SK Biopharmaceuticals癫痫药Cenobamate处方延续增长，券商上修全年收入预期

SK Biopharmaceuticals (326030.KS) is expected to keep posting solid prescription growth for its epilepsy drug Cenobamate in the second half, even as competing products approach the market, analysts said. With a higher rate of complete seizure freedom than rival treatments as its main advantage, the drug is projected to continue expanding its share, according to the analysis.
In a report on the 25th, Heungkuk Securities said the key driver behind second-quarter results beating market expectations was U.S. sales growth for Cenobamate. Prescriptions for the drug rose 24% year-on-year in July, continuing a solid trend, the brokerage said. On that basis, it estimated full-year revenue at 899.6 billion won, above the top end of its earlier forecast.
SK Biopharmaceuticals posted second-quarter revenue of 247.4 billion won on a consolidated basis, up 40.3% from a year earlier. Operating profit rose 56.9% to 97.1 billion won, and the operating margin came in at 39.2%, beating market estimates.
The earnings growth was led by U.S. sales of Cenobamate. Second-quarter U.S. sales of the drug rose 45.6% year-on-year to 224.4 billion won, a record high for a single quarter.
Because competing products will take time to actually reach the market, the prescription expansion is expected to continue for the time being, according to the analysis. Xenon Pharmaceuticals' azetukalner is being prepared for a launch as early as late next year. Azetukalner demonstrated efficacy in Phase 3 trials, and Xenon plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in the third quarter of this year. As a result, its material impact on SK Biopharmaceuticals' earnings is expected from 2028.
Heungkuk Securities maintained a "buy" rating on SK Biopharmaceuticals with a target price of 140,000 won. The brokerage said it had reflected recent supply-and-demand conditions in the biotech sector and the stock's undervaluation.