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(LEAD) SK Biopharmaceuticals-Q1 earnings
(LEAD) SK Biopharmaceuticals Q1 net loss narrows on robust sales
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SEOUL, May 11 (Yonhap) -- SK Biopharmaceuticals Co., a biopharmaceutical affiliate of SK Group, said Thursday its first-quarter net loss narrowed from a year earlier thanks to robust sales of its flagship epilepsy medication.
The company said in a regulatory filing its net loss for the January-March period reached 2.4 billion won (US$1.8 million) on a consolidated basis, compared with a deficit of 35.2 billion won a year ago.
It posted an operating loss of 22.7 billion won for the quarter, narrowing from a loss of 37.1 billion won a year ago. Quarterly revenue rose 47.7 percent on-year to 60.8 billion won from 41.1 billion won.
The operating loss was 1.5 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
SK Biopharm said the on-year decline in net loss came from increased income from exports of Cenobamate, a medication used for the treatment of partial-onset seizures, a kind of epilepsy, in adults.
The drug, sold under the brand name Xcopri in the United States, earned 53.9 billion won in sales stateside for the three-month period through March, up 70 percent from a year ago.
SK Biopharm said steady overseas sales of Cenobamate will help the company swing to the black in the upcoming fourth quarter.
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