[Infostock Daily= Reporter An Hoe Hyun] IBK Securities predicted on the 21st that Daewon Pharmaceutical will gradually recover to the growth level of previous years as the COVID-19 situation calms down from this year. The investment opinion and target stock price were not presented separately.
Daewon Pharmaceutical's sales ratio(as of the third quarter of last year) consists of △52.2% local, △22.3% general hospital, △19.3% consignment production(CMO) and △3.1% export. Sales composition, which had shown a high proportion to local hospitals in the past, is diversifying its sales structure as sales of general hospitals and CMO businesses expand.
Daewon Pharmaceutical's ratio of local sales decreased steadily every year from 63.2% in 2015 to 52.2% in the third quarter of last year. During the same period, the proportion of general hospital sales rose from 17.6% in 2017 to 22.3%. The CMO business also increased from 16.5% in 2017 to 19.3% due to increased investment in production lines and increased orders for consignment production. In the future, general hospitals and CMO businesses are expected to see a gradual increase in sales in a similar trend.
"The company's sales, which have been growing 10% every year since 2015, have slowed down due to COVID-19, but it will gradually recover to the usual level from this year," the company said, adding, "In particular, sales of existing flagship items, including respiratory items, will be recovered, and internal and external growth will take place."
Reporter An Hoe Hyun ahh@infostock.co.kr
