In today’s briefing:
- Boryung Pharmaceutical (003850 KS): Prescription Drugs Took a Breather in Q3; Poised to Rebound
Boryung Pharmaceutical (003850 KS): Prescription Drugs Took a Breather in Q3; Poised to Rebound
- In 3Q23, Boryung Pharmaceutical (003850 KS) reported 15% YoY growth in revenue to KRW208B, driven by 7% YoY growth in prescription drugs, the slowest growth in the last three years.
- Prescription drug revenue growth slowed due to the huge shortfall in revenue from the diabetes drug Trulicity caused by supply shortage. We expect slowdown in Trulicity revenue is temporary.
- Despite losing patent protection in February 2023 on ARB monotherapy, Kanarb drug family is showing no fatigue due to increasing preference for combination drugs in the market.
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