Daewoong Pharmaceutical Achieves Record-Breaking KRW 1.16 Trillion in 2022 Sales, Fexuclue Driving Highest Revenue!

Daewoong Pharmaceutical (led by CEO Seng-ho Jeon and Chang-jae Lee) announced an impressive 2022 annual report. On a standalone basis, sales soared by 10.1% to an impressive KRW 1.16 trillion, business profits rose by 11.0% to KRW 106 billion and net profits skyrocketed by 123.9% to KRW 80.1 billion. Consolidated accounting further revealed that sales recorded KRW 1.28 trillion, business profits KRW 95.8 billion and net profits KRW 76.1 billion.

Daewoong Pharmaceutical has achieved great success due to the booming export of Nabota, its botulinum toxin, and the settlement of its new medicine Fexuclue in the market. This success has been achieved through steady growth in sales and business profits, proving that the company’s investments have paid off. Last July, Fexuclue was released for the treatment of gastroesophageal reflux disease, adding to Daewoong’s portfolio of successful products.

The ETC sector saw a remarkable rise in sales, up by 6.1% from KRW 7.78 billion to KRW 825.5 billion. Fexuclue, released in the middle of last year, became an instant success by entering the market with a bang, racking up a cumulative sales of KRW 10 billion in just four months. Ursa, the supplement to improve the function of the liver, also gained considerable traction. This growth momentum is likely to continue with the prescription of Fexuclue for gastritis in full swing in the first half of the year, and Envlo, the 36th new medicine in Korea, being released in the market for the treatment of type Ⅱ diabetes.

Daewoong Pharmaceutical’s botulinum toxin, Nabota, saw an astronomical growth in sales over the past year, increasing from KRW 79.6 billion to KRW 142 billion, representing a 78.5% increase. Overseas sales saw an even larger surge of 123.3%, with the US market alone growing by an impressive 49%. With plans to expand into the Chinese market this year and roll out the product to other high-potential countries such as Australia, Germany and Austria, Daewoong Pharmaceutical is well-positioned to increase the global share of Nabota.

Daewoong Pharmaceutical experienced an impressive 11.7% growth in Over-the-Counter (OTC) sales, increasing from KRW 114.4 billion to KRW 127.7 billion in the previous year. This success was largely attributed to the increasing demand of EZN 6, an antipyretic analgesic, EasyDerm, a new moist dressing, Enerthistle, a liver health functional food, and Senomega, a health supplement for blood circulation, all of which have been sold in major supermarkets. With this increase in sales, Daewoong Pharmaceutical is looking to expand its business territory by providing an array of household medicines, medicines for prevention and improvement of aging-associated symptoms.

Daewoong Pharmaceutical has made an impressive mark in the global and other sectors, with sales of KRW 20.3 billion. Even more remarkable is the company’s technical export agreement for Fexuclue, a medicine that has been permitted in Philippines and Ecuador. This agreement is worth around KRW 1.2 trillion, and Daewoong Pharmaceutical plans to further expand their partnership to Europe and Russia.

Daewoong Pharmaceutical has made a major investment of KRW 139.3 billion, which is 12% of its annual sales, in research and development, and it has paid off with two new medicines in 2021. The Envlo tablet is the first SGLT2 inhibitor allowed as a new medicine for treating diabetes in Korea and was also selected by the Ministry of Food and Drug Safety as a Global Innovative product on Fast Track (GIFT), a recognition of its excellence and potential.

Last July, Daewoong Pharmaceuticals released Fexuclue tablet to the domestic market, and it has already become the go-to medicine for improving the gastric mucosal lesion of acute and chronic gastritis, a result of its quick action in only one month. Now, the company plans to solidify its position as the best-in-class medicine by diversifying the form and adding more diseases for which it is efficacious. Furthermore, Nabota has reached the European market last year and has shown promising results in the US for phase 2 clinical trials of cervical dystonia. It marks the first time a Korean pharmaceutical has made such a successful advance into the world disease cure market.

Last year, Daewoong Pharmaceuticals made tremendous strides in research and development, having released two new medicines – Fexuclue and Envlo – onto the market and obtained a permit for a third, Nabota. This year, the company looks to cement its place on the global healthcare stage, with these three ‘troikas’ poised to become global blockbusters.

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