Medytox Q3 operating profit up 68%, driven by hyaluronic acid filler sales

Medytox reported third-quarter revenue of 53.9 billion won ($38.7 million) on Monday, an 8.2 percent decline from the same period last year, while operating profit rose by 67.9 percent to 6 billion won.

The company’s net profit turned positive, reaching 1.2 billion won. Year-to-date, cumulative revenue totaled 173.4 billion won, with an operating profit of 19.4 billion won.

Sales of toxin products fell 24 percent year-over-year, impacted by reduced production for exports. To ensure quality at its Ochang Plant---the first botulinum toxin type A manufacturing facility in Korea---Medytox said it replaced equipment during scheduled maintenance in the third quarter, resuming normal operations in September.

To mitigate sales fluctuations from operational changes at its main export facility, Medytox added that it is also working to secure approval for its Osong Plant No. 3 as a manufacturing site in various export markets, with registration processes currently underway.

Neuramis, the hyaluronic acid filler, maintained growth in the third quarter, with domestic and international sales rising by 32 percent and 2 percent year-over-year, respectively, with particularly robust performance in Europe. A Medytox official noted that increased production capacity at the Osong Plant No. 3 for major export markets is expected to further support sales.

Meanwhile, the derma-cosmetic line Neuraderm reported over 300 percent year-over-year growth, driven by aggressive expansion into new distribution channels.

“While filler sales were strong in the third quarter, reduced production of higher-margin toxin products led to a decline in overall revenue, preventing us from reaching our growth targets,” the Medytox official said. “However, with growing demand for both toxins and fillers domestically and globally, we will focus on expanding production to drive revenue and profit growth.”