Medytox Reports 221.1 Billion KRW in Sales Last Year... "Record Highest Sales Achieved"

Medytox announced on the 7th that it recorded sales of 221.12068 billion KRW and an operating profit of 17.32233 billion KRW last year. Sales increased by 13% compared to the previous year, setting a record high, but operating profit decreased by 63%.

Medytox Seoul Office Exterior [Photo by Medytox]

The company explained the sales increase by stating, "There was a strong growth trend due to the expansion of major businesses such as toxins and fillers, as well as the favorable performance of Neuroderma Cosmetic Neuraderm, which newly entered the market." Toxin sales grew by 16% overseas and 26% domestically compared to 2022, and filler sales also increased by 4% overseas and 11% domestically. However, regarding operating profit, the company said, "In the fourth quarter, losses from production suspension for preparing U.S. Food and Drug Administration (FDA) approval caused an increase in cost of goods sold," and "various expenses related to ongoing lawsuits domestically and abroad also led to a decrease in profit."

Medytox aims to break its record-high sales achieved last year once again this year. While botulinum toxin products Newlux and Coretox continue to grow, new business sectors led by the fat-dissolving injection NewV and Neuroderma Cosmetic Neuraderm, scheduled for release this year, are expected to drive growth together. On the profit side, some ongoing lawsuits are expected to conclude this year, reducing related expenses, and the normal operation of the second plant is anticipated to restore the cost of goods sold to its original level.

A Medytox representative said, "Several newly launched products are receiving positive responses in the market, so expectations for sales growth and profit improvement this year are very high," adding, "We will focus all our capabilities on swiftly obtaining overseas approval for Newlux and putting the U.S. Food and Drug Administration (FDA) approval process for MT10109L, a non-animal liquid toxin formulation under development aimed at advanced markets such as the U.S. and Japan, back on track."