Samsung Securities said on the 6th that it expects domestic and overseas sales growth for PharmaResearch. It maintained its "Buy" recommendation and a target price of 6.4 million won. The previous trading day's closing price of PharmaResearch was 434,000 won.
Jung Dong-hee of Samsung Securities said, "The dramatic growth of Rejuran from 2024 to 2025 is due to increased medical tourism spending from tourists visiting from neighboring countries," and projected that Rejuran's domestic sales in 2026 will rise 26.1% from a year earlier to 290.7 billion won.
It also gave a positive assessment of export growth potential. Jung said, "Export regions, once concentrated in Asia and Eastern Europe, are expanding to South America, North America and Western Europe," adding, "As awareness has taken root in the Rejuran brand itself rather than the generic term 'salmon injection' for similar products, export growth is likely to continue." Accordingly, it forecast Rejuran's exports in 2026 at 119.1 billion won, up 31% from the previous year.
For the two-track strategy consisting of procedure-use and basic cosmetics, it projected 102.9 billion won in pharmaceutical sales and 202.8 billion won in cosmetics sales in 2026. These represent increases of 26.1% and 52.8%, respectively, from a year earlier.
Regarding botulinum toxin (Botox) procedure products, it projected, "The delay in GMP certification is regrettable, but full-scale production should be possible from the second quarter of 2027 based on expanded production capacity (CAPA)."
On Rejuvenex, an over-the-counter high-functionality cream, it said, "We plan to launch full-fledged B2C marketing by hiring a domestic advertising model in December," and added, "With the launch of microneedle RF equipment in the second quarter of 2026, Rejuran procedure methods will diversify, reigniting domestic growth."
On export data that recently increased stock volatility, it added, "Due to export price adjustments following increased U.S. cosmetics shipments, indirect export volumes, and differences in the timing of recognizing shipment data in customs practice, the figures should be viewed separately from actual sales."