PharmaResearch (214450) posted its highest-ever quarterly sales and operating profit in Q1 2025, driven by its flagship skin booster Rejuran. With regulatory approvals in 47 countries and a new European distribution deal, the company expects full-year revenue to grow 25% year-on-year. For overseas buyers, this signals expanding supply capacity and a broadening aesthetic portfolio beyond skin boosters.
Record Q1 performance
PharmaResearch reported consolidated Q1 revenue of KRW 146.1 billion (USD ~110 million), up 25.0% year-on-year, and operating profit of KRW 57.3 billion, up 28.1%. Both figures are all-time quarterly highs. The medical device segment, which includes Rejuran, contributed KRW 79.5 billion in revenue, with domestic medical device sales rising 20.9% to KRW 58.4 billion.
Rejuran's competitive edge
Despite intensifying competition in the skin booster market—including new PN-based and human-derived products—Rejuran maintained strong demand due to its established safety profile and clinical data. PharmaResearch views competitor launches as market-expanding, benefiting Rejuran long-term. Domestic medical device sales grew over 64% last year even as competition ramped up.
European expansion underway
Rejuran is now approved in 47 countries across Europe, the Middle East, Asia, and South America. A distribution agreement with French aesthetic company Vivacy signed last year is now generating revenue. Initial supply of KRW 2 billion was shipped in January 2025, followed by a KRW 3 billion order in April. Europe is seen as a key growth region due to low PN-based skin booster penetration and rising demand for injectable skin rejuvenation.
Portfolio diversification and capacity expansion
PharmaResearch plans to launch a microneedle RF-based aesthetic device this year and a recombinant collagen skin booster in 2026. It aims to become a total aesthetic company, expanding into fillers, botulinum toxin, and cosmetics. To meet growing demand, the company broke ground on its fifth plant in Gangneung Science Industrial Park, with pharmaceutical/medical device raw material facilities targeted for 2027 and cosmetics facilities for 2028. The new plant will boost active pharmaceutical ingredient capacity by 9x, medical device raw material capacity by 5x, and cosmetics capacity by 10x.
What buyers should watch
Distributors and clinics should monitor PharmaResearch's European rollout through Vivacy, as initial orders indicate strong traction. The company's capacity expansion ensures stable supply for growing export markets. Upcoming product launches in RF devices and recombinant collagen will broaden the aesthetic portfolio, offering new sourcing opportunities for clinics seeking comprehensive aesthetic solutions.
Source: Read the original report | Published: June 05, 2026