Pharmaresearch received mixed stock price target adjustments from securities firms on May 16 as the company expands its Rejuran skincare brand into cosmetics and overseas markets. Samsung Securities raised its target from 400,000 KRW to 420,000 KRW, and Kiwoom Securities increased its target from 440,000 KRW to 510,000 KRW, citing strong export growth and cosmetics sales in the US and Southeast Asia. Kyobo Securities lowered its target from 650,000 KRW to 530,000 KRW due to a slowdown in domestic medical device sales growth following last year's high base. The divergence reflects differing views on whether Rejuran's cosmetics momentum can offset weaker domestic medical device demand. Securities analysts are reassessing Pharmaresearch's valuation as the company shifts from a medical device supplier to a dual-revenue model combining clinical products and consumer skincare.
Samsung Securities and Kiwoom Securities Raise Pharmaresearch Stock Targets
Samsung Securities and Kiwoom Securities raised Pharmaresearch stock price targets on May 16, according to FnGuide data. Samsung Securities increased its target from 400,000 KRW to 420,000 KRW, while Kiwoom Securities raised its target from 440,000 KRW to 510,000 KRW. The firms cited sustained domestic medical device demand from foreign medical tourists and expanding exports to Western Europe and Japan. Rejuran cosmetics are growing rapidly in the US and Southeast Asia, supporting the upward revisions.
Kyobo Securities Lowers Target Amid Domestic Slowdown Concerns
Kyobo Securities lowered Pharmaresearch's stock price target from 650,000 KRW to 530,000 KRW. The firm reduced its net profit estimate for this year to 225.1 billion KRW and applied a target price-to-earnings ratio of 25x. Kyobo Securities attributed the cut to a base effect from last year's strong medical device sales growth and a lower 2026 net profit forecast. The firm maintained a 'buy' rating, noting that the growth slowdown is already reflected in the stock price.
Q2 Earnings Estimates Exceed Market Expectations
Samsung Securities estimated Pharmaresearch's Q2 revenue at 172.5 billion KRW and operating profit at 70 billion KRW, representing year-over-year increases of 22.6% and 25.3% respectively. Kiwoom Securities projected Q2 cosmetics revenue at 63.3 billion KRW, up 105.7% year-over-year. Kyobo Securities forecast Q2 revenue of 169.9 billion KRW and operating profit of 66.8 billion KRW, both exceeding market consensus. All three firms expect Q2 results to surpass market expectations driven by export growth and cosmetics sales.
Rejuran Product Line Expands from Medical Devices to Cosmetics
Rejuran is a skin regeneration procedure product launched by Pharmaresearch in 2014. The skin booster injects polynucleotide (PN) extracted from salmon into the skin and is commonly known as 'Rejuran injection' among consumers. Domestic Rejuran procedure pricing is approximately 200,000 KRW per 2cc, maintaining a premium over later-market competitors according to Kiwoom Securities. Pharmaresearch is extending the brand recognition built in medical clinics to skincare cosmetics products.
Cosmetics Sales Drive Revenue Growth Across Multiple Channels
Pharmaresearch expanded Rejuran cosmetics distribution to domestic retailer Olive Young and international platforms including Sephora, Amazon, and TikTok in the US, and Shopee in Southeast Asia. Kiwoom Securities identified cosmetics as the core driver of stock revaluation, noting that proven success in Asia and the US allows higher valuation for the Rejuran cosmetics brand. Export revenue now accounts for over 40% of total sales, contributing to earnings stability according to Samsung Securities.
FAQ
Why did some securities firms raise Pharmaresearch stock targets while others lowered them on May 16?
Samsung Securities and Kiwoom Securities raised targets based on strong Rejuran cosmetics growth in the US and Southeast Asia, plus expanding medical device exports to Western Europe and Japan. Kyobo Securities lowered its target due to a base effect from last year's high medical device sales growth and a reduced 2026 net profit forecast, though it maintained a 'buy' rating.
What is driving Pharmaresearch's Q2 earnings growth expectations?
Securities firms expect Q2 earnings to exceed market expectations due to sustained domestic medical device demand from foreign medical tourists, expanding Rejuran medical device and cosmetics exports, and rapid cosmetics sales growth through channels including Olive Young, Sephora, Amazon, TikTok, and Shopee. Export revenue now exceeds 40% of total sales.
