[Edaily Reporter KIM SAE-MI ] PharmaResearch(214450) Despite an increase in revenue in the third quarter of this year, operating profit grew only slightly. Domestic sales of medical devices remained at the same level as the same period last year, but overseas exports and the cosmetics business continued to grow.

PharmaResearch announced on the 6th that its consolidated operating profit for the third quarter of this year was 62.6 billion won, a 1.2% increase compared to the same period last year. During the same period, revenue rose 26.7% to 171.5 billion won, but net income fell 40.5% to 30.2 billion won.

Compared to the previous quarter, revenue decreased by 4.0% and operating profit by 5.8%. The operating profit margin stood at 36.5%, down 9.2 percentage points (p) from 45.7% in the same period last year.

Third-quarter medical device sales totaled 87.1 billion won, a 13% increase year-over-year. Of this, domestic sales amounted to 57.1 billion won, remaining at a level similar to the same period last year. In contrast, exports rose 53% to 30.0 billion won. The company explained that sales of Rejuran expanded in European markets such as France, and demand also increased in Singapore, Indonesia, and the Czech Republic.

Cosmetics sales reached 62 billion won, a 76% increase compared to the same period last year. Domestic sales rose 50% to 19.9 billion won, while exports increased 92% to 42.1 billion won. The company stated that growth continued in Southeast Asia, Japan, and China, and that its distribution network expanded through increased presence at Sephora in the U.S. and the launch of products at Costco.

Cumulative sales for the first three quarters of this year totaled 496.3 billion won, a 26.3% increase compared to the same period last year. Cumulative operating profit for the same period rose 14.7% to 186.4 billion won, while cumulative net profit increased 4.9% to 135.2 billion won.

In the fourth quarter, PharmaResearch plans to expand its cosmetics distribution network, focusing on Asia—including Taiwan and Hong Kong—and the United Arab Emirates (UAE), while also accelerating its entry into South American markets such as Mexico, Argentina, and Chile for medical devices.

A PharmaResearch official stated, “Driven by the explosive global growth of cosmetics and strong medical device exports, we achieved strong results that exceeded our annual growth targets, with the share of overseas sales expanding to 48% in the third quarter,” adding, “In the fourth quarter, we will drive full-scale expansion into new global markets such as South America and the Middle East to achieve our highest-ever quarterly results.”