PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩920 per share · Prices as of the 2026-10-02 close
Humedix is broadening its portfolio beyond filler-centric products toward skin boosters and new launches, posting a record quarterly revenue in Q2 2026, while quarter-to-quarter net profit volatility and intensifying domestic competition remain visible.
2025 consolidated revenue reached KRW 170.05bn with owner net profit of KRW 51.79bn, marking a fourth straight year of revenue growth
Q2 2026 revenue hit a record KRW 50.4bn (standalone), driven by the 'Rituo' skin booster and single-use eye drops
The company is pursuing regulatory approval for its combination filler 'Belpien' and targets a first-half 2027 launch
Filler export diversification into the Middle East, South America and Southeast Asia is underway, even as domestic filler and toxin growth has slowed amid competition
Quarterly owner net profit has shown large swings from non-operating items, warranting separate interpretation from the operating profit trend
Founded in 2003, Humedix is the esthetics affiliate of the Huons Group, producing fillers, arthritis treatments and eye drops based on hyaluronic acid (HA) application biotechnology. Its business is split into an esthetics segment and a contract manufacturing (CMO)/contract development and manufacturing (CDMO) segment.
Core esthetics products include the HA fillers Elravie Premier and Revoline, the botulinum toxin Liztox, and the skin booster Elravie Rituo, with the lineup recently expanded to include the fat-reducing injectable Olifit, the clinic cosmetic Ridel Booster, and the collagen-stimulating injectable Estefil.
The CMO/CDMO segment produces arthritis treatments (the Hi-Hyal series), eye drops (Prosan ophthalmic solution), raw materials (HA and PDRN), and prescription drugs.
As of Q3 2025, product sales including fillers and prescription drugs accounted for about 80% of total revenue, with domestic sales at 76% and exports at 24%.
Q4 2025 segment sales were tallied at roughly KRW 20.0bn for CMO, KRW 8.5bn for fillers, KRW 12.1bn for other products including toxin and skin boosters, and KRW 2.8bn for cosmetics.
Fillers are exported to numerous countries including China and Brazil, with a recent launch in Thailand and expansion into Vietnam under review.
In the domestic esthetics injectable market, Huons leads in filler revenue, followed by Bioplus, Jetema and Dong-A Pharm among others, and Humedix's largest shareholder is the holding company Huons Global.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩43B | ₩10.8B | 25.1% |
| 2025Q3 | ₩40.9B | ₩9B | 21.9% |
| 2025Q4 | ₩46B | ₩11.1B | 24.2% |
| 2026Q1 | ₩40.5B | ₩8.9B | 22.0% |
| 2026Q2 | ₩50.4B | ₩11.7B | 23.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩123.2B | ₩26B | ₩21.2B | 21.1% | 15.2% | 63.3% |
| 2023 | ₩152.3B | ₩37.3B | ₩24.8B | 24.5% | 12.5% | 11.1% |
| 2024 | ₩161.9B | ₩43.1B | ₩39.3B | 26.7% | 17.2% | 9.3% |
| 2025 | ₩170.1B | ₩42.3B | ₩51.8B | 24.9% | 17.3% | 8.0% |
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
Annual revenue rose for four consecutive years, from KRW 123.17bn in 2022 to KRW 152.27bn in 2023, KRW 161.87bn in 2024, and KRW 170.05bn in 2025.
Operating profit largely expanded over the same period, from KRW 26.04bn to KRW 37.31bn to KRW 43.14bn to KRW 42.33bn, though it dipped slightly in 2025, lowering the operating margin from 26.7% in 2024 to 24.9% in 2025.
In contrast, owner net profit grew every year, from KRW 21.15bn in 2022 to KRW 51.79bn in 2025, more than doubling over four years.
On a quarterly basis, revenue fell from KRW 42.98bn in Q2 2025 to KRW 40.91bn in Q3, recovered to KRW 46.02bn in Q4, dipped again to KRW 40.52bn in Q1 2026, and then hit a record KRW 50.42bn in Q2 2026.
