SK Biopharmaceuticals Posts Q3 Operating Profit of 116.3 Billion Won; Year-to-Date Profit Reaches 303.1 Billion Won

[Financial News] Fueled by growth in U.S. sales of its epilepsy drug cenobamate, SK Biopharmaceuticals posted operating profit of more than 100 billion won in the third quarter. Cumulative operating profit through the third quarter also topped 300 billion won, extending the improvement in profitability.
SK Biopharmaceuticals said it recorded consolidated revenue of 258.4 billion won and operating profit of 116.3 billion won in the third quarter of this year. Revenue rose 34.8% year over year and 4.5% from the previous quarter. Operating profit increased 65.9% and 19.8%, respectively. Excluding quarters that included one-off service revenue, this was the first time quarterly operating profit had exceeded 100 billion won. Cumulative operating profit through the third quarter was 303.1 billion won.
Growth in results was driven by increased sales of cenobamate, which the company sells directly in the United States under the U.S. brand name Xcopri. U.S. sales in the third quarter were $156.81 million (about 223.6 billion won), up 26.4% year over year and 4.9% from the previous quarter in dollar terms. Total prescriptions in the United States reached about 152,000, up 6% from the previous quarter, while average monthly prescriptions topped 50,000 for the first time.
Cumulative U.S. sales for the first three quarters of this year were $441.29 million, about 76% of the annual target of $550 million to $580 million. 
Other revenue totaled 34.8 billion won, comprising 5.9 billion won in sales of finished drugs and active pharmaceutical ingredients and 28.9 billion won in service revenue. Service revenue included royalties, revenue recognized as work progressed on clinical trials in Asia, and milestone payments. Selling, general and administrative expenses were 133.1 billion won, down 2.1 billion won from the previous quarter.
SK Biopharmaceuticals is also broadening the growth base for cenobamate. It submitted applications to the U.S. Food and Drug Administration (FDA) to expand the prescribing age range to pediatric patients with partial-onset seizures and to add primary generalized tonic-clonic seizures as an indication. It also pursued approval for an oral suspension formulation. In Japan, its partner Ono Pharmaceutical Co., Ltd. received marketing approval in September, while in South Korea, Dong-A ST Co., Ltd. completed the launch.
The company is also pursuing the introduction of new products and development of next-generation drugs. As a follow-on product to leverage its U.S. direct-sales network, it added Biohaven’s epilepsy drug candidate Azetukalner. It is also expanding its R&D into areas including central nervous system small molecules, radiopharmaceutical therapy (RPT) and targeted protein degradation (TPD). It aims to submit two to three investigational new drug (IND) applications in 2027.

[email protected] Jung Sang-hee Reporter