Yuhan Corp. Reports Significant Rise in Q3 Net Profit Due to U.S. Sales of Lung Cancer Drug

SEOUL: Yuhan Corp., a prominent South Korean biopharmaceutical firm, announced a substantial increase in its third-quarter net profit, which surged over 85 percent compared to the previous year. This financial growth is attributed to the successful launch of its lung cancer treatment, Leclaza, in the United States market. According to Yonhap News Agency, Yuhan's net profit for the July-September quarter reached 23.7 billion won (approximately US$17.1 million), marking an 85.1 percent increase from the same period last year. The company's operating profit soared by 690.6 percent year-on-year, achieving a record high of 54.5 billion won. Sales also saw a significant rise, increasing 24.8 percent to a record 585 billion won. The company credited its strong financial performance to the introduction of Leclaza in the U.S., which is the first cancer treatment developed by a South Korean company to receive approval from the U.S. Food and Drug Administration. Yuhan initially entered into a licensing agreement in 20 18 with Janssen, a U.S. biotechnology company, for $1.26 billion, granting Janssen the global development and commercialization rights for Leclaza, while retaining the rights for South Korea. In addition to the U.S. launch, Yuhan has been receiving milestone payments from Janssen for the drug's introduction in various global markets. Last month, Yuhan confirmed it would receive approximately $60 million from Janssen for the U.S. commercialization efforts of Leclaza.