J&J Q3财报显示Lazertinib组合销售额3.2亿美元，韩媒汇总估算Yuhan全年提成超400亿韩元

Yuhan (000100.KS) is expected to collect more than 40 billion won ($28 million) in royalties this year as global sales of its lung cancer drug Lazertinib expand. If overseas prescriptions continue to grow, annual royalties could reach 500 billion won by 2040.
Johnson & Johnson said on the 13th that combined third-quarter sales of Rybrevant and Lazertinib reached $320 million, up 62.3% from a year earlier. The figure was about 10.7% higher than the previous quarter. Lazertinib, a treatment for non-small cell lung cancer, was South Korea's 31st domestically developed new drug and was licensed out to Janssen, now part of J&J, in 2018.
Industry officials said rising sales of the Lazertinib combination therapy will boost Yuhan's royalty income. NH Investment & Securities (005940.KS) estimated royalties of 5.4 billion won in the first quarter and 7 billion won in the second, followed by 10.6 billion won in the third quarter and 15.7 billion won in the fourth. Shinhan Securities (008670.KS) projected annual royalties of 105 billion won in 2027, 147 billion won in 2028 and 507 billion won in 2040. Yuhan distributes 40% of the royalties to Oscotec, the original developer. "With a U.S. insurance billing code applied to the subcutaneous formulation of Rybrevant since July and sales of the combination therapy now underway in Europe, royalties will grow further," an industry official said.
Beyond Yuhan, growing overseas sales of domestically developed drugs such as HK inno.N's K-CAB and SK Biopharmaceuticals' (326030.KS) cenobamate are translating into royalty income. With upfront payments and milestone fees now joined by sales-based royalties, the earnings model for South Korean pharmaceutical and biotech companies is shifting.
HK inno.N, which developed the gastroesophageal reflux disease drug K-CAB, expects royalty income from China to expand. The company launched K-CAB in China in 2022 through local partner Luoxin Pharmaceuticals. K-CAB generated about 190 billion won in Chinese sales last year, of which HK inno.N's royalties are estimated at about 14 billion won. "Chinese sales are expected to reach 280 billion won this year, which would bring about 20 billion won in royalties," said Seo Mi-hwa, an analyst at Mirae Asset Securities (006800.KS).
HK inno.N is also working to diversify royalty sources by entering the U.S. and European markets. U.S. partner Braintree filed a new drug application with the Food and Drug Administration in January. If approval and launch follow next year, the company expects to secure sales royalties on top of milestone payments. In Europe, it is negotiating with local companies with the aim of completing a licensing deal this year.
SK Biopharmaceuticals expects direct U.S. sales of its epilepsy drug cenobamate along with royalty income from Europe. Partner Angelini Pharma has expanded sales across Europe since launching in Germany in June 2021, adding Denmark, Sweden, the U.K., Austria and Italy. With more than 90% of cenobamate revenue still coming from the United States, European royalties account for only a limited share of total sales. The company recorded 27 billion won in royalty income last year and expects 35 billion won this year, up about 30%.
Overseas sales of products using platform technologies are also emerging as a revenue source. Alteogen (196170.KS), which owns a platform for converting intravenous drugs to subcutaneous injections, is positioned to collect milestone payments and royalties from sales of Merck's Keytruda Qlex. Remaining sales milestones total $975 million, and achieving all of them would entitle the company to royalties equal to 2% of Keytruda Qlex net sales. "Royalty income tied to sales will begin in earnest from 2029," said Jung Yi-soo, an analyst at IBK Investment & Securities. "We estimate royalty income of about 644 billion won in 2030."
Some companies are expanding overseas earnings through product exports. GC Biopharma (006280.KS) produces its immunoglobulin blood product Alyglo in South Korea and sells it through its U.S. subsidiary along with specialty pharmacies and distributors. Alyglo's U.S. sales topped 150 billion won last year. The company also supplies Hunterase, a treatment for Hunter syndrome, to overseas markets. Combined domestic and overseas sales of the drug reached 74.4 billion won last year, up about 20% from a year earlier.