SK Biopharmaceuticals (326030) Q2 2024 earnings summary

Executive summary

• Achieved total revenue of KRW 134B in Q2 2024, with balanced growth across core and other revenues.

• 2024 H1 revenue reached 247.97 billion KRW, with 96.7% from cenobamate.

• XCOPRIⓇ US quarterly sales exceeded KRW 100B for the first time, reaching KRW 105.2B.

• Operating profit turned positive, driven by strong XCOPRIⓇ US sales and increased service revenue.

• Expanded licensing and commercialization agreements across North America, Europe, Asia, and MENA regions.

Financial highlights

• Total revenue grew 17.6% sequentially and 74.0% year-over-year to KRW 134.0B in Q2 2024.

• H1 2024 consolidated revenue: 247.97 billion KRW; operating profit: 36.34 billion KRW; net profit: 34.26 billion KRW.

• XCOPRIⓇ US sales rose 15.7% QoQ and 65.8% YoY to KRW 105.2B.

• Gross profit increased 22.8% QoQ and 85.2% YoY to KRW 125.3B; gross margin improved to 91.7% in H1 2024.

• Operating profit reached KRW 26.0B in Q2, up 153.0% QoQ, turning from a loss to profit.

Outlook and guidance

• XCOPRIⓇ US sales are on track to meet or exceed the upper end of the $300M–$320M annual guidance.

• NDA filings for Cenobamate PGTC and POS expected by 2025.

• RPT business plan and TPD pipeline development schedule to be announced within 2024.

• Continued focus on global expansion of cenobamate and new licensing deals.

• Strategic investments in AI drug discovery and open innovation partnerships.