PRESS RELEASE

[Press release] This year’s goal is to double the operating profit…Targeting the largest market for filler in the U.S. and China

By 2022년 June 19일July 13th, 2022No Comments

The Korean economy daily | Reporter Lee Sun-ah · Reporter Seo Hyung-kyo

Published date : June 19th, 2022

CEO of BioPlus, Jeong Hyun-kyu

Expect 65 billion won in sales and 35 billion won in operating profit this year
It was recognized for its unique filler technology

BioPlus recorded the highest performance ever with 37.4 billion won in sales and 18.2 billion won in operating profit last year. This means that half of sales (48.7%) were collected as operating profit. It greatly exceeds the operating profit margin of its competitors, which is in the 10-30% range. This is thanks to hyaluronic acid (HA) fillers that have established themselves in the premium filler market.

In a recent interview, BioPlus CEO Jeong Hyun-kyu(pictured) said, “We are supplying products more than five times more expensive than our competitors with DVS-based HA fillers. We will enter China, the world’s largest filler market, and target the U.S. market this year,” he said.

Hyaluronic acid, which is used in fillers, a skin beauty product that spreads wrinkles, decomposes within days when it enters the body. In order to maintain hyaluronic acid for a long time without disappearing, a cross-linking agent must be used. Most filler companies use butanediol diglycidyl ether (BDDE) as a cross-linking agent. The remaining BDDE after connecting hyaluronic acid stays in the body and is likely to cause side effects.

BioPlus uses DVS as a cross-linking agent instead of BDDE. CEO Jeong explained, “Since DVS, which is a low molecule, is shorter than BDDE, there are fewer side effects and it increases the viscoelasticity and persistence of the filler.” BioPlus is the only filler company that uses DVS as a cross-linking agent. Only this company has technology to control and mass-produce DVS with high reaction speed.

It is planning to sell HA fillers in earnest in Hainan Province, China this year. “It is expected that product permits will be granted in Hainan Province as early as this month,” CEO Jeong said. “From the second half of this year, sales in China will occur in earnest,” he said.

It will also challenge the U.S. filler market. CEO Jeong said, “We plan to establish a local corporation in the United States within this year and find partners such as global pharmaceutical companies.”

Bioplus is developing next-generation botulinum toxin formulation based on protein recombination. By applying the protein half-life enhancement technology, the duration can be extended compared to existing products. It is also expanding its scope to biopharmaceuticals, such as a biobetter(biomedicine incrementally modified drug) of ‘Saxenda’, an injection-type obesity treatment drug by Novo Nordisk of the US, and a treatment for viral skin diseases such as shingles.

BioPlus expects to achieve 65 billion won in sales and 35 billion won in operating profit this year. CEO Jeong said, “we will be reborn as a beauty treatment integrated enterprise and exceed 100 billion won in sales next year and 300 billion won in 2025.

Lee Sun-ah / Seo Hyung-kyo / Photo = Reporter Kim Beom-joon  suna@hankyung.com

bioplubiz

Author bioplubiz

More posts by bioplubiz

Leave a Reply