[Click e-Stock] "BioPlus Expected to Achieve Operating Profit of 48.3 Billion KRW This Year... Up 107% YoY"

On April 23, Hanyang Securities projected that BioPlus would achieve an operating profit of 48.3 billion KRW this year, as the company expands its business portfolio beyond its existing HA filler products to include next-generation biopharmaceuticals and cosmetic ingredients based on genetic recombination technology.

BioPlus is diversifying its pipeline by leveraging its competitive edge in the existing HA filler market and expanding into high-functionality cosmetic ingredients, botulinum toxin, and GLP-1 class obesity treatments. Starting in 2025, the company is entering a period of structural transformation, marked by global market expansion and a shift to a direct export system.

Lee Junseok, a researcher at Hanyang Securities, estimated, "For 2025, total sales are projected at 108.9 billion KRW (up 65.5% year-on-year), and operating profit at 48.3 billion KRW (up 107.2% year-on-year). HA filler sales are expected to account for the largest share at 72 billion KRW, followed by medical devices at 8.1 billion KRW, cosmetics at 22.7 billion KRW, and products and services at 7 billion KRW."

The investment highlights for BioPlus can be summarized in three points. First is the high growth of its core product, HA fillers. Based on its DVS crosslinking technology, sales of approximately 72 billion KRW are expected in 2025, with sales expanding from South America, including Brazil, to the European market. Notably, the transition from an ODM-centered export structure to a direct distribution system based on its own brand is expected to secure higher profitability.

Second is the expansion of the cosmetic division. Last year, some sales were recognized through Chinese Wanghong channels, and this year, sales channels are expected to diversify through collaboration with global distributors. Lee Junseok explained, "With the full consolidation of subsidiary Cotree in the second half of last year, sales in the cosmetics segment are expected to exceed 20 billion KRW this year."

Third is the growth potential of GLP-1 class obesity treatments. The generic version of Saxenda has begun initial supply through the gray market, and a microneedle patch-type product, which offers greater convenience of administration compared to Wegovy, is also under parallel development.

Regarding this, Lee added, "Investor interest in the obesity treatment market continues to rise, and microneedle technology is gaining attention as a next-generation drug delivery platform." From the second half of the year, as the GMP approval process is completed, exports of the Saxenda generic are expected to begin in earnest, offering further upside potential for performance.

Meanwhile, BioPlus has invested approximately 150 billion KRW in Eumseong, Chungbuk to build a cGMP-level bio complex, which was completed in the first quarter of 2025. The bio complex, with a total floor area of about 12,000 pyeong, is equipped with independent production lines for pharmaceuticals, medical devices, cosmetics, and toxins, and features global-standard facilities that meet FDA and CE certification standards. Annual HA filler production capacity has expanded to about 40 million units, a tenfold increase over previous capacity, and the facility is also capable of mass-producing GLP-1 obesity treatments and toxins.

Lee Junseok stated, "Prototype production will be completed in the first half of the year, and full-scale commercial production will begin in the second half following GMP certification," adding, "With the completion of infrastructure for global market expansion, export growth and new product commercialization will act as catalysts for further performance improvement."