PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
While filler exports keep lifting revenue, the botulinum toxin push into China and the US, alongside a refinanced convertible bond, remain the key swing factors for coming quarters.
2025 consolidated revenue rose 12.3% YoY to KRW 76.9bn, yet owner net income swung to a KRW 6.6bn loss
2Q26 revenue of KRW 20.1bn and operating profit of KRW 2.3bn marked the best margin quarter in five quarters, with net income also turning positive
Botulinum toxin JTM201 filed a BLA with China's NMPA in August 2026
A new KRW 23bn zero-coupon convertible bond (Series 11) with a KRW 5,451 conversion price refinanced existing debt in June 2026
US market entry is being prepared via a Hanmi Pharm collaboration on the 'ReVine' skin booster and a successful Phase 2 toxin trial
Jetema is a medical aesthetics company built on two pillars: the hyaluronic acid (HA) filler brand 'e.p.t.q.' and the botulinum toxin product 'Jetema The Toxin (JTM201).' The filler business is the company's primary cash-generating unit, with HA fillers once accounting for 60% of revenue according to the company.
The flagship e.p.t.q. filler has secured approvals in more than 80 countries, building a global sales network.
In China, Jetema signed a 10-year, USD 459 million exclusive distribution deal with Hwadong Aesthetics, the country's largest medical aesthetics distributor, with local sales ramping up in the second half of 2025.
In Thailand, an exclusive distribution agreement with i-ONE H&B (worth KRW 19.86 billion, covering 2025-2030) strengthens its Southeast Asia push.
The toxin business entered a second growth phase after receiving domestic marketing approval from the Ministry of Food and Drug Safety in December 2024 and launching the product domestically in March 2025.
For US entry, Jetema secured US marketing rights, via a Hanmi Pharm collaboration, for 'ReVine,' a skin booster repurposed from an arthritis treatment for aesthetic use.
Domestically it competes with Hugel, Medytoxin, Daewoong Pharmaceutical and Huons in toxin and filler markets, while globally it competes against major players such as Galderma and Allergan.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩20.6B | ₩1.8B | 8.6% |
| 2025Q3 | ₩20.1B | ₩1B | 5.1% |
| 2025Q4 | ₩20.4B | ₩1.2B | 5.8% |
| 2026Q1 | ₩16B | -₩700M | −4.2% |
| 2026Q2 | ₩20.1B | ₩2.3B | 11.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩46B | ₩4B | ₩1.5B | 8.7% | 2.6% | 230.8% |
| 2023 | ₩58.7B | ₩2.6B | ₩14B | 4.5% | 19.5% | 234.3% |
| 2024 | ₩68.5B | ₩4.1B | -₩200M | 6.0% | −0.3% | 211.8% |
| 2025 | ₩76.9B | ₩3.8B | -₩6.6B | 5.0% | −10.1% | 221.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue grew for four straight years, from KRW 46.0bn in 2022 to KRW 58.7bn in 2023, KRW 68.5bn in 2024, and KRW 76.9bn in 2025. Operating margin fluctuated without a clear trend, moving from 8.7% (2022) to 4.5% (2023), 6.0% (2024), and 5.0% (2025).
Owner net income was positive in 2022 (KRW 1.46bn) and 2023 (KRW 13.97bn), but turned negative in both 2024 (-KRW 0.19bn) and 2025 (-KRW 6.60bn).
Operating cash flow, however, stayed positive throughout 2022-2025 (KRW 14.18bn, 6.88bn, 3.72bn, and 11.05bn respectively), suggesting that a meaningful portion of the net losses stemmed from non-cash items, potentially including derivative valuation losses tied to convertible bonds.
Quarterly, revenue held in the KRW 20bn range through 2Q-4Q 2025, while owner net income worsened to -KRW 3.08bn in 3Q25 before rebounding to +KRW 2.28bn in 4Q25.
