April 25, 2024

• 

[THE INVESTOR] Korean botulinum toxin maker Medytox recorded record-high earnings for a tenth quarter in a row.

The biotech firm said on Aug.14 that it logged a net income of 20.5 billion won (US$17.9 million) in the second quarter, up 29 percent from a year ago. Quarterly sales grew 51 percent to 47.5 billion won. 

Medytox attributed the solid performance to rising exports of its flagship product Neuronox, which fights wrinkles and reduces muscle activity. “We find it encouraging that overseas sales are growing so exponentially,” a company official said.

Overseas sales accounted for over 60 percent of Medytox sales, with revenues coming mainly from Japan, Thailand and Brazil.

In June, the company obtained production and sales approval from the Korean Ministry of Food and Drug Safety for its third plant that has a capacity to produce 600 billion won worth of botulinum toxin products annually.

“We expect further growth later this year as production of Neuronox will begin in full swing at the new plant,” the official said.

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