(LEAD) SK Biopharmaceuticals Q2 net loss narrows on robust sales

Earnings 10:30 August 10, 2023

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SEOUL, Aug. 10 (Yonhap) -- SK Biopharmaceuticals Co., a biopharmaceutical affiliate of SK Group, said Thursday its net loss narrowed in the second quarter from a year earlier thanks to stellar overseas sales of its flagship epilepsy medication.

Its net deficit for the April-June period reached 23.3 billion won (US$17.7 million) on a consolidated basis, compared with a loss of 45.4 billion won a year ago, according to the company in a regulatory filing.

SK Biopharm said the on-year decrease in net loss came from rising overseas demand for Cenobamate, a medication used for the treatment of partial-onset seizures, a kind of epilepsy, in adults.

The drug, sold under the brand name Xcopri in the United States, earned 63.4 billion won in sales stateside for the second quarter, up 57.5 percent from a year ago.

It is also expanding its market to Europe, where Cenobamate is sold under the brand name Ontozry, as the medication has been approved for sale in 18 European nations, including Germany, Italy and France.

SK Biopharm said it expects Cenobamate will earn $1 billion in sales from the U.S. in 2029.

Its operating loss also decreased to 18.9 billion won for the three-month period through June from a loss of 40.1 billion won a year earlier.

But its quarterly sales soared 44.1 percent on-year to 77 billion won, it added.

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.