April 16, 2024

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[THE INVESTOR] Medytox will maintain its earnings momentum, said SK Investment and Securities on July 20, raising the target price to 1 million won (US$883.08) from 880,000 won.

Its revenue in the second quarter will rise 21.5 percent on-year to 57.7 billion won and operating profit 3.3 percent to 27.3 billion won, in line with market consensus, said analyst Lee Dal-mi. Boosted by the rising operation ratio of its new factory, its sales in the domestic toxin sector will continue to grow fast, explained the analyst.

The biopharmaceutical company has established Medibloom China, a 50:50 joint venture with China’s Bloomage Biotechnology, to enter China, and its market share will expand as they begin to sell its products through normal channels following the approval from the local authorities next year, forecast Lee.

By Hwang You-mee (glamazon@heraldcorp.com)