South Korean pharmaceutical company SK biopharma is poised for continued growth, driven by increasing prescriptions for its anti-epileptic drug Xcopri (cenobamate), according to a recent report from SK Securities. The firm maintained a “buy” rating and a target price of 150,000 won (approximately $115 USD as of March 4, 2026) for SK biopharma, citing strong fourth-quarter earnings and a positive outlook for 2026 revenue. This positive assessment comes as the company navigates a competitive landscape and expands its research and development pipeline.
SK biopharma reported fourth-quarter revenue of 194.4 billion won, a 19.2% increase year-over-year, with operating profit reaching 46.3 billion won, up 13.8%. A significant portion of this revenue, 170.8 billion won, came from Xcopri sales in the United States. The company noted that approximately 10 billion won worth of inventory was in transit at the finish of the year, a factor expected to positively impact Xcopri sales figures in 2026.
Prescription data continued its upward trend in the fourth quarter, growing approximately 7% compared to the previous quarter. The number of new patients prescribed Xcopri has as well shown a consistent increase since 2025, indicating growing adoption of the medication. This growth is particularly significant as it comes alongside increasing competition in the epilepsy treatment market.
Xcopri’s Market Position and Future Growth
SK Securities analyst Hee-ryung Jung emphasized the importance of focusing on the consistent upward trend in both new and total prescriptions for Xcopri, rather than short-term fluctuations in quarterly results. Jung highlighted the potential for increased market share driven by expanded indications for Xcopri, including its use in treating partial-onset seizures (PGTCS) and its potential approval for use in pediatric populations. The Chosun Biz reported on similar projections in November 2025.
The competitive landscape is also shifting in Xcopri’s favor. The leading competing drug, Brivaracetam, lost patent protection in February 2026. With a competing drug, Azedecalur, not expected to be approved until 2027, SK Securities anticipates a significant opportunity for Xcopri to expand its market share in 2026.
Financial Outlook and R&D Investment
SK biopharma anticipates Xcopri sales to reach between $550 million and $580 million in 2026. Other revenue streams are projected to include 45 billion won from DPAPI sales, 100 billion won from ongoing projects, and 200 billion won from one-time service contracts, totaling 1.1 trillion won.
However, the company also expects increased research and development (R&D) costs as it advances its pipeline of new drugs. SK biopharma has provided guidance for selling, general, and administrative (SG&A) expenses to reach up to 5.7 trillion won in 2026. Despite this increase, the company maintains a positive outlook on its operating leverage.
Expanding Pipeline and Radiopharmaceutical Development
SK biopharma is actively expanding its pipeline, particularly in the area of radiopharmaceuticals (RPT). In January 2026, its SKL35501 candidate received Investigational New Drug (IND) approval from both the U.S. Food and Drug Administration (FDA) and South Korea’s Ministry of Food and Drug Safety (MFDS) to begin Phase 1 clinical trials. The company plans to pursue IND applications for at least two additional RPT candidates over the next three years.
Jung of SK Securities concluded that, considering Xcopri’s robust prescription growth and the potential of its expanding pipeline, the company’s current stock price represents an attractive investment opportunity.
The next key milestone for SK biopharma will be the release of its first-quarter 2026 earnings report, expected in late April. Investors will be closely watching for updates on Xcopri sales, progress in clinical trials, and further details on the company’s R&D investments.
Disclaimer: This article is for informational purposes only and should not be considered financial or medical advice. Consult with a qualified professional for personalized guidance.
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