Regenerative medicine corporations PharmaResearch(214450) posted record-high revenue and operating profit in the first half of this year.
The performance was driven by continued domestic demand for the salmon-derived regenerative substance polynucleotide (PN) facial wrinkle improvement medical device "Rejuran," along with increased exports of medical devices and cosmetics to Europe.
PharmaResearch said on the 7th that on a consolidation basis, first-half revenue was 324.8 billion won and operating profit was 123.8 billion won. The figures rose 26% and 23%, respectively, from a year earlier. The operating margin was 38.1%.
Exports came to 142.8 billion won, up 47% from the same period a year earlier. The share of exports in total revenue also expanded from 38% in the first half of last year to 44% this year. The company said increased exports of medical devices to Europe and strong cosmetics exports drove the improved performance.
The company also set a new quarterly record in the second quarter (April–June). Second-quarter revenue was 178.7 billion won and operating profit was 66.5 billion won, up 27% and 19%, respectively, from a year earlier. The operating margin was 37.2%.
Second-quarter exports were 84.0 billion won, up 62% from a year earlier, and their share of total revenue expanded to 47%. Domestic sales were 94.7 billion won, maintaining steady growth.
Revenue in the medical device institutional sector totaled 96.7 billion won. Domestic revenue was 64.5 billion won, and exports were 32.2 billion won. In Korea, stable demand for Rejuran and an increase in dermatology procedures by foreign visitors supported results.
Medical device exports grew in the European market based on cooperation with the French aesthetics corporations Vivacy. Sales also increased in existing markets such as Japan, Türkiye, Australia and Hong Kong.
The cosmetics business also continued to grow. Second-quarter cosmetics revenue was 60.2 billion won, up 47% from a year earlier. In particular, cosmetics exports rose 124% to 43.6 billion won.
In Southeast Asia, online sales channels such as Shopee and TikTok Shop expanded, and in the United States, sales increased across major distribution channels such as Amazon and Sephora.
PharmaResearch plans to step up its push into the European and North American markets in the second half. It will establish a local business base in France to strengthen management of its European distribution network, and it plans to use the recently acquired CG USA production facility to expand its U.S. cosmetics business.
A company official said, "With stable domestic demand for Rejuran and growth in European medical devices and the global cosmetics business, we recorded another all-time high in the second quarter," adding, "In the second half, we will further strengthen our global business foundation, focusing on Europe and North America, to sustain our growth."