Caregen Reports First Quarter 2021 Financial Results

Caregen (CEO YJ Chung) reported financial results for the first quarter ended March 31, 2021.

Consolidated revenue in the first quarter of 2021 rose 8.9% year-on-year to 15.2 billion won as global sales of facial filler recovered to pre-pandemic levels. Operating profit was 7.7 billion won and net profit was 7.7 billion won, showing an increase of 6.3 percent and 9.5 percent, respectively. The operating margin was 51% and the net margin was 50%, achieving solid revenue growth and high profit margin despite the impact of the COVID-19 pandemic.

Outlook is also positive this year. While stable revenue growth of the existing business is expected to continue, it will focus on securing growth engines through diversification of revenue, including entering the health functional food market and clinical entry of COVID-19 treatments and macular degeneration treatment within this year.

"As Caregen enters the domestic market in earnest through the health functional food business this year, opportunities to expand its business and the value of peptide platforms are expected to be reconsidered." said YJ Chung, CEO of Caregen. "We are also actively seeking not only direct entry into the pharmaceutical business but also monetization of the peptide platform business."

<First Quarter 2021 Financial Highlights>