In 1Q26, revenue fell to KRW 16.0bn, the lowest of the recent window, with an operating loss of -KRW 0.67bn and a net loss of -KRW 2.13bn, reflecting seasonal weakness.
In 2Q26, revenue recovered to KRW 20.1bn with operating profit of KRW 2.31bn (margin of roughly 11.5%), the best margin quarter in the recent five-quarter window, and owner net income turned positive again at KRW 1.60bn.
The trailing four-quarter sum of owner net income (3Q25-2Q26) remained negative at -KRW 1.33bn, meaning the 2Q26 profit swing will need confirmation in subsequent quarters before it can be called a sustained trend.
The global medical aesthetics market continues to expand alongside rising demand for cosmetic procedures, and the company has noted that roughly 50% of the global market is concentrated in the United States and 30% in China.
Korea has established itself as a supply hub with numerous competitive filler and toxin manufacturers, and a medical tourism pattern in which foreign visitors undergo procedures during short stays has reinforced preference for Korean-made products.
However, the domestic toxin industry carries persistent regulatory risk: in December 2022, the Ministry of Food and Drug Safety notified Jetema and several other manufacturers of marketing authorization revocations for their toxin products, triggering administrative litigation that some companies have since pursued.
Korea's total botulinum toxin production value was tallied at KRW 576.1bn in 2023, with products facing revocation notices accounting for 57.0% of that total, underscoring the regulatory uncertainty facing the wider industry.
In terms of competitive intensity, the filler segment is closer to a mature market with intense domestic and international rivalry, while the toxin segment remains at an early growth stage still dependent on securing overseas approvals and marketing partners.
China represents a market where both growth potential and regulatory barriers are high, meaning approval review timelines and outcomes carry outsized influence on results.
The company reportedly presented 2026 consolidated revenue guidance of KRW 100 billion, according to a Hana Securities report from March 2026. This outlook is premised on full-year contribution from e.p.t.q. filler sales in China, expanded domestic and overseas toxin sales, and new US market entry.
In China, the botulinum toxin JTM201 entered the regulatory review process after a BLA filing with the NMPA in August 2026, with the timing and scope of any approval likely to be a key inflection point for future toxin revenue.
In the US, the ReVine skin booster developed through the Hanmi Pharm collaboration is targeted for a third-quarter 2026 launch focused on Medspa channels, while the toxin franchise is pursuing follow-on trials and a licensing partnership (L/O) after Phase 2 confirmed clear efficacy and fast onset of action.
In Turkey, Thailand and the Philippines, toxin or filler approvals already filed could, if granted within the year, become additional export growth drivers.
On the financing side, in June 2026 the company issued a KRW 23 billion zero-coupon convertible bond (conversion price of KRW 5,451, maturing June 2031) to refinance KRW 20 billion of existing debt, and Hana Securities noted that removing derivative valuation losses tied to the convertible bond could support a turnaround in the profit-and-loss structure. Whether these milestones proceed as planned will be the key variable for future results.
Jetema has posted owner-level net losses for two consecutive years, meaning conventional earnings-based valuation metrics warrant careful interpretation in this window. The stock tends to trade at a premium to net asset value, which can be read as reflecting a degree of embedded growth expectation.
The company maintains a no-dividend policy, making dividend-related metrics not meaningful for comparison. The multi-year earnings pattern has moved from profit (2022-2023) to loss (2024-2025) and back to profit in 2Q26, an uneven trajectory rather than a steady trend.
When assessing valuation, it is worth considering how quickly overseas toxin approvals and sales materialize, and whether non-cash items tied to the convertible bond continue to affect earnings stability going forward.
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 2026-08-23
The e.p.t.q. filler has secured approvals in more than 80 countries, and sales in China have ramped up since the second half of 2025 on the back of a 10-year exclusive deal with Hwadong Aesthetics. In Thailand, an exclusive distribution agreement with i-ONE H&B is further expanding the sales network.
The filler business currently functions as the company's cash-generating engine, helping fund investment in the toxin business.
