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Daewoong Pharmaceutical, a prominent player in the pharmaceutical industry, has witnessed a significant increase in its financial performance in 2022. The company's remarkable success is attributed to its innovative medical products, particularly the novel gastroesophageal reflux disease (GERD) medicine, Fexuclue.
A Remarkable Financial Performance
In 2022, Daewoong Pharmaceutical registered a staggering 10.1% increase in sales, amounting to KRW 1.16 trillion. The business profits rose by 11.0% to KRW 106 billion, with net profits soaring by 123.9% to KRW 80.1 billion. These figures represent a consolidated accounting, with sales reaching KRW 1.28 trillion, business profits amounting to KRW 95.8 billion, and net profits hitting KRW 76.1 billion.
Note: The consolidated accounting includes the performance of Daewoong Pharmaceutical and all its subsidiaries.
Fexuclue: A Promising Addition to the Product Line
The sales growth and profit increase can be mainly attributed to the successful introduction and acceptance of Fexuclue, a medicine designed to treat GERD. Launched in July, Fexuclue has shown a stable presence in the market, contributing significantly to the increase in sales and business profits.
Fexuclue was introduced to major general hospitals nationwide and garnered cumulative sales of KRW 10 billion within just four months. This successful launch has played a crucial role in boosting the ETC sector's sales by 6.1%, an increase from KRW 7.78 billion in the previous year to KRW 825.5 billion.
Nabota: The Flagship Botulinum Toxin Product
Aside from Fexuclue, another product that has significantly contributed to Daewoong Pharmaceutical's success is Nabota, a botulinum toxin. Nabota's sales witnessed a 78.5% increase from KRW 79.6 billion in the previous year to KRW 142 billion. The product has shown more than twice the growth in overseas sales, increasing by 123.3%.
Fact: Nabota is the fastest-growing toxin brand in large continental markets such as Brazil and Thailand.
In the U.S. market, which is the world's largest market for botulinum toxin, Nabota's annual sales increased by 49% compared to the previous year.
Daewoong Pharmaceutical's OTC and Global Sector Progress
In the OTC sector, sales rose by 11.7% from KRW 114.4 billion in the previous year to KRW 127.7 billion. This is a result of the growth in sales of products such as EZN 6, an antipyretic analgesic, and EasyDerm, a new moist dressing.
The global and others sector also recorded sales of KRW 20.3 billion. Daewoong Pharmaceutical has signed a technical export agreement for Fexuclue worth about KRW 1.2 trillion, which obtained a permit of medicine in the Philippines and Ecuador in its first year of release.
Investment in Research and Development
Daewoong Pharmaceutical invested KRW 139.3 billion, which is 12% of its annual sales, into research and development. The company's commitment to innovation led to the development of two new medicines for two consecutive years starting from 2021.
One of these medicines is the Envlo tablet, a treatment for type II diabetes. It has obtained a permit for treating diabetes with sodium glucose cotransporter 2 (SGLT2) inhibitors. This is a first for any pharmaceutical company in Korea.
Daewoong Pharmaceutical's Future Plans
Daewoong Pharmaceutical has ambitious plans for the upcoming years. The company aims to solidify Fexuclue's position as the best-in-class medicine by adding efficacious diseases and diversifying its form. It also plans to increase the global share of Nabota by launching it in countries with high marketability such as Australia, Germany, and Austria.
With its innovative products and strategic planning, Daewoong Pharmaceutical is poised to cement its position as a global healthcare group.
Quote: "This year, Daewoong will position itself as a global healthcare group by growing its own troikas Daewoong developed by itself – Fexuclue, Envlo and Nabota – into a global blockbuster in new medicine." - Daewoong Pharmaceutical
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