PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Pharma Research Bio, the KONEX-listed subsidiary running Pharma Research's botulinum toxin business, has posted four straight years of revenue and profit growth, with the Gangneung second plant expansion and overseas approvals now the key items to watch.
FY2025 revenue reached KRW 31.09bn with operating profit of KRW 13.73bn and net profit of KRW 12.33bn, the highest annual figures on record.
The operating margin improved for four consecutive years, from 20.1% in 2022 to 44.2% in 2025.
The Gangneung second plant, built to EU-GMP-level specifications, is being expanded toward an annual capacity target of up to 6 million vials.
The company won litigation over a national batch-release administrative penalty, though industry-wide regulatory risk persists.
As a KONEX-listed name, trading volume is limited, constraining both information access and liquidity.
Pharma Research Bio is the subsidiary dedicated to the botulinum toxin business under regenerative-medicine specialist Pharma Research (Pharma Research Product). The company completed a dedicated botulinum toxin plant in 2017 and obtained an export license in 2019, launching full-scale exports.
Its core brands are 'RENTOX' for export and 'RENTOX injection' for the domestic market; in February 2024 the 100-unit RENTOX injection received domestic approval for temporary improvement of moderate-to-severe glabellar lines, adding domestic sales to what had been an export-driven revenue base.
The Gangneung plant holds GMP certification with capacity of up to 2 million vials per year, and a second EU-GMP-level plant is being built to meet growing domestic and overseas demand.
The Pharma Research group converted to a holding-company structure through a spin-off in 2025, with the aesthetics division comprising the newly spun-off Pharma Research entity, Pharma Research Bio, Medicoson, and Dr. J Skinclinic.
The domestic botulinum toxin market features multiple competitors including Hugel, Daewoong Pharmaceutical, Medytox, Huons Biopharma, and Inibio, and in 2021 the Ministry of Food and Drug Safety pursued administrative penalties, including license revocation, against Pharma Research Bio's RENTOX products alongside Medytox and Hugel over exports allegedly made without national batch release approval.
The courts ultimately ruled in favor of the pharmaceutical companies including Pharma Research Bio. The company has also secured a licensing deal with LG Chem for supply and exclusive distribution rights of RENTOX injection in China, giving it a large-corporate partnership channel for market entry.
| Quarter | Revenue | Operating profit | Op. margin |
|---|
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩12.5B | ₩2.5B | ₩7.4B | 20.1% | 33.7% | 167.9% |
| 2023 | ₩20B | ₩6.2B | ₩2.3B | 31.1% | 6.7% | 85.8% |
| 2024 | ₩26.1B | ₩8.7B | ₩10.2B | 33.2% | 23.7% | 101.9% |
| 2025 | ₩31.1B | ₩13.7B | ₩12.3B | 44.2% | 21.4% | 81.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Pharma Research Bio's consolidated revenue rose for four straight years, from KRW 12.51bn in 2022 to KRW 20.03bn in 2023, KRW 26.09bn in 2024, and KRW 31.09bn in 2025.
Operating profit expanded each year over the same period, from KRW 2.51bn to KRW 6.22bn to KRW 8.67bn to KRW 13.73bn, while the operating margin steadily improved from 20.1% to 31.1% to 33.2% to 44.2%. Net profit, however, followed a somewhat different pattern.
In 2022, net profit of KRW 7.42bn far exceeded operating profit of KRW 2.51bn, while in 2023, despite operating profit rising to KRW 6.22bn, net profit actually fell to KRW 2.31bn.
This suggests volatility driven by non-operating items, before net profit resumed a steadier upward path, reaching KRW 10.16bn in 2024 and KRW 12.33bn in 2025.
Total equity more than doubled in three years, from KRW 21.99bn in 2022 to KRW 57.62bn in 2025, while the debt ratio declined from 167.9% in 2022 to 81.4% in 2025, reflecting an improving balance sheet.