Jetema The Toxin received domestic approval in late 2024 and was formally launched in March 2025, and in August 2026 the company filed a BLA with China's NMPA, entering the review process.
Approvals are also progressing in Turkey, Thailand and the Philippines, and any additional approvals within the year could act as a lever for export revenue. Use of a strain sourced from a recognized European institution is cited as a differentiator that removes strain-origin risk.
The US Phase 2 trial for Jetema The Toxin confirmed clear efficacy and fast onset of action, and the company has signaled plans to pursue follow-on trials and a licensing-out (L/O) partnership with a US partner.
Separately, the ReVine skin booster, developed with Hanmi Pharm, is planned for a third-quarter 2026 launch through US Medspa channels. As the US is considered the world's largest aesthetics market, entry outcomes could enable geographic diversification of the business portfolio.
In both 2024 and 2025, operating profit was positive while owner net income was negative. Operating cash flow remained positive each year, but non-operating items repeatedly eroded the bottom line.
In 1Q26, both an operating loss and a net loss occurred simultaneously, illustrating that quarterly volatility remains significant.
The debt-to-equity ratio stayed in the 210-234% range throughout 2022-2025, reflecting a persistent capital-structure burden. In June 2026, the company issued a new KRW 23 billion zero-coupon convertible bond to refinance existing debt, and any future conversion requests could dilute existing shareholders. Owner equity declined year-over-year in 2025 due to the net loss.
Korea's toxin industry has repeatedly seen administrative actions and litigation over marketing authorization revocations, and Jetema itself received a revocation notice for one of its own products in December 2022.
The filler market is close to a mature, competitive landscape with numerous domestic and international players, keeping pricing pressure persistent. Delays in overseas approval processes, or outcomes falling short of expectations, could disrupt achievement of revenue guidance.
Botulinum toxin products require marketing authorization from regulators in each country, and Jetema has previously experienced a domestic authorization revocation.
If China's NMPA review, subsequent US clinical steps, or approvals in Turkey, Thailand and the Philippines do not proceed as scheduled, the timing of related revenue recognition could be delayed. Approval delays could also affect the execution of contracts with partners.
The debt ratio has remained above 200%, and in June 2026 the company issued a new convertible bond to refinance existing debt. Although the bond carries no coupon, any conversion request could dilute shares, and any need for further fundraising could affect shareholder value. The decline in owner equity in 2025 due to the net loss is also worth monitoring.
A significant portion of revenue growth depends on overseas exports, meaning fluctuations in the Korean won's exchange rate can affect results.
As dependence on specific countries or partners such as China and the US increases, earnings volatility tied to policy shifts or partner circumstances in those markets could grow. Price competition with global rivals could also pressure margins.
Check whether the ReVine skin booster launches through US Medspa channels as targeted, and the scale of initial sales contribution.
Verify whether the operating margin and net income improvement seen in Q2 2026 continues into Q3, along with any change in the toxin revenue mix.
Monitor the progress of China's NMPA review for JTM201 and whether additional approvals in Turkey, Thailand or the Philippines are granted.
Check whether a licensing-out (L/O) agreement for the toxin business with a US partner is finalized, and on what terms.
Jetema is at a transitional stage, using the stable cash generation of its filler business to nurture botulinum toxin as a second growth driver.
Revenue rose for a fourth consecutive year in 2025, but owner net income posted a loss for a second straight year, before both operating margin and net income improved in Q2 2026 following a weak first quarter.
Several events, including the China NMPA approval process, the US ReVine launch, and toxin partnering discussions, are expected to unfold over the next twelve months, and their pace will likely shape the earnings trajectory.
At the same time, a debt ratio above 200%, convertible bond-related capital structure risk, and the regulatory uncertainty characteristic of Korea's toxin industry remain factors to watch continuously.
How well the overseas performance of the filler and toxin businesses balances out in results will be a key point to confirm in the next report.
Report written 2026-09-05 · Data as of 2026-09-04
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