[Alpha Biz= Kim Jisun] PharmaResearch has seen its share price fall by nearly half in approximately three months, as concerns grow that the slowdown confirmed in its third-quarter results will continue into next year amid intensified competition in the skin booster market and sluggish exports of medical devices overall. Analysts warn that unless domestic sales rebound before the company’s global expansion begins to yield visible results, downward pressure on the stock may persist.

According to the Korea Exchange on December 8, PharmaResearch closed at KRW 392,500, down about 45% from the 52-week high recorded at the end of August. After falling below the KRW 400,000 level on December 1, the stock again slipped below that threshold, continuing the decline that began after approaching KRW 800,000 just three months earlier.

The share price weakness reflects growing concerns that the company’s decelerating growth, first observed in the third quarter, may carry over into next year. PharmaResearch’s third-quarter revenue declined by approximately 4% quarter-on-quarter as both domestic and export sales fell. In particular, domestic and export sales in the medical device category—which includes its flagship skin booster product, Rejuran—fell 6% and 19%, respectively.

Additional pressure emerged on December 1 when the Ministry of Trade, Industry and Energy reported that November medical device exports rose only 0.3% year-on-year to USD 510 million (approx. KRW 743.5 billion). PharmaResearch shares subsequently sank 15% from the previous trading day’s close.

The skin booster segment—considered a relatively young aesthetic market—is also entering a more competitive phase. With multiple new products entering a category once dominated almost exclusively by Rejuran, expectations are rising that Rejuran’s market share will face direct pressure.

In response, PharmaResearch has accelerated its global expansion strategy this year. In August, the company signed a distribution partnership with France-based Vivacy covering 22 European countries, followed by the official launch of Rejuran in the United Kingdom on December 1. Entry into the U.S. medical device market is expected no earlier than 2030, and the company is currently focusing on cosmetics for its U.S. operations.

However, as domestic sales accounted for approximately 63% of total revenue in the third quarter, a prolonged slump in the domestic market may be difficult to offset solely through exports. With additional time required for Rejuran to establish a foothold in Europe and for shipment volumes to grow, a recovery in exports to China—where sales declined in the third quarter—will also be important.

 

 

 

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