[Click eStock] "BioPlus, Beginning of Overseas Expansion... Developing Obesity Treatment Business"

On the 18th, Kiwoom Securities analyzed that BioPlus is shifting its focus from domestic to overseas markets, and once the business restructuring is completed, its operating profit margin could exceed 45%.

Shin Minsu, a researcher at Kiwoom Securities, stated in a report on the same day, "The main reason for the poor performance in the first quarter of this year is the impact of the business structure reorganization that has been underway since the fourth quarter of last year," adding, "The company is concentrating its capabilities on overseas networks rather than domestic dealers to achieve scale growth and improve profitability."

Researcher Shin explained, "China has become the most significant point for overseas expansion," and added, "The functional cosmetics brand 'Bonix' has been operating after obtaining China’s Class 2 medical device approval, and the preparation of local production facilities is in its final stages, with plans to receive GMP certification by August."

He further noted, "The company’s flagship product, the HA filler, is expected to launch in the fourth quarter of next year, which will enable greater scale growth in the Chinese market next year," and analyzed, "Other regions targeted for overseas growth include Brazil, Japan, the Middle East, and the United States."

BioPlus signed a supply contract for dermal filler products with the local Brazilian pharmaceutical company Cimed in February last year and subsequently obtained ANVISA certification in June. In other regions, the company plans to strengthen local sales networks by establishing subsidiaries or revitalizing existing ones.

Additionally, the company is developing obesity treatments. In April, BioPlus announced a technology partnership with PepGen, which has expertise in peptide generic development, to develop and produce generics of 'Saxenda (liraglutide)' and 'Wegovy (semaglutide)'.

He stated, "The generic obesity treatment business is also being developed with a focus on overseas markets rather than domestic ones."