Operating cash flow grew from KRW 4.21bn in 2022 to KRW 13.43bn in 2025, tracking net profit growth at a similar pace and supporting the quality of reported earnings.
Overall, the most recent four annual results show revenue growth accompanied by margin expansion, with net profit volatility appearing to stem mainly from non-operating factors.
The domestic and global botulinum toxin market continues to grow alongside expanding aesthetic-medicine demand, but the competitive field is crowded, with Hugel, Daewoong Pharmaceutical, Medytox, Huons Biopharma, and Inibio all vying for share.
Pharma Research Bio operates from a Gangneung plant with roughly 2-million-vial annual capacity, which is still small relative to larger rivals, making the roughly threefold capacity expansion planned through the second plant a key competitiveness factor going forward.
Regulatory risk around national batch release and indirect-export practices persists across the industry, exemplified by the 2021 administrative penalties the Ministry of Food and Drug Safety imposed on Pharma Research Bio alongside Medytox and Hugel.
However, regulatory uncertainty has eased somewhat as these companies have won related litigation in succession.
Parent company Pharma Research is expanding into Europe and North America behind products such as the skin booster 'Rejuran' and the joint-injection product 'Conjuran,' with the toxin business forming one pillar of this total aesthetics portfolio.
The Pharma Research group recently presented 2026 guidance at an NDR session calling for 25% group-wide revenue growth and a 40% annual operating margin target, which is a useful reference point for the broader direction of the aesthetics division that includes Pharma Research Bio.
Given KONEX market characteristics, dedicated brokerage coverage of Pharma Research Bio itself is limited, meaning investors must gauge the operating environment indirectly through the parent company and broader industry trends.
Pharma Research Bio's key near-term task is completing EU-GMP certification at the Gangneung second plant and transitioning to full-scale production. The company has targeted annual capacity of up to 6 million vials once certified, a substantial increase from the existing 2-million-vial base.
Overseas, the company has been expanding its regulatory footprint in Southeast Asia, including obtaining approval for RENTOX from Thailand's Food and Drug Administration (TFDA).
The licensing agreement with LG Chem for supply and exclusive distribution rights in China is structured around milestone payments tied to steps such as Chinese clinical trial application (CTA) approval and product licensing, meaning progress on these milestones could affect future results.
Beyond its mainstay RENTOX product, the company is reportedly also pursuing development of a next-generation botulinum toxin (PRB002) designed to reduce the risk of immune resistance.
Parent Pharma Research is broadening its Rejuran-centered aesthetics lineup with collagen skin boosters and energy-based device (EBD) equipment, and this group-level distribution expansion could provide a supportive backdrop for Pharma Research Bio's overseas sales growth.
That said, these capacity expansions, approvals, and licensing milestones are all still in planning or execution stages, and their actual timing and scale will need to be confirmed sequentially through future disclosures and news.
Pharma Research Bio has shown four consecutive years of revenue and operating profit growth along with margin expansion, but net profit has shown year-to-year volatility tied to non-operating factors, which should be considered together.
The KONEX market has more limited trading volume and liquidity than KOSDAQ, making it difficult to compare the premium the market assigns to net assets directly against KOSDAQ-listed toxin peers.
The company has not paid cash dividends to date, instead retaining earnings for reinvestment such as capacity expansion, so dividend-related metrics should be viewed differently than for dividend-paying peers in the sector.
On the balance-sheet side, the debt ratio has trended lower over multiple years while total equity has grown steadily, meaning the net-asset base has gradually thickened.
It is worth noting, however, that as a small KONEX-listed name, information asymmetry and low trading volume mean the price-formation mechanism can behave differently than for large-cap KOSDAQ stocks.
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 2026-09-04
Revenue grew from KRW 12.51bn in 2022 to KRW 31.09bn in 2025, while the operating margin simultaneously improved from 20.1% to 44.2%. Operating cash flow has grown at a pace similar to net profit, supporting the quality of earnings. The debt ratio also declined from 167.9% to 81.4%, improving financial stability alongside profit growth.
