Huons post record $27M profit on strong U.S. drug sales

Huons Global posted a 77.2-percent on-year surge in operating profit to a record of 36.5 billion won ($27.3 million) in the second quarter, partly driven by strong drug sales in the United States.

Huons Global's office building in Pangyo, Gyeonggi [HUONS GLOBAL]

Huons Global posted a 77.2 percent on-year surge in operating profit to a record of 36.5 billion won ($27.3 million) in the second quarter, partly driven by strong drug sales in the United States, the biopharmaceutical company said in a regulatory filing released on Monday.

Revenue rose 15.6 percent to 193.7 billion won from the same period last year.

The market consensus for the company's earnings figure was unavailable.

Kosdaq-listed Huons Global is the parent company of Huons, Humedix, HuM&C and Huons BioPharma.

Huons, a healthcare and contract bio-manufacturing company that is 41 percent owned by Huons Global, reported an operating profit of 17.9 billion won, up 64.5 percent on year. Its revenue increased 13.4 percent to 140.7 billion won.

The major driver behind the profit boost was strong U.S. sales of Huons’ anesthesia drug, according to the company. The export revenue of its anesthesia drugs to the United States jumped a whopping 108 percent to 7.1 billion won. During the first half of the year, Huons’ four anesthesia drug products pulled in 12.7 billion won, topping the 2022 total of 12.3 billion won.

Humedix, an aesthetics subsidiary, saw a 49 percent growth in operating profit to 11.4 billion won, and a 25 percent jump in revenue to 39.8 billion won.

Huons BioPharma, a botulinum toxin supplier, posted an operating profit of 4.4 billion won, up 130 percent, and revenue of 12.7 billion won, up 48 percent, thanks to strong overseas demand and improved cost-efficiency.

Huons BioPharma broke ground for its new 70-billion-won manufacturing facility in Jecheon, North Chungcheong, last month, which is slated for completion in 2024.

Huons Global’s three Kosdaq-listed subsidiaries — Huons, Humedix and HuM&C — decided to pay an interim dividend, the first ever in the companies’ history, which will be handed out on Aug. 25.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]