[Click eStock] "BlueMTech, WigoBee Volume Estimated to be Allocated 60%"

CTT Research stated on the 30th that Blue M Tech is estimated to be allocated more than 60% of the initial distribution volume of 'Wegovy' as a distribution channel.

Blue M Tech is a company primarily engaged in selling prescription drugs through e-commerce platforms. It operates pharmaceutical distribution platforms such as Blue Pharm Korea for hospitals and clinics, and Cool Pharm for pharmacies.

Novonordisk's obesity treatment drug Wegovy is scheduled to be launched domestically on October 15. The shipment price is set at approximately 370,000 KRW, which is more than five times higher than Novonordisk's Saxenda (67,000 KRW).

CTT Research noted, "The domestic importer is Julipharm Korea, and the supply to hospitals and clinics is expected to be made through the same distributor as this company. Julipharm Korea also handled the import of Novonordisk's Saxenda, which was allocated about 30% of the volume to this company at the initial launch in 2017, but the distribution sales volume grew the fastest based on e-commerce market share."

They estimated that the volume allocated to this company for Wegovy will exceed 60% from the early stages of its launch.

CTT Research added, "Blue M Tech is the only listed company showing performance growth with the domestic launch of Wegovy," and "Considering that the domestic sales of Saxenda exceed 40 billion KRW, the domestic sales of Wegovy, priced more than five times higher, are estimated to exceed 80 billion KRW."

They further explained, "The price level formed at hospitals and clinics is about twice the shipment price, and considering that this company distributes more than 60%, Wegovy alone is expected to add more than 24 billion KRW in new sales," adding, "This accounts for 21% of the 2023 sales of 113.9 billion KRW."

They also viewed that the overhang volume, which had been an obstacle to stock price increases, has been absorbed.

CTT Research stated, "All lock-up volumes for 1 to 6 months after listing have been released," and "The last overhang volume, convertible bonds (CB) of 285,632 shares, were converted and listed on the 26th, with more than 90% released intraday over two days."