Yuhan Corp. announced a remarkable 690.6% surge in its third-quarter operating profit, reaching approximately 54.5 billion won ($39.4 million). This substantial increase, compared to the same period last year, is primarily attributed to the U.S. Food and Drug Administration (FDA) approval of Yuhan's lung cancer drug, Leclaza (lazertinib), in August. The approval triggered a milestone payment of $60 million, significantly boosting the company's financial performance.
Record Revenue and Net Profit
Alongside the impressive operating profit, Yuhan Corp. reported record-high revenue for the quarter, reaching 585 billion won, a 24.8% increase from the previous year. Net profit also saw a significant rise, increasing by 85.1% to a total of approximately 23.7 billion won.
Licensing Revenue Skyrockets
A key driver of Yuhan's financial success in Q3 was the exponential growth in licensing revenue. The company's licensing revenue for the quarter reached 98.2 billion won, a staggering 19,494.8% increase compared to the 500 million won recorded in the same period last year. This surge is directly linked to the milestone payment received following the FDA's approval of lazertinib.
Increased Investment in R&D
Yuhan Corp. continues to prioritize research and development, with R&D expenditures for the third quarter amounting to 93 billion won. This represents an increase of 45.8 billion won compared to the same period last year, demonstrating the company's commitment to innovation and the development of new pharmaceutical products.
Segment Performance
Analyzing the company's performance by business segment reveals growth across various areas. Revenue from the health and wellness division increased by 13.3%, reaching 67.4 billion won, while revenue from the overseas business segment grew by 19.6% to 70.1 billion won. Sales in the pharmaceutical division saw a modest increase of 0.5%, reaching approximately 347.8 billion won.
