Pharmaresearch, Strong Existing Products + New Products Continue Growth

[Asia Economy Reporter Jang Hyowon] SangSangIn Securities analyzed on the 9th that Pharmaresearch's solid existing products and the new product Rejuran HB plus continue to drive growth. Accordingly, they newly set the target stock price at 110,000 KRW.

Researcher Ha Taegi of SangSangIn Securities stated in the report on the same day, “Rejuran HB plus, which improves the shortcomings of the existing Rejuran, has completed approval from the Ministry of Food and Drug Safety and was launched on the 1st,” adding, “Not only is the domestic demand solid, but exports to China, Singapore, and Malaysia are also ongoing. Given the nature of the product, which requires time to show procedural effects, future growth is expected.”

Pharmaresearch is a pharmaceutical and medical device company based on PDRN and PN, operating the medical device business represented by ‘Conjuran’ and ‘Rejuran,’ the hospital-centered pharmaceutical business, and the cosmetics business under ‘Rejuran Cosmetic.’

Researcher Ha added, “The positive outlook for the existing product Conjuran remains valid,” and “Since its inclusion in the insurance coverage last year, its price competitiveness has increased, and market share is being secured through cooperative sales with SK Chemicals.”

Thanks to the strong performance of Rejuran and Conjuran, sales in the medical device business recorded 35.3 billion KRW in the first half of this year, a 69.7% increase compared to the same period last year, and sales are expected to continue increasing in the second half, reaching 73.3 billion KRW annually. This represents a 46.6% growth compared to the previous year. Next year, sales are projected to increase by 17.4% to 86.1 billion KRW due to the impact of new products.

He stated, “The high-growth story remains valid with the continued growth of Conjuran and the addition of the new product Rejuran HB plus, and the stock price is undervalued relative to earnings,” forecasting, “Pharmaresearch’s stock price is expected to show relatively high returns until the end of the year.”