4 out of 5 pharmas saw export sales expanded

Speeds up global entries

28 pharmaceuticals have generated over KRW 10 billion in cumulative export sales in Q3…cumulative export sales amount to KRW 6.4T

Samsung Biologics·Celltrion·SK Biopharm continue see growth soar…export sales of Dongwha·Daewon·Boryung have increased more than twofold over a year

Export sales of four out of five pharmaceutical and biotech companies have increased year-over-year (YoY).

 

The net export sales of 28 major pharmaceutical companies increased from KRW 5.3405 trillion to KRW 6.6449 trillion over a year, up 25.6%.

 

Samsung Biologics' export sales increased by over KRW 600 billion.

 

Export sales of Celltrion and SK Biopharmaceuticals increased by over KRW 100 billion over a year.

 

Dongwha Pharmaceutical·Daewon Pharmaceutical·Boryung reported that their export sales increased over twofold over a year.

 

Export sales of 23 out of 28 pharmas↑…Net export sales KRW 5.3T→KRW 6.4T According to the Financial Supervisory Service (FSS) on December 2, net export sales of 28 major pharmaceutical and biotech companies for this year's Q3 amounted to KRW 6.4449 trillion, up 26% from KRW 5.3205 trillion from Q3 last year.

 

This is a result of summing 28 KOSPI-and KOSDAQ-listed pharmaceutical and biotech companies that have generated over KRW 10 billion in cumulative export sales in Q3.

 

The subsidiaries have been excluded from the calculation.

 

23 of the 28 companies (79%) investigated had increased export sales compared to YoY.

 

Dongwha Pharm's export sales increased over five-fold over a year.

 

Export sales of Daewon Pharmaceutical and Boryung have more than doubled.

 

Those of SK Biopharmaceuticals·Dongkook Pharmaceutical·JW Life Science·Shingpoong Pharmaceutical have ramped up over 50%.

 

Export sales of Yungjin Pharmaceutical·Hugel·PharmaResearch·Celltrion·HK inno.N·Samsung Biologics·Daewoong Pharmaceutical ramped up over 20%.

 

At the same time, those of GC Biopharma·Jeil Pharmaceutical·Dong-A ST·Yuhan·Chong Kun Dang·Il-Yang Pharmaceutical·Hanmi Pharmaceutical increased over 10%.

 

In contrast, export sales of SK Bioscience decreased to 1/10 over a year.

 

JW Pharmaceutical saw a decrease of over a half, and those of Kyungbo Pharmaceutical·Huons decreased over 20%.

 

Samsung Biologics·SK Biopharmaceuticals exports continue to soar…more than KRW 100B hike over a year Samsung Biologics, Celltrion, and SK Biopharmaceuticals seem to maintain a steep increasing trend in export sales.

 

Cumulative export sales of Samsung Biologics increased by over KRW 600 billion in Q3.

 

Cumulative export sales in Q3 2023 amounting to KRW 2.6211 trillion increased to KRW 3.2909 over a year, up 26%.

 

Exports to all regions increased.

 

European export sales rose by 21%, from KRW 1.794 trillion to KRW 2.1726 trillion.

 

U.S.

 

export sales increased by 37%, from KRW 574.5 billion to KRW 788.1 billion.

 

Exports to other markets outside the U.S.

 

and Europe grew 29%, from KRW 172.4 billion to KRW 221.7 billion.

 

Export sales of Samsung Biologics are experiencing rapid growth every year.

 

Export sales increased 2.3-fold from KRW 1.2217 trillion in 2021 to KRW 2.8466 trillion in 2022, followed by a 41% rise to KRW 3.58 trillion in 2023.

 

This year, the company has achieved nearly KRW 3.3 trillion in exports by Q3, making it highly likely to surpass KRW 4 trillion in annual export sales.

 

Since 2015, Samsung Biologics has secured a total order of US$14.235 billion (approximately KRW 20 trillion).

 

Of this amount, US$7.497 billion has been delivered.

 

The remaining order backlog is US$6.738 billion (approximately KRW 9 trillion).

 

If client companies succeed in product development, the anticipated volume from the order backlog could increase to US$12.317 billion (approximately KRW 17 trillion).

 

Celltrion's cumulative export sales for Q3 increased by 30%, from KRW 623.5 billion to KRW 810 billion YoY.

