Hanmi Pharmaceutical sales grow 20.3%, Boryung 15.1%, HK inno.N 15.0%
[NEWSMP] Despite the medical crisis in the first quarter, top pharmaceutical companies reported satisfactory financial results. However, the results were quite mixed by company.
While all of the top five pharmaceutical companies reported preliminary first-quarter results, Newsmp compiled the sales and operating profit of eight top pharmaceutical companies that disclosed preliminary results through May 2. As a result, their combined sales growth rate exceeded 5% and combined operating profit surged more than 20%, even in the wake of the medical crisis.
As of May 2, eight top pharmaceutical companies(more than KRW 100 billion in quarterly sales) including Yuhan Corporation, Chong Kun Dang Pharmaceutical, Hanmi Pharmaceutical, Daewoong Pharmaceutical, GC Biopharma, Boryung Pharmaceutical, HK inno.N, Dong-A ST(hereinafter, sales based on separate financial statements in the first quarter of 2024), announced their preliminary financial results for the first quarter.
The combined sales of the eight companies increased by 5.5% year-on-year to 2.2341 trillion won, and the combined operating profit soared by 22.0% to 143.2 billion won.
The results, however, varied widely by company. In terms of sales, Hanmi Pharm alone recorded a growth rate of more than 20%, while Boryung and HK inno.N also achieved growth rates of more than 15%.
The sales growth rate of the other five companies was below 5%, but Chong Kun Dang was the only company to record negative growth.
There were also wide variations in operating profit. Hanmi Pharm’s operating profit jumped 111.0% from 25.4 billion won to 53.6 billion won, and HK inno.N’s surged 206.0% from 5.6 billion won to 17.3 billion won, while Dong-A ST’s operating profit plunged 89.0% from 6.7 billion won to 700 million won, Yuhan Corp’s plunged 68.4% from 19.5 billion won to 6.1 billion won, and Chong Kun Dang’s operating profit also fell more than 10%.
GC Biopharma, which recorded an operating loss of 17.2 billion won last year, nearly halved its deficit to 9.7 billion won, but has not escaped from the deficit.
