HanAll Biopharma, a new drug development subsidiary of Daewoong Pharmaceutical, said on the 29th that its operating profit on a consolidation basis in the first quarter rose 12% from a year earlier to 800 million won, turning to the black on a preliminary basis. Revenue in the same period rose 11% to 40 billion won.
The company said revenue growth in the pharmaceuticals institutional sector drove results. The pharmaceuticals business posted revenue of 35.5 billion won, up 12% from a year earlier.
The probiotic medicine "Biotop" posted 7.6 billion won in revenue, marking the highest quarterly performance, and the non-absorbable antibiotic "Normix" grew 10% year over year with 5.3 billion won in revenue.
According to HanAll Biopharma, in the hair loss treatment institutional sector, it is expanding its market presence with the launch of the new product "Minoxpil," and the prostate cancer and central precocious puberty treatment "Eligard" is maintaining growth as prescriptions for the 6-month formulation expand in the precocious puberty treatment area.
In the research and development institutional sector, it is accelerating development of "iomerozulimab," a next-generation FcRn (neonatal Fc receptor) inhibitor. Research is under way through its U.S. partner Immunovant.
A HanAll Biopharma official said, "With solid growth in pharmaceutical sales, the revenue base is strengthening," adding, "Starting with key clinical results for iomerozulimab in the second half, we will gradually prove our growth potential."