SK Biopharmaceuticals Q2 Results Show Narrowed Net Loss and Increased Sales


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SEOUL, Aug. 10 (Yonhap) — SK Biopharmaceuticals Co., a biopharmaceutical arm of SK Group, reported Thursday that its net loss for the second quarter had decreased from the same period the year prior due to the successful overseas sales of its epilepsy medication, Cenobamate.

The company’s consolidated net deficit for April to June was 23.3 billion won (US$17.7 million), a decrease from the 45.4 billion won loss recorded in the same period in 2019, according to a regulatory filing.

SK Biopharm said the decrease in net loss was due to the rising demand for its flagship drug, Cenobamate, which is used to treat partial-onset seizures in adults. The medication, sold under the brand name Xcopri in the United States, earned 63.4 billion won in sales in the U.S. during the second quarter, a 57.5 percent year-on-year increase. It is also being sold in 18 European countries, including Germany, Italy, and France, under the brand name Ontozry.

The company projected that Cenobamate would bring in $1 billion in U.S. sales by 2029. Its second-quarter operating loss also decreased to 18.9 billion won from a loss of 40.1 billion won a year earlier, while its sales soared 44.1 percent year-on-year to 77 billion won.

The operating loss was 249.6 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The corporate logo of SK Biopharmaceuticals Co. is seen in this image provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

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