Medytox Reports Q1 Sales of 42.7 Billion KRW, Up 7% Year-on-Year

Operating Profit 1.8 Billion KRW · Net Income 5.5 Billion KRW

Medytox announced on the 15th that its consolidated sales for the first quarter of this year reached 42.7 billion KRW, a 7% increase compared to the same period last year.

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

However, operating profit for the same period decreased by 67% to 1.8 billion KRW. Net profit increased by 22% year-on-year to 5.5 billion KRW.

By product category, the filler segment, one of the core businesses, grew by more than 20% both domestically and internationally compared to the same period last year. The botulinum toxin (BTX) formulation 'Coretox,' which began mass production last year and has grown into a key product, also showed steady growth, driving sales increases.

Operating profit declined somewhat due to facility investments and fees. Preparation of production facilities for the U.S. Food and Drug Administration (FDA) approval application of the toxin formulation 'MT10109L,' which is set to enter advanced markets, increased marketing expenses for newly entered businesses such as dermacosmetics, and one-time payment fees arising from a first-instance court victory related to strain and manufacturing process infringement all contributed to the reduction in operating profit.

Medytox plans to continue expanding investments in various areas to secure new growth engines such as production and research and development (R&D). Additionally, the company aims to achieve results through marketing strategies in the newly entered dermacosmetics and health functional food sectors.

Joo Hee-seok, Vice President of Medytox, stated, "Despite the first quarter being a seasonal off-season, achieving higher sales than the previous year is encouraging," and emphasized, "This year, we will mobilize all company capabilities and available resources to achieve the highest-ever sales target and make 2023 a year of new growth."

Meanwhile, Medytox plans to submit a Biologics License Application (BLA) for the non-animal liquid toxin formulation MT10109L to the FDA within the year to enter advanced toxin markets such as the United States.