[Alpha Biz=(Chicago) Reporter Kim Jisun] Bukwang Pharmaceutical announced a shocking annual performance of a 15,686% drop in operating profit last year.

Bukwang Pharmaceutical held an IR on the 8th and announced that it recorded sales of 125.9 billion won and operating loss of 36.4 billion won last year. Sales fell 34.0% year-on-year and operating losses expanded 15,686%. The company explained, "Sales and operating profit decreased due to management improvement measures conducted in the third and fourth quarters of last year."

In particular, Bukwang Pharmaceutical's R & D costs have increased significantly from 24.3 billion won in 2022 to 34.2 billion won last year. The R & D ratio to sales also increased from 12.7% to 27.2%. The company explained that the cost burden of R & D has increased as Phase II clinical trials in Europe of "JM-010," a treatment for dyskinesia, are nearing the end.

In response, Chairman Lee, CEO of Bukwang Pharmaceutical, personally launched IR and announced a large-scale restructuring. Chairman Lee said the restructuring effect will take place after the first and second quarters of this year.

 

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