SK Biopharmaceuticals (326030) Q4 2024 earnings summary

Executive summary

• Achieved record quarterly and annual revenue in Q4 and FY24, driven by XCOPRIⓇ US sales and sustainable royalty/service revenue.

• Turned profitable in FY24, with significant increases in operating and net profit year-over-year.

• XCOPRIⓇ US sales exceeded guidance, reaching $321.6M for FY24.

Financial highlights

• Q4 2024 revenue was KRW 163.0B, up 19.3% sequentially and 28.6% year-over-year; FY24 revenue totaled KRW 547.6B, up 54.3% year-over-year.

• XCOPRIⓇ US Q4 sales were KRW 129.3B, up 14.1% sequentially and 66.3% year-over-year; FY24 sales reached $321.6M, up 62.0% year-over-year.

• Operating profit in Q4 was KRW 40.7B, up 110.2% sequentially and 175.0% year-over-year; FY24 operating profit was KRW 96.3B.

• Net profit for FY24 was KRW 227.0B, turning to profit from a loss in FY23.

• Annual royalty revenue reached KRW 20B, up from KRW 12B in FY23.

Outlook and guidance

• Plans to launch direct-to-consumer advertising for XCOPRIⓇ in 2025 to further drive growth.

• Expect results from the PGTC study and submission of the oral suspension NDA by year-end 2025.

• Continued investment in early-stage R&D pipelines to enhance long-term competitiveness.