company official said, "We expect demand to increase during the year-end peak season and to see marketing effects from Condition Zero Sparkling (new product)."