SK Biopharm has set its sights on surpassing KRW 700 billion (approximately $515 million) in annual sales this year, driven by strong growth of its epilepsy drug, cenobamate (U.S. brand name: Xcopri), and the planned launch of a second commercial product.
According to a regulatory filing on April 29, SK Biopharm posted consolidated sales of KRW 547.6 billion in 2024, up 54.3% year-on-year. The company swung to an operating profit of KRW 96.3 billion, reversing a KRW 37.5 billion loss from the previous year. Notably, about 97% of the company's total sales came from cenobamate, highlighting its dependence on a single blockbuster product.
U.S. sales of Xcopri, which SK Biopharm markets directly, have seen rapid growth, rising from KRW 169.2 billion in 2022 to KRW 270.8 billion in 2023, and reaching KRW 438.7 billion in 2024. Cenobamate’s global market share in epilepsy treatment also rose from 1.8% in 2022 to 3.1% in 2023 and 4.6% in 2024. In Europe, the drug is sold under the brand name Ontozry in countries including Germany, Denmark, and Sweden.
Prospects for this year appear even brighter. Financial data provider FnGuide projects SK Biopharm’s consolidated sales will increase approximately 30% to KRW 711.9 billion in 2025, with operating profit forecast to jump 68% to KRW 162 billion. Reaching KRW 700 billion in annual sales would position the company among the top 10 pharmaceutical firms in Korea, with most of its revenue driven by innovative drugs rather than generics—a distinction in the local market.
SK Biopharm also plans to expand consumer engagement in the U.S. by launching its first direct-to-consumer (DTC) advertising campaign this year. After establishing a joint venture with Eurofarma, the company aims to ramp up marketing efforts targeting patients.
To diversify its revenue streams, SK Biopharm is negotiating the acquisition of a second commercial-stage CNS (central nervous system) product, either already marketed or close to regulatory approval. The company plans to leverage its existing sales network for Xcopri to drive growth for the new asset.
Pipeline expansion is also underway. In 2023, SK Biopharm outlined its focus on three next-generation modalities: targeted protein degradation (TPD), radiopharmaceuticals (RPT), and cell therapy (CGT). Last year, it licensed the RPT candidate SKL35501 from Hong Kong-based Full-Life Technologies and signed agreements to secure radioisotope supply. The company aims to file an investigational new drug (IND) application for SKL35501 this year, with plans to build a globally competitive RPT business by 2027.
However, achieving its ambitious goal of reaching a $15 billion corporate valuation by 2026 remains a challenge. As of April 28, SK Biopharm’s market capitalization stood at KRW 8.17 trillion (around $6 billion), meaning it would need to add roughly KRW 12 trillion ($9 billion) over the next 20 months.
“Our priority is not just short-term market value, which can be influenced by external factors, but achieving our longer-term goal of launching a blockbuster drug—one generating over $1 billion in annual sales—by 2029,” an SK Biopharm official said. "Securing a second commercial product within the first half of this year is our immediate focus.”
