Dx&Vx, a diagnostics and vaccine company, said Tuesday that its Chinese subsidiary, Dx&Vx BJ, has set 2024 revenue and operating profit ratio targets of 38 billion won ($29 million) and 25 percent, respectively.

In its first full year of operation last year, Dx&Vx BJ achieved sales of 14.8 billion won and an operating profit of 3.9 billion (26 percent).

"Based on our progress in the first quarter, we expect to meet our targets this year, too," Dx&Vx said.

Dx&Vx attributed its performance to the experience of the local management team of COREE Group and Dx&Vx in the Chinese healthcare market and their thorough localization strategy.

Dx&Vx BJ has launched and sold basic pharmaceutical products with high prescription demand in China's 1.06 million primary healthcare centers, including antibiotics for oral infections, skin diseases, and eye diseases. Dx&Vx brand medicines are produced in China in collaboration with local GMP manufacturers.

"Last year, our healthcare business in China achieved growth and profitability without trials and errors, although it was the first year of establishing the corporation," a Dx&Vx official said. "This year, we expect to launch nutraceuticals and medicines, which will also serve as a cash cow for Dx&Vx in the future, as we expect remarkable performance and profits."