Boryung recorded an operating profit of 69.4 billion won through the third quarter of this year, surpassing its full-year operating profit from last year in just three quarters. The growth in performance was driven by increased prescriptions for the high blood pressure treatment product line 'Canab,' joint sales of the hyperlipidemia treatment 'Atorjet,' and expanded domestic and international revenue for the anticancer drug 'Taxotere.'
Boryung disclosed on Thursday that it recorded consolidated revenue of 314.4 billion won and an operating profit of 25.5 billion won in the third quarter. Revenue increased by 12.4% year-on-year, while operating profit decreased by 13.4%. The cumulative operating profit reached 69.4 billion won, exceeding last year's full-year operating profit (65.1 billion won). Cumulative revenue rose by 10% year-on-year to 849.4 billion won.
The Canab product line, a key item, recorded prescription performance that exceeded the growth rate of the high blood pressure treatment market. According to pharmaceutical market research institutional investor YuBEAST, the out-of-hospital prescription performance for the Canab product line in the third quarter of this year increased by 7.1% compared to the same period last year. The growth rate of the high blood pressure treatment market during the same period was 4.2%.
The triple combination drug 'Canavjet' for high blood pressure, launched in June, also contributed to the expansion of prescriptions. Canavjet surpassed 1 billion won in monthly out-of-hospital prescription value in September, just four months after its launch. This is the fastest record among the Canab product line. Canavjet's market share in the triple combination drug market in September was 56%, surpassing half.
This high-flying performance of Canab became a key driver in achieving results that exceeded last year's full-year operating profit, even with provisions related to drug price litigation reflected. Boryung plans to expand prescription performance centered on Canavjet in the fourth quarter as well.
A new revenue source was added in the dyslipidemia treatment business. Boryung signed a contract with Korea Organon and began joint sales of 'Atorjet' from last September. Atorjet is a major product that recorded approximately 130 billion won in revenue last year. Boryung is strengthening sales and marketing activities for Atorjet by leveraging its existing sales network, and expects the scale of revenue reflected from future joint sales to expand.
The anticancer drug business also contributed to performance growth. Boryung's cumulative anticancer segment revenue through the third quarter of this year was 221.4 billion won, an increase of approximately 24% compared to the same period last year.
The gross profit margin for the anticancer segment during the same period was recorded at 41.4%. In particular, Taxotere, an anticancer drug acquired this year, had its full three months' worth of revenue reflected for the first time in the third quarter. Taxotere's third-quarter revenue totaled 27.7 billion won, comprising approximately 21.3 billion won from the global market and approximately 6.4 billion won domestically.
Boryung is simultaneously pursuing revenue expansion and profitability improvement for its cytotoxic anticancer drug product line, including Taxotere, 'Gemzar,' and 'Alimta.' Improving formulations of existing anticancer drugs and expanding in-house production are also part of the profitability improvement strategy.
The number of medical institutional investors adopting Alimta's liquid formulation, which enhances dispensing convenience, is increasing, while Gemzar is pursuing profitability improvement through conversion to a liquid formulation and in-house production.
A Boryung official said, "The formulation improvements for Gemzar and Alimta reflect the technological capabilities and strengths that Boryung possesses in the anticancer field," adding, "We expect the profitability of the anticancer segment to continue improving through a step-by-step strategy leading to conversion to in-house production and formulation improvements."
in THEBIO
