PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Biobjou has recovered operating margins in the high-20s to 30% range for two straight quarters in 2026 after a one-off Q4 2025 slump, with US sales expansion and the new ECM product Cellivion emerging as key variables for second-half growth.
After an operating loss of KRW 2.74bn in Q4 2025, the company returned to profit for two consecutive quarters in Q1 2026 (+KRW 2.59bn) and Q2 2026 (+KRW 2.70bn).
Cosmetics sales growth via the US subsidiary has been the key driver of the recent earnings recovery.
The hADM-based ECM skin booster 'Cellivion' is undergoing a grand launch in September, emerging as a new growth axis.
The HA filler 'Colena' obtained domestic approval and is beginning hospital/clinic sales in H2, while EU CE, China NMPA, and Brazil approvals are being pursued sequentially through 2027.
US offline channel expansion is underway leveraging the distribution network of controlling shareholder Cheongdam Global (51.85% stake), though revenue growth has also slowed as China dependency declines.
Biobjou is a medical aesthetics company founded in 2018 and listed on KOSDAQ in 2025, operating a dual manufacturing-distribution structure where hyaluronic acid (HA)-based skin boosters and fillers are self-developed and manufactured, while medical cosmetics and ECM (extracellular matrix) products are sourced externally for distribution.
Its main brands include the skin booster 'Asenart,' HA fillers 'Colena' and 'Candorup,' and the medical cosmetics brand 'Candorup (CDL).' The controlling shareholder is cosmetics distributor Cheongdam Global, holding a 51.85% stake, through which the company shares domestic and overseas distribution networks.
China traditionally accounted for the overwhelming majority of sales, and as of 2024 export revenue reached 77.5% of total sales, though market diversification including the US has been rapidly progressing recently.
A new growth driver is the acellular dermal matrix (hADM)-based ECM skin booster 'Cellivion,' developed in partnership with Orthotech, which manufactures the product while Biobjou serves as the exclusive domestic distributor.
In Korea's ECM skin booster market, the company is pursuing entry as the third player following L&C Bio and Hans Biomed. A second-plant expansion is underway to increase production capacity, which is expected to substantially expand annual capacity upon completion.
Distribution channels include domestic e-commerce (Naver Smart Store, Musinsa, Coupang) and US online channels (Amazon, Walmart online, Ulta Beauty), with offline pharmacy chain penetration also expanding.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩6.6B | ₩2.4B | 36.9% |
| 2025Q4 | ₩4B | -₩2.7B | −68.0% |
| 2026Q1 | ₩8B | ₩2.6B | 32.4% |
| 2026Q2 | ₩9.9B | ₩2.7B | 27.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩29.6B | ₩9.2B | ₩7.2B | 31.1% | 23.2% | 22.1% |
| 2025 | ₩28.5B | ₩4.2B | ₩4.2B | 14.8% | 6.7% | 2.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated 2025 revenue was KRW 28.49bn with operating profit of KRW 4.227bn (14.8% margin) and owner's net income of KRW 4.152bn, representing a slight revenue decline from 2024's KRW 29.63bn and a sharp drop in operating margin from 31.1% in 2024.
This was largely attributable to one-off factors including deferred revenue recognition and expanded advertising spend in the fourth quarter, as Q4 2025 alone posted revenue of KRW 4.03bn with an operating loss of KRW 2.74bn and an owner's net loss of KRW 1.36bn, substantially dragging down annual results.
By contrast, the preceding Q3 2025 was solid with revenue of KRW 6.64bn and operating profit of KRW 2.45bn (roughly 37% margin), suggesting the Q4 weakness was largely seasonal and temporary.
Performance clearly recovered through 2026, with Q1 revenue of KRW 8.01bn, operating profit of KRW 2.59bn (roughly 32% margin), and owner's net income of KRW 2.90bn, followed by Q2 revenue of KRW 9.88bn, operating profit of KRW 2.70bn, and owner's net income of KRW 2.54bn, extending the growth trend with sequential revenue gains.
