PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩70 per share · Prices as of the 2026-10-02 close
The newly operational Eumseong plant, built with a KRW 180 billion investment, pushed revenue to a record high, but operating margin has yet to fully recover.
2025 consolidated revenue hit a record KRW 90.9 billion, but operating profit declined year-over-year due to new-plant ramp-up costs.
Operating margin improved to 21.3% in 2026 Q1 and 24.6% in Q2, up from just 4.2% in 2025 Q4.
Overseas distribution is expanding via a KRW 50 billion filler supply MOU with Japan's BS Corporation and a global distribution deal with JDBIO.
The company is addressing convertible-bond overhang concerns through call-option retirements and management share purchases.
New pipelines such as recombinant collagen, GLP-1 therapeutics, and next-generation botulinum toxin remain in early development and certification stages.
BioPlus is a medical aesthetics company centered on hyaluronic acid (HA) based fillers, with an additional lineup of adhesion barriers and joint/bladder tissue repair materials.
A substantial portion of revenue still comes from HA fillers, a business built on the company's proprietary MDM crosslinking technology and long-standing relationships with dermatology and plastic surgery clinics.
The cosmetics segment is driven by subsidiary Cotree, consolidated since the second half of 2024, which has grown sales through home-shopping channels, while the in-house brand Bonyx has secured Grade 2 medical device manufacturing and sales approval at the company's Hainan, China facility.
Overseas distribution has shifted from an ODM-centric model to direct exports to large customers, expanding into Brazil and broader Latin America, Europe, ASEAN, the Middle East, and the CIS region.
In 2026, the company signed a roughly KRW 50 billion filler supply MOU with Japanese distributor BS Corporation to target the Japanese market, with plans to expand supply channels to Shinagawa and the TBC clinic group.
In June, it also signed a global distribution agreement with JDBIO to leverage that company's network across more than 50 countries in Europe, Southeast Asia, and Latin America.
The core of production is the newly completed Eumseong plant in Chungbuk, built with a total investment of KRW 180 billion and designed with potential capacity exceeding KRW 1 trillion in output value.
Over the longer term, the company is expanding into recombinant collagen, GLP-1 class obesity treatments, and next-generation botulinum toxin, though these pipelines remain at an early clinical and certification stage.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩20.7B | ₩2.1B | 10.0% |
| 2025Q3 | ₩24.1B | ₩4.9B | 20.3% |
| 2025Q4 | ₩23.2B | ₩1B | 4.2% |
| 2026Q1 | ₩26.5B | ₩5.7B | 21.3% |
| 2026Q2 | ₩25.4B | ₩6.2B | 24.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩56.7B | ₩25.3B | ₩20.7B | 44.6% | 18.3% | 27.5% |
| 2023 | ₩65B | ₩28B | ₩25.6B | 43.1% | 20.0% | 25.2% |
| 2024 | ₩66.4B | ₩23.7B | ₩14.2B | 35.6% | 10.6% | 78.9% |
| 2025 | ₩90.9B | ₩15B | ₩15B | 16.5% | 8.6% | 46.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Consolidated revenue in 2025 rose sharply to KRW 90.9 billion from KRW 66.4 billion in 2024, marking a record high, but operating profit fell to KRW 15.0 billion from KRW 23.7 billion, and operating margin dropped to 16.5% from 35.6% in 2024, 43.1% in 2023, and 44.6% in 2022.
This decline reflects the cost burden and depreciation associated with the early ramp-up of the new Eumseong plant. Net income attributable to owners rose slightly to KRW 15.0 billion in 2025 from KRW 14.2 billion in 2024, diverging from the operating profit trend.
On a quarterly basis, revenue of KRW 20.7 billion and operating profit of KRW 2.1 billion (10.0% margin) in 2025 Q2 improved to KRW 24.1 billion in revenue and KRW 4.9 billion in operating profit (20.3% margin) in Q3, before operating profit collapsed to just KRW 1.0 billion (4.2% margin) in Q4 on revenue of KRW 23.2 billion, highlighting the early cost burden from the new facility.
The recovery became more visible in 2026, with Q1 revenue of KRW 26.5 billion and operating profit of KRW 5.7 billion (21.3% margin), followed by Q2 revenue of KRW 25.4 billion and operating profit of KRW 6.2 billion (24.6% margin).
However, owners' net income spiked to KRW 6.7 billion in Q1, well above the operating profit level, before falling back to KRW 2.0 billion in Q2, suggesting non-operating items added volatility to quarterly net income.
Over the trailing four quarters (2025 Q3 through 2026 Q2), combined owners' net income totaled roughly KRW 13.8 billion, indicating that overall profit levels have held up despite the quarter-to-quarter swings.
In sum, revenue continues to trend upward on the back of the new plant, while operating margin appears to be gradually recovering in the first half of 2026 after bottoming out in the fourth quarter of 2025.
According to market research cited by the company from Research and Markets, the global regenerative aesthetics market is projected to grow from USD 15.58 billion in 2025 to USD 28.88 billion in 2030, a compound annual growth rate of 13.1%.
Domestically, the biotech and healthcare sector was relatively neglected through the first half of 2026 as capital flowed into large-cap semiconductor names, but volatility increased sharply in August when tighter conditions on semiconductor leveraged products triggered a rapid rotation into healthcare, driving a sharp short-term rise in the KRX Healthcare Index.
During this period, the price-to-earnings ratio for the KOSPI pharma and bio sector fell to near historic lows before rebounding in August.
The HA filler market remains highly competitive both domestically and internationally, and the company has sought to improve pricing and margins by shifting its distribution structure from ODM-centric sales to direct exports to large customers.
In China, the cosmetics business entered first on the strength of Hainan special-zone certification, while National Medical Products Administration (NMPA) approval needed for nationwide filler distribution remains in progress.
