[Edaily Reporter Kim Hyung-il ] IBK Investment & Securities has lowered its target price for SK BIOPHARMACEUTICALS(326030)from 165,000 won to 145,000 won, citing continued sales growth in the U.S. for the epilepsy treatment cenobamate (Xcopri), but reflecting an adjustment to next year’s estimated earnings per share (EPS) and a decline in the valuations of domestic peer companies.

On the 6th, Jeong Yi-su, an analyst at IBK Investment & Securities, reported that SK BIOPHARMACEUTICALS’ consolidated revenue for the third quarter of 2026 reached 258.4 billion won, a 34.8% increase year-over-year, while operating profit rose 65.9% to 116.3 billion won. Operating profit exceeded the market consensus by 22%.

This earnings growth was driven by U.S. sales of Exkofree. Despite the decline in the won-dollar exchange rate, U.S. sales of Exkofree rose 29.9% year-over-year to 223.6 billion won ($157 million). The figure also included 28.9 billion won in service revenue, which incorporated one-time gains resulting from Exkofree’s approval in Japan.

Profitability also improved. Driven by a decrease in selling, general, and administrative expenses due to the weaker exchange rate, combined with the effect of one-time service revenue, the third-quarter operating profit margin reached 45.0%. This represents an increase of 8.4 percentage points year-over-year and 5.8 percentage points quarter-over-quarter.

The expansion of Excofry’s dosage forms and indications is also proceeding sequentially. Following the submission of a New Drug Application (NDA) for the suspension formulation last March, the company submitted supplemental New Drug Applications (sNDAs) in October to expand the pediatric age range and in November to add the indication for generalized tonic-clonic seizures (PGTC), respectively. Approval is expected next year.

The company is also working to secure follow-on products. In August, SK BIOPHARMACEUTICALS signed a global technology licensing agreement with Biohaven for Opacalym, a next-generation epilepsy treatment. The upfront payment amounts to $400 million. Currently, the companies are in discussions with the goal of closing the deal by the end of the year, following the resolution of a partial clinical hold by the U.S. Food and Drug Administration (FDA).

The key results from Opakalim’s Phase 2 and 3 clinical trials, scheduled for release this December, are also a notable variable. These clinical results are expected to provide a basis for evaluating the drug’s value. In the medium to long term, if the indications for Excofry are expanded and Opakalim is commercialized, the existing U.S. sales organization can be utilized for both products, leading to expectations of increased sales leverage.

Analyst Jeong stated, “Earnings growth centered on Excofry remains robust,” adding, “If uncertainties are alleviated following the resolution of the FDA’s partial clinical hold on Opakalim and the confirmation of the clinical results in December, this could provide additional momentum for the stock price to rise.”