1. What Happened?: Nabota’s Application for Approval in China

Daewoong Pharmaceutical announced on September 15, 2025, that it had completed the application process for approval of ‘Nabota Injection 100 Units’ in China. This application is for the treatment of glabellar lines (frown lines between the eyebrows) in adults aged 20 to 65.

2. Why Is It Important?: China Market Entry, A Growth Driver for Daewoong?

China represents one of the world’s largest pharmaceutical markets. Successful entry with Nabota could lead to significant sales growth and a subsequent increase in Daewoong’s corporate value. It’s also an opportunity to further validate Nabota’s competitiveness, already recognized in major markets like the US and Europe.

3. What’s Next?: Expectations and Concerns

  • Positive Aspects:
    • Entry into the Chinese market and securing new revenue streams
    • Strengthening global competitiveness and enhancing brand recognition
    • Building product reliability based on clinical data
    • Potential synergy with other pipelines such as Fexuprazan and Enavogliflozin
  • Negative Aspects:
    • Uncertainty surrounding approval and potential delays in the review process
    • Intensifying competition within the Chinese market
    • Risks associated with exchange rate fluctuations and changes in the macroeconomic environment

4. What Should Investors Do?: 4 Key Checkpoints

Investors should carefully monitor the following factors and formulate their investment strategies accordingly:

  • Progress and results of the NMPA approval process in China
  • Competitive landscape in the Chinese market and Daewoong’s marketing strategies
  • Fluctuations in exchange rates and changes in macroeconomic indicators
  • Synergy with the progress of other pipelines, such as Fexuprazan and Enavogliflozin