April 19, 2024

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[THE INVESTOR] Medytox, South Korea‘s largest maker of botulinum toxin products, has broken its own record with an almost 50 percent surge in sales and profit last year, the company said on Feb. 24.

“Medytox logged the highest single year of sales in corporate history thanks to full-fledged synergies between toxins and dermal filler products,” Medytox’s Chief Executive Jung Hyun-ho said in a press release. 

Consolidated sales for 2016 increased 51 percent to 133.3 billion won (US$117.68 million) from a year earlier while operating profit rose 46 percent to 75.2 billion won.

Brisk overseas exports, in particular, contributed to the strong growth, according to Jung.

Export sales to Asian and Latin American countries jumped 94 percent and 108 percent, respectively.

Analysts here expected that the company’s growth momentum will continue this year, boosted by expanded production capability by its third plant which started operation in December.

“Once the new plant receives Korea Good Manufacturing Practice certification in June, it will become an important external growth driver,” said Jung Bo-ra, an analyst at Korea Investment & Securities.

By product, its hyaluronic acid filler Neuramis is showing a fast growth in sales than other botulinum toxin products.

The firm’s anti-wrinkle products include the powder-type botulinum toxin Neuronox, approved by South Korea's Ministry of Food ad Drug Safety, and liquid-injectable product Innotox.

In 2013, Medytox granted US drugmaker Allergan exclusive licensing rights to certain neurotoxin product candidates, including Innotox but it hasn’t entered phase 3 clinical trial yet.

“It’s a bit of a pity the firm has not applied for phase 3 studies in the US but Medytox said it will complete major documentation for the filing before June so we will wait and see,” Jung said.

By Park Han-na (hnpark@heraldcorp.com)