Medytox will enter the Chinese market before long, said KB Investment and Securities on Dec. 29, maintaining a “buy” recommendation and raising the target price to 600,000 won (US$56.21) from 580,000 won.
It is due to seek sales approval for Medytoxin, which has completed phase 3 clinical trials in China, in the first quarter next year, and the entry will serve as a momentum to boost its stock price, said analyst Seo Geun-heui.
Transfer of sales rights is also possible, noted the analyst adding that it is also seeking partners to enter the US and Europe.
Its fourth-quarter revenue will rise 24 percent on-year to 49.5 billion won and operating profit by 18.6 percent to 26.2 billion won. Despite lowering the price of toxins in the domestic market, its profitability will continue to improve as it expands market share, said Seo.
By Hwang You-mee (firstname.lastname@example.org)