[Click eStock] "BioPlus, Maximizing Sales and Margin Rate... Target Price 9,500 Won"

Hanyang Securities on the 21st stated that both sales and margin rates of BioPlus are being maximized, setting a target stock price of 9,500 KRW.

Researcher Lee Jun-seok of Hanyang Securities said in a report on the same day, "The consolidated expected performance for the fourth quarter of last year is projected to be sales of 23.2 billion KRW (up 43.6% year-on-year) and operating profit of 11.4 billion KRW (up 81.3% year-on-year)," adding, "In particular, the operating profit margin is expected to be 49.1%, significantly exceeding the 41.3% presented in the previous report."

This is the result of a significant improvement in operational efficiency due to the restructuring of the HA filler distribution structure and an increase in the proportion of direct exports compared to indirect exports. He analyzed, "With limited fixed cost increases, the highest quarterly sales will be fully reflected in operating profit."

BioPlus's growth trend is expected to continue in 2025 as well. The researcher explained, "In the first half of last year, a sales structure of 8 to 9 billion KRW per month was established through the production and distribution efficiency of HA fillers, and based on this, sales in the second half recorded 39.61 billion KRW, an increase of 89.5% compared to the first half."

In 2025, HA filler sales are expected to reach 91.2 billion KRW due to expanded exports to overseas markets such as Brazil and Japan and the effect of the new factory expansion in Eumseong, Chungbuk. Additionally, sales of the skin booster 'Bonyx,' a new business currently underway, are projected to reach 10 billion KRW, and total sales including existing medical device sales are expected to be 109.9 billion KRW (up 81.6% year-on-year), with operating profit reaching 48.6 billion KRW (up 128.6% year-on-year).

BioPlus is also accelerating efforts to secure long-term growth drivers. Researcher Lee Jun-seok stated, "Development of generic products for the toxin and obesity treatment drug Saxenda is underway, and sales are expected to begin in earnest from 2027," evaluating that "this will play a role in strengthening the mid- to long-term growth foundation."

He forecasted, "Based on the growth formula of stable growth in the core business and steady investment in future new businesses, balanced development in both the short and long term will continue."