The Gangneung second plant is built to EU-GMP-level specifications, with a target of up to 6 million vials of annual capacity once certification is complete. This represents a large jump from the existing 2-million-vial base, laying the groundwork to meet growing overseas demand.
Domestic product approval has also added domestic sales, diversifying how the expanded capacity can be utilized.
The company has been expanding its export footprint by securing product approvals in Southeast Asian markets such as Thailand. The China supply and exclusive-distribution license with LG Chem provides a market-entry channel leveraging a large-corporation's network.
Parent Pharma Research's expanding global aesthetics distribution network could also translate into group-level synergies.
The KONEX market offers more limited trading volume and investor access than KOSDAQ. Dedicated brokerage coverage of the company is also scarce, leaving relatively less information available for investment decisions. This can be a factor affecting the efficiency of price formation.
In 2022, net profit far exceeded operating profit, but in 2023, net profit fell even as operating profit rose. This kind of volatility driven by non-operating factors adds uncertainty to future earnings forecasts.
While the most recent two years (2024-2025) showed a steadier pattern, whether this stability persists still needs to be confirmed over time.
The company competes with a relatively small production base in a market crowded with rivals such as Hugel, Daewoong Pharmaceutical, Medytox, Huons Biopharma, and Inibio. Regulatory risk remains latent across the industry, as illustrated by the 2021 administrative penalty case related to national batch release.
While the company won the related litigation, the possibility of similar regulatory issues recurring cannot be ruled out.
In 2021, the Ministry of Food and Drug Safety pursued administrative penalties, including license revocation, against Pharma Research Bio's RENTOX products over alleged exports made without national batch release approval.
While the company won the related litigation, the possibility of similar export-related regulatory issues recurring across the toxin industry remains. Delays or tightened conditions in domestic or overseas approval processes could affect sales plans.
The company's revenue is concentrated in a single product category, botulinum toxin formulations. Its sales channel structure also relies heavily on cooperation with parent Pharma Research. Given this high dependence on a specific product line and partner, any disruption to that channel could affect overall results.
Given KONEX market characteristics, low trading volume can lead to significant price impact when trading.
Because the controlling shareholder is part of the Pharma Research group, the possibility of subsidiary mergers or ownership structure changes remains during the group's holding-company conversion and business reorganization process. Such structural changes can act as variables that are difficult for minority shareholders to predict.
Confirm whether EU-GMP certification at the Gangneung second plant has been completed and check the actual start date of mass production (targeted at up to 6 million vials annually). Whether this has slipped from the original 'first half of 2026' target should also be checked.
Check whether milestone steps in the LG Chem China licensing agreement, such as CTA approval and Chinese product licensing, are achieved. Milestone achievement could result in additional revenue recognition.
Track news of further RENTOX product approvals in additional Southeast Asian, Latin American, or other regions beyond Thailand. Expanding overseas approval coverage serves as an indicator of export channel diversification.
Confirm the annual audited results and financial condition for fiscal year 2026 through the regular business report to be filed via DART.
Check for further disclosure on the development and clinical progress of the next-generation, resistance-risk-reduced botulinum toxin candidate.
Pharma Research Bio is the KONEX-listed subsidiary dedicated to the Pharma Research group's botulinum toxin business, with revenue and operating profit growing together from 2022 through 2025 and the operating margin expanding from around 20% to about 44%.
Net profit has shown year-to-year volatility tied to non-operating factors, though the most recent two years showed a steadier upward trend. On the balance sheet, a declining debt ratio and steadily growing equity point to improving stability.
The key items to watch are EU-GMP certification and the transition to mass production at the Gangneung second plant, along with progress on overseas approvals such as in Thailand and on LG Chem licensing milestones.
On the other hand, low liquidity and information asymmetry stemming from the KONEX listing, revenue concentration in a single product category, and regulatory and competitive risks across the toxin industry are factors that should also be weighed. This report is provided for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.