Japan has emerged as a new growth axis for the premium filler market in Asia, and the company is attempting market penetration through ODM and its own-brand supply via large local clinic networks.
The company has described 2026 as the year it transitions 'from a technology-investment phase to a monetization phase.' Specifically, management has stated a target of surpassing KRW 120 billion in annual revenue and achieving operating profit in the KRW 30 billion range, implying an operating margin above 30%.
At an investor meeting held in late May in Yeouido for institutional investors, the company explained that its large-scale facility investment had been completed, easing the fixed-cost burden and moving the business into an investment-recovery phase.
Portfolio diversification is planned around the growth-factor brand HUGRO, including raw-material B2B supply, expanded domestic and overseas ODM/OEM supply, and entry into home-shopping channels.
In Japan, the company plans to expand its supply channel to Shinagawa and the TBC clinic group in 2026, and in June it signed a distribution agreement with JDBIO to explore entry into new countries.
Over the longer term, the company has stated a goal of reaching KRW 1 trillion in revenue by 2030 through recombinant collagen, GLP-1 class therapeutics, and next-generation botulinum toxin.
On the convertible-bond overhang issue that the market has flagged, the company has been retiring bonds subject to exercised call options, alongside continued share purchases by management.
Profitability metrics reflecting the trailing four quarters show gradual improvement from the sharply lower operating margin base seen throughout 2025. The share price sits close to the level of net asset value, so no clear discount or large premium relative to book value is evident at this time.
The company does pay a dividend, though the payout remains modest in scale, and management has stated plans to strengthen shareholder returns going forward through dividend increases and share buybacks.
The market appears focused on how quickly rising utilization at the new plant and expanding overseas channels will flow through to results, and views on the valuation relative to earnings could shift depending on that pace.
Because valuations across the broader KOSDAQ pharmaceutical sector became more volatile amid the August capital rotation, individual stocks' relative levels have tended to move together with the sector.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
Operating margin improved to 21.3% in 2026 Q1 and 24.6% in Q2, a clear move away from the 4.2% trough in 2025 Q4. This suggests fixed-cost dilution effects are gradually emerging as utilization rises at the new plant.
The company has set a target of restoring annual operating margin to above 30%, making the persistence of this trend a key point to watch.
New distribution partnerships, including a roughly KRW 50 billion filler supply MOU with Japan's BS Corporation and a global distribution agreement with JDBIO, are broadening filler export regions across Brazil, Europe, Latin America, and Asia.
Supply arrangements built around large clinic networks can offer more stable volume compared with smaller trading partners.
Multiple new growth drivers are in preparation, including expanding home-shopping sales at cosmetics subsidiary Cotree, proprietary recombinant collagen technology, and the GLP-1 and botulinum toxin pipelines.
If these businesses reach commercialization in sequence, they could reduce reliance on the single HA filler business.
Despite revenue growth, 2025 annual operating profit fell 36.6% year-over-year, and Q4 operating margin dropped to just 4.2%. Early ramp-up costs and depreciation at the new plant weighed on profitability, and whether the company's targeted margin above 30% can be sustained requires further confirmation.
Concerns about potential convertible-bond overhang have been repeatedly flagged in the market, and while the company has responded by retiring bonds subject to exercised call options, it remains to be confirmed whether the full overhang has been resolved. Depending on how the share price moves relative to the conversion price, additional supply could still emerge.
Major growth drivers, including NMPA filler approval in China and bridging clinical trials for entry into the U.S. market, are subject to certification and approval processes, and delays could push back the timing of their revenue contribution. Many of the new business pipelines also remain at an early development stage.
Entry into major overseas markets such as the U.S. (FDA) and China (NMPA) each requires separate clinical and certification procedures, and any delay or rejection could push back the timing of revenue contribution beyond the company's plans.
Overhang concerns tied to the company's convertible bonds have been repeatedly raised in the market, and depending on how the share price moves relative to the conversion price, the possibility of further share supply or equity dilution remains.
Depreciation and fixed-cost burdens weighed on margins during the early ramp-up of the new plant, and given the export-heavy business structure, currency fluctuations and negotiating leverage with overseas distributors can continue to affect margins.
Check whether the improving operating margin trend continued into Q3 2026 and whether the benefits of rising new-plant utilization persisted.
Confirm whether the company's stated annual targets of KRW 120 billion in revenue and around KRW 30 billion in operating profit were achieved.
Track progress on NMPA filler approval in China and the expansion of the Japanese distribution channel to Shinagawa and the TBC clinic group.
Monitor progress on convertible-bond call-option exercises and retirements, and any change in the remaining overhang volume.
BioPlus stands at an inflection point where the ramp-up of its KRW 180 billion Eumseong plant is intended to drive both revenue growth and margin recovery simultaneously. 2025 revenue reached a record KRW 90.9 billion, yet operating profit declined, and Q4 operating margin fell to just 4.2%, clearly reflecting early ramp-up cost burdens at the new facility.
Entering 2026, operating margin improved to 21.3% in Q1 and 24.6% in Q2, moving closer to the company's stated annual targets of KRW 120 billion in revenue and an operating margin above 30%.
Expanding overseas distribution channels in Japan and Latin America, along with new pipelines in cosmetics, recombinant collagen, and GLP-1, are cited as medium- to long-term growth drivers, though most remain at an early stage or still going through certification.
Convertible-bond overhang, overseas certification timelines, and whether the new plant's cost structure stabilizes remain variables that require further confirmation. Going forward, Q3 earnings, progress toward the annual targets, and developments in the Chinese and Japanese markets warrant sequential monitoring.
Report written 2026-09-05 · Data as of 2026-09-04
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