Medytox Surpasses 50 Billion KRW Quarterly Sales in 3 Years... "Toxin and Filler Grow Together"

Q3 Sales of 53.3 Billion KRW and Operating Profit of 14.5 Billion KRW
One-time Revenue from Contract Termination Excluded Last Year's Q3
First Time in 11 Quarters Since Q4 2019 to Surpass 50 Billion KRW

Exterior view of Medytox Seoul Office. [Photo by Medytox]

[Asia Economy Reporter Lee Gwan-joo] Medytox has surpassed 50 billion KRW in quarterly sales for the first time in three years.

On the 9th, Medytox announced that its consolidated sales for the third quarter of this year reached 53.3 billion KRW, a 7% increase compared to the previous quarter. Operating profit was tentatively recorded at 14.5 billion KRW, up 40% from the previous quarter, while net profit decreased by 32% to 13.1 billion KRW.

Compared to the same period last year, which included one-time revenue from contract termination settlements, sales decreased by 24%, operating profit by 57%, and net profit by 36%. Excluding the third quarter of last year, which reflected one-time revenue, this is the first time in 11 quarters since Q4 2019 that Medytox has surpassed 50 billion KRW in quarterly sales. The operating profit margin of 27% is also the highest since 36% was achieved in Q1 2019.

The company explained that these results are due to the recovery of botulinum toxin product sales to pre-2020 levels and steady growth in filler sales. In particular, 'Coretox,' which has grown alongside Meditoxin as a key product, continues to expand its market share through aggressive marketing, raising expectations for future performance.

The hyaluronic acid filler 'Neuramis' is also showing solid growth. Neuramis, which accounts for about 70% of total sales through exports, is maximizing sales by actively targeting overseas markets and aims to achieve its highest annual sales.

Joo Hee-seok, Vice President of Medytox, said, "The balanced increase in sales of key businesses such as toxins and fillers, surpassing 50 billion KRW in quarterly sales for the first time in 11 quarters, is a valuable result created by the combined strength of Medytox, representing the domestic toxin market, and the efforts of our employees. We will steadily proceed with various projects, including new businesses, and definitely achieve our goal of becoming a global pharmaceutical and bio company."

Medytox is currently analyzing Phase 3 clinical data of the new formulation toxin product 'MT10109L' for the US market and Europe, aiming to apply for approval (BLA) next year. Additionally, its affiliate Medytox Korea is proceeding with domestic approval procedures for the toxin product 'Newlux,' targeting approval in the first half of next year.