Operating profit likewise fluctuated at KRW 10.80bn, KRW 8.98bn, KRW 11.13bn, KRW 8.91bn and KRW 11.69bn across the same five quarters, maintaining an operating margin roughly between 21% and 27%.
Owner net profit showed large quarter-to-quarter swings; notably in Q3 2025 it reached KRW 22.65bn, far exceeding the KRW 8.98bn operating profit for that quarter, suggesting a significant non-operating impact.
In Q1 2026, revenue rose modestly year over year while operating profit declined, attributed to slower filler and botulinum toxin growth amid intensifying domestic esthetics competition and higher selling and administrative expenses.
In Q2 2026, capacity expansion at the skin booster Rituo's manufacturer, academic marketing activity, and higher single-use eye drop orders drove a simultaneous record in quarterly revenue and operating profit, though net profit declined due to a valuation loss on financial assets.
The global esthetics injectable (filler, toxin, etc.) market is projected to grow to roughly KRW 21.41tn by 2028, while the domestic market ranked around ninth globally in revenue last year at approximately KRW 3.06tn.
Demand is rising as medical tourism and procedure accessibility expand in the United States, the Middle East and India, among other regions. Among filler materials, hyaluronic acid (HA) holds more than 90% of the market.
In the domestic filler market, Huons leads in revenue with its 'The Chaeum' brand, followed by LG Chem's 'Yvoire,' with Humedix positioned among a second-tier group alongside Bioplus and Jetema.
Domestically, filler and toxin growth has slowed amid intensifying procedure competition, while new categories such as skin boosters increasingly drive growth.
On the export side, a temporary registration renewal delay in China acted as a headwind, while exports to Brazil and other South American markets have emerged as a new growth axis.
The industry trend is toward diversifying sales into emerging markets such as the Middle East, South America and Southeast Asia, a strategy common among Korean filler makers including Humedix.
The company is pursuing regulatory approval for its polynucleotide sodium (PN)/HA combination filler Belpien in the second half of the year, targeting a launch in the first half of 2027 after approval.
Belpien combines the skin-regenerating properties of salmon-derived PN with high-purity HA and lidocaine anesthetic, aiming to reduce procedure pain compared with existing PN fillers.
Some brokerages project that annual sales of the skin booster Elravie Rituo will rise from KRW 9.5bn in 2025 to KRW 24.0bn in 2026, with quarterly sales expected to settle in the KRW 5-6bn range from the first half of 2026.
Estefil, a collagen-stimulating injectable launched in January this year under an exclusive distribution agreement signed last December, is also cited as a new product that will contribute to expanding the skin booster portfolio.
Filler exports are being diversified through 2026 entries into new markets in the Middle East (Jordan, Saudi Arabia, Iraq, Syria) and South America (Chile, Peru, Argentina, Mexico), alongside continued expansion in Thailand and planned entry into Vietnam.
The company plans roughly KRW 8.3bn in production line expansion, including prefilled syringe (PFS) filling equipment and lyophilization facilities, anticipating operating leverage from higher capacity utilization.
Sangsangin Securities estimated in a February 2026 report that 2026 annual revenue would reach KRW 202.0bn with operating profit of KRW 47.0bn, implying a 23.3% operating margin.
Profitability metrics based on the most recent four quarters are moving within the valuation band formed during the prior earnings-expansion phase. The share price trades near book value per share, sitting in a range where neither a large premium nor a large discount to net assets stands out.
The multi-year trend of expanding operating profit and net profit since 2022 has continued, though intensifying domestic filler and toxin competition and quarter-to-quarter non-operating volatility in 2026 have been cited as factors reducing the stability of profitability metrics.
Sangsangin Securities, in a report dated June 15, 2026, set a target price of KRW 50,000 with a 'BUY' rating, forecasting a gradual recovery in operating performance. The same report judged that corporate value could rise gradually if earnings recovery and new-product momentum occur together.
The company has laid out a mid-term dividend policy to raise the per-share dividend by 5-30% annually through 2028, signaling a direction toward expanded shareholder returns.
