PharmaResearch is successfully diversifying its business model, transitioning from a medical device-centric structure to a more robust consumer cosmetics powerhouse. Supported by the rising popularity of South Korean medical aesthetics among international tourists and an aggressive expansion of overseas distribution networks, the company’s cosmetics segment has emerged as its primary growth driver.
Financial Performance: Strong First-Quarter Growth
According to electronic disclosure data released on May 13, 2026, PharmaResearch posted first-quarter revenue of 146.1 billion won and an operating profit of 57.3 billion won. This represents a 24.9% increase in revenue and a 28.1% rise in operating profit compared to the same period last year.
While the medical device segment—anchored by the popular skin booster Rejuran—remains the largest contributor at 54.4% of total revenue (79.5 billion won), the cosmetics division is growing at a much faster pace. Cosmetics sales skyrocketed 51.0% year-over-year to 42.2 billion won, a growth rate nearly triple that of the medical device segment (14.4%) and double that of pharmaceuticals (24.4%).
From Clinic to Home: The Rejuran Brand Expansion
The Rejuran cosmetics line leverages the brand's clinical reputation to offer high-end home-care products, including ampoules, creams, essences, and sheet masks. This "clinic-to-home" strategy has benefited significantly from the surge in foreign medical tourism.
Data from Shinhan Investment Corp. reveals a dramatic shift in tourist spending. While dermatology-related expenses accounted for less than 2% of total foreign tourism consumption in the past, that figure began rising after 2023, reaching a peak of 9.0% in December and stabilizing at 6.9% as of March this year. As more visitors experience Rejuran treatments in Korean clinics, their awareness and purchase of the brand’s retail skincare products have risen accordingly.
Global Channel Expansion
PharmaResearch is aggressively pursuing international markets to sustain this momentum. In March, the brand officially entered approximately 400 Sephora stores across the U.S. and China. In Southeast Asia, it has seen strong performance through Shopee, the region’s largest e-commerce platform.
Analysts expect this expansion to drive even stronger results in the second half of the year. Kim Hyun-seok, an analyst at Hyundai Motor Securities, noted that the company is moving beyond Amazon in the U.S. to include offline listings at major retailers like Costco and Ulta, which are scheduled for the second half of 2026.
Bright Outlook for 2026
Market analysts remain highly optimistic about the company’s full-year performance. DB Financial Investment, Hyundai Motor Securities, and Shinhan Investment Corp. all forecast annual revenue between 652 billion and 666 billion won, with operating profits expected to reach approximately 263 billion won. This would mark a significant increase from last year’s revenue of 536 billion won and operating profit of 214 billion won.
