On July 27th, Boryung Corp., a leading pharmaceutical company in South Korea, reported a significant milestone in its financial performance for the first half of 2023. Sales exceeded 400 billion won, reaching a record-breaking $311.4 million for the period. This achievement is attributed to the company's consistent growth, with a three-year compound annual growth rate (CAGR) of 16%.

Boryung's consolidated revenue for H1 2023 stood at 420.1 billion won ($322.4 million), marking an impressive 16% growth compared to the previous year. Moreover, the company's operating profit reached 35 billion won ($26.9 million), showing a robust 14% increase from the same period last year.

The specialized pharmaceuticals (ETC) division emerged as a driving force behind the revenue surge, contributing to a total first-half year sales of 348.8 billion won ($267.9 million). This remarkable achievement was largely due to the successful launch of the new hypertension drug, Kanarb, generating 69.5 billion won ($53.3 million) in revenue, alongside the continued growth of respiratory drugs.

The anticancer drug division demonstrated exceptional performance, experiencing an impressive 48% growth from H1 last year, with sales reaching 106.1 billion won ($81.5 million). This marked the first time the division surpassed the milestone of 100 billion won in sales. Boryung attributes this success to the substantial sales of original pharmaceutical products acquired through Legacy Brands Acquisition (LBA), including Gemzar and Alimta, as well as the expansion of the anticancer portfolio through biosimilars and supportive drugs for cancer treatment.

With a determined vision for the future, Boryung has set ambitious targets of reaching 810 billion won in sales and 61 billion won in operating profits. The company aims to achieve the impressive long-term goal of 1 trillion won in sales by 2026 through focused development in each business unit.

To meet these objectives, Boryung plans to leverage its 'Great Kanarb' strategy, which involves continuously launching new combination drugs for chronic diseases. The company aims to achieve 200 billion won in sales from the Kanarb family of products by 2026. Additionally, Boryung intends to expand its investments in chronic diseases such as diabetes and mental disorders. In the field of anticancer drugs, Boryung aims to strengthen its market dominance by capitalizing on various anticancer portfolios, including LBA products and the introduction of the novel small cell lung cancer drug, Zepzelca.