Trailing four-quarter (Q3 2025-Q2 2026) cumulative owner's net income reached KRW 6.52bn, somewhat below full-year 2024 net income of KRW 7.19bn but a marked improvement over full-year 2025's KRW 4.15bn.
Full-year 2025 operating cash flow was negative at KRW -2.77bn, diverging from net income, which can be interpreted as a typical pattern reflecting inventory and receivables buildup during a growth phase. The debt ratio fell sharply to 2.9% at end-2025 from 22.1% at end-2024, maintaining a stable financial position.
Korea's medical aesthetics industry is seeing active overseas expansion of skin boosters, fillers, and botulinum toxin products, driven by growing global demand for K-beauty and K-aesthetics.
The global injectable dermal filler market is estimated to grow at over 8% annually, with a clear trend of companies diversifying export destinations from China-centric strategies toward the US, Europe, the Middle East, and South America.
The ECM (extracellular matrix) skin booster category in particular is a new segment experiencing rapid market opening; Korea's domestic market is projected to grow from roughly KRW 9.9bn in 2025 to about KRW 110bn in 2026 and KRW 200bn in 2027, with combined competitor sales in H1 2026 alone reaching KRW 33.5bn, already exceeding the prior year's full-year market size.
This market is currently led by incumbents L&C Bio and Hans Biomed, positioning Biobjou as a later entrant.
In fillers, domestic competitor Huons Medi-Tech (Humedix) has already secured China NMPA and EU CE certifications and expanded into Brazil, Russia, and the Middle East, making the pace of Biobjou's overseas approvals a key competitive watchpoint.
On cost competitiveness, cost-of-sales ratio fell from over 70% in 2022 to below 50% in 2024, indicating structural margin improvement potential from the shift to in-house production.
The company has framed 2025 as a period of investment and distribution-network building, and 2026 as the inaugural year in which both revenue and profitability grow simultaneously.
Multiple securities firms and independent research houses issued full-year 2026 forecasts in late July 2026: Daishin Securities projected revenue of KRW 38.1bn and operating profit of KRW 10.8bn; Hana Securities projected revenue of KRW 37.41bn and operating profit of KRW 11.08bn; and Briers Insight projected revenue of KRW 38bn and operating profit of KRW 10bn (26.3% margin).
These remain estimates from external analysts rather than confirmed results. Media reports (as of August 2026) indicated actual H1 2026 results of KRW 17.9bn revenue and KRW 5.3bn operating profit, already exceeding full-year 2025 operating profit of KRW 4.2bn.
Reports as of late August 2026 indicated US sales surged from roughly KRW 300 million in full-year 2025 to about KRW 7.1bn in H1 2026, with the company targeting over KRW 5bn in North American sales for the full year.
The new ECM skin booster 'Cellivion Linzey' launched in April 2026 and held a grand launch event in September, while the HA filler 'Colena' received domestic approval in March and is beginning hospital/clinic sales in the second half.
Overseas approvals are progressing with EU CE (MDR) review underway, and China NMPA and Brazil approvals targeted sequentially through 2027.
The current share price trades at a lower level than in the immediate post-listing period, reflecting the Q4 2025 earnings weakness and subsequent recovery process.
The price-to-book ratio sits in a range where the stock trades at a premium to net assets, a reflection of the 2025 sharp expansion in total equity (roughly doubling on an owner's-equity basis versus the prior year) combined with some market expectation for new-business growth.
The price-earnings ratio is calculated on trailing four-quarter net income that includes the loss-making Q4 2025 quarter, and quarterly profit contribution has gradually improved as the H1 2026 earnings recovery continued.
The dividend yield runs below the sector average, consistent with an early-growth company prioritizing capital allocation toward new-business investment (ECM and filler overseas approvals).
Value Finder assessed that the valuation discount tied to China dependency is being resolved (as of a report published in late July 2026), while Briers Insight noted that confirmed market penetration of the new ECM product could serve as a trigger for a valuation re-rating (also as of late July 2026).