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
The company is expanding beyond a filler-centric structure with the skin boosters Rituo and Estefil and the combination filler Belpien under development. It secured exclusive domestic distribution rights for Estefil from Regen Biotech, allowing it to leverage its existing distribution and marketing strength. Multiple products acting as simultaneous growth drivers could reduce reliance on any single item.
Filler exports rose 39.8% year over year to KRW 35.5bn in 2024, and the company is seeking further growth in 2026 by entering new markets in the Middle East and South America. Following its Thailand launch, it is also pursuing entry into Vietnam, expanding diversification within Asia as well. This can be read as a strategy to reduce dependence on any single country.
Q2 2026 revenue and operating profit both reached record quarterly levels. Skin booster capacity expansion and higher single-use eye drop orders underpinned the growth.
A roughly KRW 8.3bn expansion plan involving prefilled syringe and lyophilization equipment could translate into operating leverage as utilization rises.
In Q1 2026, growth in fillers and botulinum toxin slowed as domestic esthetics market competition intensified. Sales of some prescription drugs, including arthritis treatments, also declined. New products have offset this, but the slowdown in legacy cash-cow products remains a variable to monitor continuously.
Owner net profit far exceeded operating profit in Q3 2025, whereas in Q2 2026 net profit declined sharply due to a valuation loss on financial assets. Such non-operating swings reduce the predictability of quarterly results, underscoring the need to view operating performance and net profit trends together.
The combination filler Belpien's development schedule has been delayed several times in the past. The possibility that the application and approval timeline could shift again cannot be ruled out. A delayed approval could also affect the targeted 2027 launch.
New medical device and drug approvals, including Belpien, have a track record of past delays. If domestic or overseas regulatory processes, such as those with the Ministry of Food and Drug Safety, are delayed beyond schedule, sales plans could be disrupted. Overseas certification renewal issues, such as with China's NMPA, could pose a similar risk.
The domestic filler and toxin market includes numerous competitors such as Huons, Pharmaresearch, Classys, Bioplus and Jetema. If marketing and price competition intensifies, higher selling and administrative expenses could pressure profitability. Similar competitive pressure could also apply to newly launched products.
As the export share grows, currency fluctuations could have a larger impact on results. Emerging markets such as the Middle East and South America carry relatively greater political and economic uncertainty.
As seen in the past when a registration renewal delay in China weighed on exports, country-specific regulatory or trade issues could recur.
Check the Q3 quarterly report filing for the trend in Rituo and filler sales and whether selling and administrative (marketing) expenses have been reduced as planned.
Monitor whether the Belpien combination filler's regulatory application and approval proceed on the previously indicated schedule.
Check how close Elravie Rituo's annual sales come to the brokerage forecast (KRW 24.0bn) and whether profitability in the skin booster segment improves.
Verify whether filler export performance in new Middle East (Saudi Arabia, Iraq, etc.) and South America (Chile, Peru, etc.) markets actually materializes.
Check whether a Q3 quarterly dividend is decided and whether the mid-term dividend policy of raising per-share dividends 5-30% annually is being implemented.
Humedix is broadening its product lineup from a filler-centric structure toward skin boosters and combination fillers, posting a record quarterly revenue in Q2 2026.
Annual revenue and net profit have steadily expanded since 2022, though the 2025 operating margin dipped slightly and quarterly owner net profit showed large swings driven by non-operating items.
While the domestic filler and toxin market is showing signs of slowing growth amid intensifying competition, new products such as Rituo and Estefil, along with export diversification into the Middle East and South America, are emerging as new growth drivers.
Approval of the combination filler Belpien and its targeted 2027 launch are cited as a key variable for future earnings.
Some brokerages have expressed an optimistic view based on earnings recovery and new-product momentum, but this reflects individual institutional forecasts that could change depending on approval timing and the competitive environment.
Investment judgment requires ongoing monitoring of quarterly results, the progress of the Belpien approval, and the performance of export diversification.
Report written 2026-09-05 · Data as of 2026-09-04
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