PharmaResearch (21450.KQ): In-line 2Q26E expected; Addressing the 2Q focus points

Research evidence excerpt

PharmaResearch (21450.KQ): In-line 2Q26E expected; Addressing the 2Q focus points

PharmaResearch (214450.KQ)

15 July 2026 Citi Research

PharmaResearch

Company description

PharmaResearch, founded in 2001, is a leading South Korean medical

aesthetics/pharmaceutical company specializing in regenerative materials

based on polynucleotide (PN)/polydeoxyribonucleotide (PDRN) ingredients.

Its major products include facial injectable medical device Rejuran and

arthritis joint cavity injection product Conjuran, followed by derivative value-

added cosmetic products under the same Rejuran brand.

Investment strategy

We have a Buy rating on PharmaResearch, a leading company in the global

medical aesthetics sector, underpinned by its regenerative PN/PDRN skin

booster. Our investment thesis assumes: 1) solid topline growth potential in

the domestic market from inbound tourism; 2) increasing penetration in

EU/US markets backed by rising brand recognition; and 3) portfolio expansion

into toxin, new collagen booster, and EBD providing additional catalysts.

Valuation

Our target price of W480k is based on a P/E methodology. We expect 2026 to

be the year when PR’s new growth drivers are likely to be fully reflected,

underpinned by: 1) full reflection of EU market expansion; 2) increase in

penetration among medspas; and 3) EBD and PLLA skin booster potentially

entering the global market following their scheduled introduction in Korea

within 2025. We believe our target 2026E P/E multiple of 26x is justified,

given: 1) brand originality, which many local peers seem to lack, supporting

competitiveness and longer product lifecycle; 2) stronger growth potential

relative to top-tier peer's injectable aesthetics sales outlook; and 3) earnings

upside risk from skinbooster TAM opportunities.