Rising US Sales, EU Milestone Boost SK Bio's Q1
Shift To Operating Profit
After strong first-quarter results, SK Biopharmaceuticals expects sales growth to accelerate as the US marketing environment improves and as EU sales of epilepsy drug cenobamate begin.
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Two SK Group affiliates benefit from COVID-19 vaccine manufacturing activities and US sales of novel drugs, while other factors such as a recovery in prescription sales, new launches and falling milestone payments affected results at other traditional South Korean pharma firms in the second quarter.
Financing for Korean bioventures and pharma firms remained strong this year amid ample liquidity and strong investor sentiment in the sector. SK Bioscience's IPO was the top fundraiser in 2021, followed by HK inno.N’s offering, while GI Innovation raised the most money from venture capital sources.
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