SK Biopharmaceuticals announced strong financial results for the second quarter of 2024, achieving an operating profit for the third consecutive quarter. The company reported a 74% year-on-year increase in sales to KRW 134 billion (approximately USD 101.7 million), with operating profit soaring by 153% from the previous quarter to KRW 26 billion (around USD 19.7 million).
The impressive growth was driven by the performance of Cenobamate, marketed as XCOPRI® in the US, which recorded sales of KRW 105.2 billion (USD 79.8 million), reflecting a 66% year-on-year increase. This marks the first time that US sales have surpassed KRW 100 billion, a milestone that signifies the company’s transition to sustained profitability beyond fixed costs.
Other revenue streams, including royalties from Cenobamate sales in Europe and global sales of Sunosi, added KRW 28.8 billion to the total quarterly sales, exceeding the initial guidance of KRW 70 billion for the year.
SK Biopharmaceuticals plans to further accelerate growth by expanding Cenobamate’s indications and market reach. The company also aims to enhance its sales capabilities by focusing on direct engagements with neurologists and expanding its sales force in the US.
Additionally, SK Biopharmaceuticals is exploring new modalities such as radiopharmaceutical and targeted protein degradation therapies to drive future growth, leveraging its established US sales infrastructure to launch additional commercial products.