Nabota, new cash cow of Daewoong Pharm with brisk exports

2022.12.02 11:39:02 | 2023.04.03 13:48:02

Daewoong Pharm’s Nabota [Photo provided by Daewoong Pharm]이미지 확대

Daewoong Pharm’s Nabota [Photo provided by Daewoong Pharm]

Botulinum toxin Nabota for wrinkle removing and other aesthetic purposes has emerged as a new cash cow of Daewoong Pharmaceutical as its shipments to overseas markets especially the United States are rising at a fast clip.

Daewoong Pharm’s flagship botulinum toxin product is expected to enjoy brisk sales onwards as it is poised to expand its presence in Europe after its first European shipments to Britain in September, while readying to enter China.

According to the company on Thursday, Nabota sales for the third quarter ended September amounted to 40.4 billion won ($31.08 million), up 130.2 percent from a year ago, and a whopping 80.6 percent or 32.6 billion won came from exports.

Nabota’s rapid growth in the U.S., the world’s largest healthcare market, is encouraging. Daewoong Pharm’s U.S. partner Evolus reported $33.21 million in Nabota sales for the third quarter, up 24.5 percent from a year ago. Sales for the first three quarters of this year reached $103.6 million, up 61.1 percent from the same period last year.

The Korean company kicked off Nabota exports to Europe, starting with Britain in September under the brand name of Nuceiva. Germany and Austria are next destinations on the list. Nabota sales are also on the rise in Southeast Asia and Latin America, where the cosmetic surgery market is expanding.

Daewoong Pharm’s priority for next year is to land Nabota products in China, one of the world’s three largest botox markets, along with the U.S. and Europe. The company completed phase 3 clinical trials in China in July of last year and regulatory submission for authorization in December.

According to market tracker Global Market Insights, the global botox market is expected to grow to 12 trillion won by 2026 from 5 trillion won last year.

By Ko Jae-man and Minu Kim

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