Bukwang Pharmaceutical said on the 9th that it posted 200.7 billion won in consolidation sales last year. That was up 25% from a year earlier. Operating profit jumped 775% to 14.1 billion won.
Diabetic neuropathy treatments Dexid and Citoktacid and the central nervous system product Latuda led the improvement. The diabetic neuropathy treatments recorded an annual sales growth rate of 40% last year. Central nervous system products saw sales rise 90% from a year earlier.
The research and development institutional sector also made strides. Subsidiary Contera Pharma reported positive results in a phase 1 clinical trial of CP-012, a morning akinesia treatment for Parkinson's patients. Parkinson's patients experience akinesia, in which motor function is lost in the morning as the effect of medication wears off, even after taking medicine.
Contera Pharma entered into a drugs research and development collaboration with global pharmaceutical company Lundbeck. The two corporations will jointly research ribonucleic acid (RNA) therapies to treat severe neurological disorders. A Bukwang Pharmaceutical official said, "The Lundbeck signing bonus affected consolidation operating profit," adding, "We will grow into a top-20 pharmaceutical company in Korea by 2030."
Meanwhile, Bukwang Pharmaceutical was selected last month as the final acquirer of UNION KOREA PHARM. The acquisition price is about 30 billion won. The company is proceeding with the acquisition in accordance with the ongoing rehabilitation process. The acquisition is expected to be completed in Apr. after the Korea Fair Trade Commission's corporate merger review is finalized. Bukwang Pharmaceutical will newly secure production facilities for antibiotics and liquid injectables. Production capacity is expected to expand by 30%.