SEOUL, SK Biopharmaceuticals Co. said Monday it shifted to net profit in the fourth quarter from a net loss a year earlier, driven by higher sales in the United States.
The net profit came to 7.8 billion won (US$5.8 million) in the October-December period, turning from a loss of 43.9 billion won a year earlier, the company said in a regulatory filing.
Operating profit for the period was 15.2 billion won, compared with a loss of 44.6 billion won a year ago, and sales jumped to 126.8 billion won from 62.8 billion won.
For the whole of 2023, the biopharmaceutical affiliate of SK Group reported a net loss of 36.3 billion won, narrowing from a loss of 139.4 billion won a year earlier.
The yearly operating loss also improved to 37.1 billion won from 131.1 billion won, and revenue jumped 44.2 percent to 354.9 billion won.
The company attributed the strong performance in the fourth quarter to stronger demand for its signature anti-epilepsy medication, Xcopri, in the U.S.
In the October-December period, U.S. sa
les of Xcopri soared 56 percent on-year to 77.7 billion won, according to the company.
SK Biopharm said it aims to raise $1 billion in sales in the U.S. with Xcopri by 2029.
The company also said it plans to expand its business to new modalities in cell and gene therapy, radiopharmaceutical therapy and targeted protein degradation as well as the anti-cancer sector.
Source: Yonhap News Agency