 

European exports saw significant growth, driven by the expansion of export destinations for Remsima SC, which rose by 57% from KRW 283.5 billion in Q3 2023 to KRW 444.9 billion in Q3 this year.

 

Exports to the North American market slightly decreased from KRW 236.7 billion to KRW 232.8 billion.

 

However, Celltrion anticipates improvement in export performance after Q4, as sales of Zymfentra, approved as a new drug in the U.S., begin to generate.

 

SK Biopharmaceutical's cumulative export sales surged 66%, from KRW 228.1 billion to KRW 378.6 billion.

 

This growth is attributed to the strong sales of the epilepsy drug Xcopri (cenobamate) in the North American market.

 

Dongwha·Daewon·Boryung sales surged over twofold…attributed to changes in corporate acquisition·sales strategy Mid-sized pharmaceutical companies, including Dongwha·Daewon·Boryung, have also shown significant improvements in export sales.

 

Dongwha Pharmaceutical's export sales, which amounted to KRW 13.6 billion in Q3 last year, surged over fivefold to KRW 69.8 billion within a year.

 

This increase is attributed to the acquisition of a Vietnamese pharmacy chain.

 

In August 2023, Dongwha Pharmaceutical acquired a 51% stake in TRUNG SON Pharma for KRW 39.1 billion.

 

TRUNG SON Pharma's sales have been newly reflected in Dongwha Pharmaceutical's export sales starting this year.

 

TRUNG SON Pharma recorded sales of KRW 54.2 billion in the first half of this year.

 

Excluding Trung Son Pharma's sales, the remaining export sales increased by 15%, from KRW 13.6 billion to KRW 15.6 billion.

 

Daewon Pharmaceutical's export sales in Q3 2023 amounted to KRW 8 billion.

 

However, it surged over threefold to KRW 23.6 billion over a year.

 

Export sales expansion from Pelubi and sales generated from a cosmetic company that Daewon Pharmaceutical acquired at the end of last year have likely contributed to the total.

 

In December 2023, Daewon Pharmaceutical acquired SD Biotechnologies, a cosmetics·health functional food company.

 

Daewon finalized its decision to acquire SD Biotechnologies in August last year, completing the acquisition process with a payment of KRW 20 billion in December.

 

SD Biotechnologies recorded cumulative sales of KRW 27.8 billion in Q3 this year, with 49% of the total, or KRW 13.6 billion, generated from overseas markets, including China.

 

Additionally, Daewon Pharmaceutical is expanding its key product, Pelubi (pelubiprofen), globally.

 

In September 2023, Daewon Pharmaceutical signed an agreement with Indonesian pharmaceutical company PT Interbat to export finished products of its non-steroidal anti-inflammatory drug, Pelubi.

 

The contract is valued at US$ 3 million (approximately KRW 4 billion), spanning five years.

 

Daewon Pharmaceutical is accelerating its entry into Southeast Asia and Latin America markets, including Indonesia, the Philippines, Vietnam, and Mexico.

 

Boryung's cumulative Q3 exports rose from KRW 4.9 billion last year to KRW 10.4 billion this year, recording more than twofold increase YoY.

 

The export sales of the Kanarb family increased from KRW 1 billion to KRW 2.4 billion, and Gelfos exports surged from KRW 400 million to KRW 4.7 billion.

 

For Gelfos, analysis suggests the product is recovering from partnership-related setbacks.

 

Gelfos, Boryung's flagship over-the-counter medication, has historically been a strong export performer, sometimes surpassing domestic sales.

 

In 2022, Gelfos recorded KRW 9.1 billion in exports, exceeding its domestic sales of KRW 7.8 billion.

 

Gelfos export sales plunged last year, probably due to new contracts and terminations with Chinese partners.

 

In 2021, Boryung signed an exclusive sales agreement with China's Sinopharm for Gelfos.

 

However, this contract was terminated in August 2023 due to poor sales performance.

 

Boryung shifted its strategy to target the Chinese market directly.

 

Leveraging its Chinese local subsidiary, Boryung focuses on direct partnerships with distributors and agents in China.

 

As a result, analysts suggest that Gelfos export sales, which had plunged last year, is gradually recovering to previous levels.