Medytox Reports Operating Profit of 46.7 Billion KRW Last Year, Up 35% Year-on-Year

"Challenging the Highest Sales Ever This Year"

Medytox announced on the 7th that its consolidated operating profit for last year was tentatively estimated at 46.7 billion KRW, a 35% increase compared to the previous year.

During the same period, sales grew by 6% to 195.1 billion KRW. Net profit for the period was 37.6 billion KRW, a 60% decrease from the previous year, which was explained as a base effect due to temporary gains reflected from contract termination settlements last year.

[Image source=Yonhap News]

On a quarterly basis, in the fourth quarter of last year, sales reached 52.3 billion KRW and operating profit was 16.3 billion KRW. Sales exceeded 50 billion KRW for two consecutive quarters. Previously, Medytox achieved sales of 50 billion KRW in the third quarter of last year for the first time in 11 quarters. The operating profit margin also recorded 31%, surpassing 30% for the first time since the first quarter of 2019.

Medytox explained that last year's strong performance was due to the high growth of its core businesses such as toxins and fillers. Compared to the previous year, sales of toxin products grew by 99% overseas and 26% domestically. The filler sector also grew by 29% overseas and 24% domestically. The botulinum toxin (BTX) product 'Coretox', which began mass production last year, contributed to expanding domestic market share.

Medytox plans to challenge achieving its highest-ever sales this year. To this end, based on the sales stabilization trend from last year, it plans to strengthen the global competitiveness of its core toxin business this year while discovering new growth engines through expansion into new business areas.

Ju Hee-seok, Vice President of Medytox, said, "We will challenge the highest-ever sales this year based on overwhelming competitiveness in the global toxin market," adding, "To achieve this, we will focus not only on the growth of existing core businesses but also on generating results in new business areas such as dermacosmetics and health functional foods."