Editor’s Note
**Editor’s Note:** Domestic medical device sales are projected to hit a record high, fueled by a surge in foreign tourist spending on dermatology. European exports are also outperforming expectations, signaling strong sector momentum.
“Domestic medical device sales are expected to reach an all-time high, driven by a surge in foreign tourist spending on dermatology, which hit a record 428.5 billion KRW in Q2 2026, up 39% YoY and 57% QoQ,” said Analyst Jo Eun-ae of IBK Investment & Securities. She noted that Pharmaresearch’s domestic medical device revenue is highly sensitive to inbound consumption.
“European exports are exceeding expectations,” Jo added. “In Q1 2026, first shipments to five key countries generated 2 billion KRW in revenue, and in Q2 2026, expansion to other countries contributed approximately 5 billion KRW.”
The contract structure with European partners is also proving favorable. “Notably, European demand has already surpassed the annual minimum order quantity for our partner, ensuring quarterly revenue growth,” Jo highlighted.
Pharmaresearch’s cosmetics business is experiencing explosive export growth, driven by the Rejuran brand’s power transferring from medical devices to cosmetics. “Q2 2026 cosmetics revenue is projected to reach 63.2 billion KRW, up 105% YoY and 50% QoQ, setting a new quarterly record,” Jo said. “This high growth is attributed to the Amazon Prime Day effect in the U.S., new entry into TikTok Shop, and expansion into Southeast Asian online channels.”
The simultaneous strengthening of the PDRN segment and Rejuran brand awareness in the U.S. market is another positive factor. “Given the concurrent expansion of the PDRN segment and Rejuran brand recognition in the U.S., growth in B2C channels is likely to continue for the foreseeable future,” Jo projected.
[Seoul=Newspim] Reporter Kim Ga-hee – Pharmaresearch is emerging as a stock that will lead the KOSDAQ rally, with analysis showing it is strengthening growth across domestic and export markets, led by Rejuran and cosmetics. The diagnosis is that a revaluation of the company is possible due to the simultaneous occurrence of robust domestic sales of the medical device Rejuran, faster-than-expected European market entry, and high growth in cosmetics exports.
Analyst Jo Eun-ae of IBK Investment & Securities initiated coverage on Pharmaresearch on the 23rd with a ‘Buy’ rating and a target price of 500,000 KRW. “The current stock price is at the lowest end of the two-year PER band, which we believe reflects concerns over intensified competition and slowing growth in the beauty device industry overall,” she stated.
She assessed, “Domestic sales are maintaining robust growth thanks to an increase in foreign tourists, and with new growth drivers such as exports to Europe and the U.S. and cosmetics being added, the lowered multiples are expected to normalize quickly as export performance is confirmed through earnings.”