Medytox, 3Q Sales 58.7 Billion KRW... Operating Profit Down 75%

Medytoks announced on the 8th through its consolidated financial statements that it recorded sales of KRW 58.654 billion and operating profit of KRW 3.575 billion for the third quarter of this year. Compared to the same period last year, sales increased by 10.0%, but operating profit decreased by 75.4%.

Exterior view of Medytox Seoul Office in Gangnam-gu, Seoul [Photo by Medytox]

The cumulative sales and operating profit for the year up to the third quarter were KRW 153.117 billion and KRW 14.893 billion, respectively. Sales increased by 7.2% compared to last year, but operating profit decreased by 51.0%.

The company explained regarding sales, "We have experienced growth for three consecutive quarters from the first quarter this year," adding, "The flagship product ‘Coretox’ has established itself and grown steadily, driving the sales increase of botulinum toxin (BTX) formulations. As a result, BTX segment sales in the third quarter grew by 31% domestically and 13% overseas compared to the same period last year." However, in terms of operating profit, they stated, "Additional costs were incurred due to delays in the schedule of the ongoing US International Trade Commission (ITC) litigation with competitors, and various administrative lawsuits underway in Korea led to increased overall expenses around the first trial verdict," adding that "operating profit and net income decreased compared to the same period last year."

Joo Hee-seok, Vice President of Medytoks, said, “The stable growth trend in sales of our core sectors means that the profit decline due to temporary cost increases will normalize soon,” and added, “With the upcoming launch of the next-generation toxin formulation ‘Newlux’ that will reshape the domestic market and the imminent Biologics License Application (BLA) submission for the liquid toxin formulation ‘MT10109L’ in the US, we will make thorough preparations to begin a remarkable leap forward.”

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