PharmaResearch, a key player in the Korean aesthetic injectables market, faces renewed pressure one year after withdrawing its controversial spin-off plan. With its stock price down over 36% year-on-year and market cap overtaken by rival Hugel, overseas buyers and distributors should watch how the company navigates succession, competitive threats from ECM-based skin boosters, and its value-up strategy.
Stock Decline and Market Cap Shift
PharmaResearch's stock closed at KRW 276,000 on April 9, up 6.56% from the previous day, but this rebound followed a 52-week low. The stock has fallen 12.52% over three months and 36.33% year-on-year. After hitting an all-time high of KRW 710,000 in August 2024 on K-beauty hype and earnings optimism, the stock halved by March 2025 as Q3-Q4 2024 earnings missed expectations and brokerages cut target prices. The company's market cap dropped from over KRW 3.3 trillion to about KRW 2.8 trillion, losing the top spot in Korea's aesthetic sector to Hugel.
Spin-Off Withdrawal and Succession Questions
In June 2024, PharmaResearch proposed a spin-off to separate its investment/M&A unit from its aesthetic business (including Rejuran skin booster). The plan faced strong minority shareholder backlash as a potential tool for the founding family's succession and inheritance tax reduction, and was withdrawn. One year later, no clear governance restructuring has been announced. Chairman Jeong Sang-soo (born 1958) holds 30.8% of shares, while his two children each hold only 0.09%. The second-largest shareholder is CVC Capital Partners' special purpose vehicle Policy Company (10.16%), and Morgan Stanley holds 4.39%.
Succession Dynamics Shift
Jeong Yoo-jin, the chairman's eldest daughter and former inside director, stepped down in March 2025, leading market speculation that succession may favor her older brother, Jeong Rae-seung. Jeong Yoo-jin, born 1991, had a fast-track career at PharmaResearch since 2020, including heading the US subsidiary. Jeong Rae-seung, born 1988, joined as inside director in March 2024 after founding game developer Pxiliti, and now oversees group investments. The company stated there are no internal discussions or preparations regarding succession, and Jeong Yoo-jin's departure was due to term expiry.
ECM Skin Booster Threat to Rejuran Dominance
PharmaResearch's flagship product Rejuran has long dominated Korea's skin booster market, but ECM (extracellular matrix)-based products are gaining ground. Shinhan Securities analyst Kim Ji-young forecasts ECM product share will grow from 3.1% in 2024 to 19.7% in 2025 and 28.3% by 2027. While the ECM market is still nascent, the competitive landscape is shifting. PharmaResearch downplays the threat, noting that HA-based boosters have coexisted before and new products tend to expand the overall market rather than replace incumbents.
What Buyers Should Watch
PharmaResearch plans to launch a new EBD product this year and is conducting clinical trials for S-Rejuran. The company also aims to maintain a dividend payout ratio above 25% and strengthen board independence. M&A is being considered in areas synergistic with existing medical device and cosmetics businesses. For overseas distributors and clinics, the key signals are: whether PharmaResearch can sustain Rejuran's premium positioning amid ECM competition, and how its value-up strategy and potential governance changes may affect long-term product pipeline and partnership stability.
Source: Read the original report | Published: June 09, 2026