[Click eStock] "Pharmaresearch, Performance Improvement Across All Business Divisions"

[Asia Economy Reporter Hyunseok Yoo] KB Securities analyzed on the 15th that Pharmaresearch Product is showing performance improvements across all business divisions. No investment opinion or target price was provided.

Established in 2001, Pharmaresearch Product is a regenerative bio-specialized company producing and selling regenerative medicine-based pharmaceuticals, medical devices, and cosmetics. In the first half of this year, sales and operating profit reached 48.4 billion KRW and 12.6 billion KRW, respectively, marking increases of 19.5% and 39.1% compared to the same period last year.

Researcher Im Clinical-guk of KB Securities stated, "Steady performance growth continues due to increased sales of the botulinum toxin product Lientox, sales growth of the intra-articular injection Conjuran following its insurance coverage, and recovery in cosmetics exports," adding, "Sales growth across all business divisions and consequent improvement in profit margins are evident."

In particular, record-high performance is expected this year. He explained, "Conjuran, an injection that helps relieve osteoarthritis pain and improve function, was designated as an insurance-covered item in March," and "Following the insurance coverage, patient co-payments decreased (from 200,000 KRW to 50,000 KRW), leading to increased clinic visits and anticipated substantial sales growth."

Cosmetics also show promising prospects. He said, "Sales expansion of the skin improvement brand Rejuran is expected, with rapid recognition growth of the medical device Rejuran and the functional cosmetic Rejuran Healer Cosmetic," and "Especially, sales growth due to increased exports to China is anticipated. Rejuran Healer obtained Class 1 medical device approval from China in January."

He emphasized, "The expansion of the new product lineup is positive, with the skin drug injector Rejumeit scheduled for full-scale sales starting this month," and "The premium Rejuran product, Rejuran HB, is expected to be launched in December."