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SK Biopharmaceuticals, the South Korean pharmaceutical giant, projects $1 billion in U.S. sales by 2029 for its flagship anti-epilepsy treatment, Xcopri. The firm, combating a sales decline in 2020, hopes this drug will bolster its financial turnaround, positioning it as a global biotech leader.
Xcopri, or cenobamate, is a medication developed by SK Biopharmaceuticals and its U.S. subsidiary SK Life Science for treating partial-onset seizures in adults. It was approved for medical use in the U.S. at the end of 2019 and in Europe in 2021. In Europe, it is marketed under the brand name Ontozry.
The total prescriptions (TRx) for Xcopri, a key metric used in the pharmaceutical industry to measure a medicine's launch performance, have reached 22,000 monthly in the U.S. market this year. This number is projected to grow to 30,000 per month next year, establishing Xcopri as a leading anti-epilepsy treatment in the U.S. Lee Dong-hoon, CEO of SK Biopharmaceuticals, said they anticipate U.S. sales for Xcopri to break even by the end of this year and to reach $1 billion by 2029 and skyrocket to $3.5 billion by 2032.
In 2020, SK Biopharmaceuticals reported a significant decline of 50.8% in sales, amounting to 456.7 billion won ($362 million). However, Xcopri, with a gross profit margin of 90%, is expected to contribute to the company's financial growth.
The CEO emphasized the valuable stability that Xcopri will bring to the company's future revenue streams, allowing for an expansion of SK Biopharmaceuticals' business portfolio to become a global biotech platform company.
Lee stated that the company would enhance its therapeutic modalities, focusing on radiopharmaceutical therapy (RPT), a groundbreaking approach that delivers radiation therapy directly to cancer cells. SK Biopharmaceuticals aims to secure rights for radioisotope supply, which is crucial for RPT medications, through collaboration with TerraPower, a U.S. venture founded by Bill Gates that specializes in small-sized nuclear power reactors. Lee highlighted the significance of the cell and gene therapy sector as another key area of focus for SK Biopharmaceuticals moving forward.
In addition, SK Biopharmaceuticals will strengthen its targeted protein degradation (TPD) platform. This effort follows the recent acquisition of Proteovant Therapeutics, a U.S. biotech company with advanced TPD technology that can effectively target disease-causing proteins.
As the company expands its capabilities and ventures into new territories, it aims to position itself as a global biotech leader with a unique business model, transitioning from a single asset-based company to a comprehensive powerhouse.
Photo: Hal Gatewood/Unsplash
