PharmaResearch Wins Fresh Analyst Support as Rejuran Expands Into Glob…

[Alpha Biz= Ellie Kim] SEOUL, South Korea — PharmaResearch is receiving renewed attention from securities analysts as its flagship Rejuran brand expands beyond aesthetic medical procedures into cosmetics and overseas markets, creating new growth opportunities despite slowing domestic medical device sales.

Samsung Securities and Kiwoom Securities recently raised their target prices for PharmaResearch, citing strong exports of Rejuran medical devices and rapid growth of the company's skincare products in the United States, Southeast Asia, Japan, and Western Europe. Analysts also noted that rising demand for dermatology treatments from foreign medical tourists continues to support domestic sales.

Originally launched in 2014, Rejuran is a skin-rejuvenation treatment based on polynucleotide (PN) extracted from salmon DNA. Widely known as the "Rejuran injection," the product has become one of South Korea's leading skin booster treatments. PharmaResearch is now leveraging the brand's strong recognition in aesthetic clinics to expand into the global skincare cosmetics market.

Samsung Securities forecasts second-quarter revenue of KRW 172.5 billion and operating profit of KRW 70 billion, while Kiwoom Securities expects cosmetics sales to more than double from a year earlier, supported by expanding distribution through Olive Young, Sephora, Amazon, TikTok Shop, and Shopee.

Not all analysts are equally optimistic. Kyobo Securities lowered its target price, citing slower growth in the domestic medical device business following last year's strong performance. However, it maintained a "Buy" rating, arguing that the cosmetics business and expanding European medical device exports are likely to become the company's next major growth drivers.