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 2026-09-05
Following the Q4 2025 operating loss, the company posted operating profits of KRW 2.59bn and KRW 2.70bn in Q1 and Q2 2026 respectively, recovering operating margins in the high-20s to 30% range for two consecutive quarters. Media reports indicated cumulative H1 operating profit already exceeded full-year 2025 results. This reflects a combination of improved product-centric sales mix and normalized SG&A spending.
Reports indicated US sales surged from roughly KRW 300 million in full-year 2025 to about KRW 7.1bn in H1 2026, with simultaneous expansion across online channels (Amazon, Walmart, Ulta Beauty) and offline pharmacy chains including REALO DRUGS.
As a result, China's revenue share, which previously reached the high-60% range, has declined, easing dependency on a single country.
Korea's domestic ECM skin booster market is projected to grow from roughly KRW 9.9bn in 2025 to about KRW 200bn by 2027, and Biobjou has entered this market with 'Cellivion' through its partnership with Orthotech.
The HA filler 'Colena' has also received domestic approval and is beginning hospital/clinic sales, with EU, China, and Brazil approvals being pursued sequentially through 2027.
Q4 2025 posted an operating loss of KRW 2.74bn due to a combination of deferred year-end shipment revenue recognition and increased advertising spend. Seasonal revenue recognition patterns and marketing expenditure timing could continue to drive quarter-to-quarter earnings volatility going forward.
Full-year 2025 revenue of KRW 28.49bn declined from 2024's KRW 29.63bn, and reports indicated H1 2026 revenue of KRW 17.9bn grew only 0.4% year-over-year. The surge in US sales is largely offsetting a decline in China sales, meaning aggregate top-line growth has not yet clearly accelerated.
The ECM skin booster market is already led by incumbents L&C Bio and Hans Biomed, meaning it may take time for late entrant Biobjou to secure hospital/clinic penetration. Overseas filler approvals (CE, NMPA, Brazil) are planned sequentially through 2027 and remain unrealized future events.
Given China previously accounted for as much as the high-60% range of revenue, policy or demand shifts in the Chinese market still carry significant impact on results. While US market expansion is underway, it remains a nascent channel requiring time to establish as a stable revenue base.
If overseas approvals for fillers and ECM products (EU CE, China NMPA, Brazil) do not proceed as planned, the timeline for overseas sales expansion could be delayed. Regulatory changes related to medical devices and aesthetic medical devices in various countries are also a potential variable.
Controlling shareholder Cheongdam Global holds a 51.85% stake, providing distribution synergies but also warranting ongoing monitoring of how controlling-shareholder policy or stake changes could affect minority shareholders. As a recently listed company, liquidity and potential share-sale issues are also latent variables.
Following the grand launch of the ECM skin booster 'Cellivion,' it is worth monitoring the actual pace of hospital/clinic orders and revenue contribution.
Check how US sales expansion and new-product effects are reflected in revenue and profit in the Q3 2026 results.
Progress and completion of EU CE, China NMPA, and Brazil approvals for the HA filler 'Colena' should be monitored.
It should be verified whether the capacity expansion translates into actual utilization rates and revenue growth.
Biobjou has moved past a temporary earnings slump in Q4 2025 to confirm consecutive profitable quarters and recovered operating margins through H1 2026, with much of this recovery stemming from expanded cosmetics sales in the US market.
At the same time, the company and several securities firms project that the two new-business pillars—the ECM skin booster 'Cellivion' and the HA filler 'Colena'—will begin contributing meaningfully to revenue from the second half, though these remain unconfirmed estimates rather than settled results.
Full-year revenue itself has been in a stagnant phase versus 2024, making it a key watchpoint whether US sales growth can shift from merely offsetting China's decline to driving net top-line expansion.
The timeline for ECM and filler overseas approvals, along with actual market penetration rates for the new products, stand out as the key variables shaping future earnings direction.
As the channel-expansion strategy leveraging controlling shareholder Cheongdam Global's distribution network continues, the progress of reduced China dependency and regional diversification also warrants ongoing attention.
Report written 2026-09-05 · Data as of 2026-09-04
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