Yuhan Corporation's Q3 Operating Profit Surges 690%
License revenue 98.1 billion KRW, with sales up 24.8% to 585.2 billion KRW
On the 28th, Yuhan reported that its standalone revenue for Q3 reached 585.2 billion KRW (approx. $437 million), up 24.8% from 468.8 billion KRW in the same quarter last year. Operating profit increased to 54.5 billion KRW (approx. $40.7 million), a staggering 690.6% rise from the previous year’s Q3 operating profit of 6.8 billion KRW. Net income rose 85.1% to 23.7 billion KRW.
This strong performance was largely driven by milestone revenue from Leclaza (ingredient: lazertinib), a non-small cell lung cancer treatment. License revenue for Yuhan in Q3 amounted to 98.1 billion KRW, a massive 19,494% increase from 500 million KRW in the same period last year. In August, Leclaza received FDA approval to be used as a first-line treatment for metastatic non-small cell lung cancer in combination with Janssen’s Rybrevant, leading Yuhan to recognize license revenue for Q3.
In the over-the-counter (OTC) segment, Yuhan recorded 52.8 billion KRW in sales, a 12.7% increase from 46.9 billion KRW last year. Anti-inflammatory pain reliever Antipyrine grew 8.6% in sales, reaching 26 billion KRW and contributing to the overall strong performance.
Conversely, prescription drug sales dropped 1.4% to 294.9 billion KRW. CoPh Syrup showed the strongest growth at 59.7%, while sales of the diabetes treatment Jardiance increased 31.0% from 63.7 billion KRW to 83.4 billion KRW. Meanwhile, Trajenta sales fell 10.0%, ceding its top spot in prescription drugs to Jardiance. Sales of the antifungal AmBisome and leukemia treatment Glivec also declined 16.8% and 6.6%, respectively.
On a consolidated basis, Yuhan’s Q3 revenue increased 24% year-over-year to 598.7 billion KRW (approx. $447 million), while operating profit surged 5,288.2% to 47.5 billion KRW from 900 million KRW in Q3 last year. Year-to-date consolidated revenue and operating profit were 1.5716 trillion KRW and 66.6 billion KRW, respectively.