Bukwang Pharmaceutical announced on the 22nd that it has recorded an operating profit of 3 billion won on a consolidated basis for the first quarter of this year, marking a turnaround to profitability. First-quarter sales amounted to 47.8 billion won, a 39% increase compared to the same period last year.
Chief Executive Officer Lee Jae-young of Bukwang Pharmaceutical presented the first-quarter results, noting, "Sales of the diabetic neuropathy treatments 'Dexide' and 'Chioktacide' increased by about 234% compared to the same period last year, driving the rebound in performance." Diabetic neuropathy is one of the complications of diabetes, characterized by abnormal symptoms such as decreased sensation and numbness in the hands and feet due to nerve damage from prolonged diabetes.
CEO Lee explained, "The antipsychotic new drug 'Latuda' has been prescribed at 110 tertiary hospitals, and we have secured over 50% coverage at clinics."
The company recently decided on a rights offering worth 100 billion won. Regarding this, CEO Lee explained, "This is aimed at constructing a stable pharmaceutical supply system and strengthening R&D capabilities with the goal of advancing to a 'top 20 pharmaceutical company' by 2030." The company plans to invest 49.5 billion won in factory facility investments, 35 billion won in acquisition of manufacturing sources, and 30 billion won in research and development.
Earlier, Bukwang Pharmaceutical announced its plan to enter the contract development and manufacturing organization (CDMO) business through expanded production capacity. Bukwang Pharmaceutical also introduced its major R&D pipeline. Deputy Minister Kim Ji-heon noted that clinical trial phase 1b for the Parkinson's morning rigidity treatment 'CP-012' of its subsidiary Contera Pharma is progressing smoothly in the United Kingdom. He added that preclinical candidate substances for the treatment of canavan disease have also been selected. Canavan disease is a genetic disorder in which the brain degenerates and does not function properly.