Backed by increased overseas sales of key products, PharmaResearch posted record first-quarter results this year.
PharmaResearch said on May 8 that under consolidation it recorded first-quarter revenue of 146.1 billion won and operating profit of 57.3 billion won. Those figures rose 25% and 28%, respectively, from a year earlier. It was the strongest quarter on record.
The results were driven by expanded exports of medical devices and cosmetics, including the skin booster "Rejuran." First-quarter export revenue was 58.8 billion won, up 30% from a year earlier. The share of exports in total revenue also expanded to 40%.
Rejuran is an aesthetic injectable in the polynucleotide (PN) class based on salmon DNA, developed by PharmaResearch.
Revenue in the medical device institutional sector was 79.5 billion won, up 14.5% from a year earlier. Of that, domestic revenue rose 20.9% to 58.4 billion won. The company said the increase was influenced by a larger inflow of foreign patients and steady procedure demand centered on hospitals and clinics.
Overseas, medical device exports increased, led by the European market. First-quarter medical device exports came to 21.1 billion won. The gains are seen as the result of broadening touchpoints in key European countries through participation in global conferences and expansion of medical professional networks.
Growth in the cosmetics institutional sector was even steeper. First-quarter cosmetics revenue was 42.2 billion won, up 51% from a year earlier. Its share of total revenue expanded to 29%. Cosmetics exports rose 55.8% to 26.9 billion won.
Analysts said the increase reflected higher brand awareness for Rejuran Cosmetic, expanded distribution networks in the United States and Asia, and recovering demand from foreign visitors to Korea. Rejuran Cosmetic entered about 400 Sephora offline stores in the United States and China in March, and also signed a distribution contract with SILICON2.