[Click eStock] Medytox Forecasts Revenue Decline This Year... Recovery Expected from Q2

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Shinhan Financial Investment maintained a 'Buy' rating on Medytox on the 14th, stating that sales in 2022 are expected to decline compared to last year, but lowered the target price to 160,000 KRW.

Researcher Lee Dong-geon of Shinhan Financial Investment stated, "We estimate 2022 sales and operating profit to be 182.9 billion KRW (-1.1%) and 22.4 billion KRW (-35.1%, OPM 12.2%), respectively."

He analyzed, "The one-time recognition of approximately 35 billion KRW from the upfront payment and milestone related to the return of the liquid toxin candidate from AbbVie in 2021 will act as a negative base, making a year-on-year performance decline inevitable," adding, "Toxin sales are estimated at 80.4 billion KRW (+25.4%)."

He said, "Although sales are expected to be somewhat sluggish until the first quarter due to delays in national shipment approval, a meaningful recovery is anticipated from the second quarter," and "Filler sales are expected to increase by 14%."

The researcher evaluated, "From the second half of 2022, performance recovery along with pipeline momentum is expected to accelerate," and "The new toxin pipeline MBA-P01, currently in phase 3 clinical trials domestically, is expected to submit a BLA in the first half and receive domestic approval in the second half."

He added, "Data analysis is underway for the liquid botulinum toxin (MT10109L) aiming for FDA BLA submission in the first half of 2023," and "Since preparations for entry into the Chinese market are also underway for MT10109L, achievements such as securing partners within the year are expected to become visible."

This content was produced with the assistance of AI translation services.