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[Alpha Biz=(Chicago) Reporter Kim Jisun] Medytox announced on the 8th that its consolidated operating profit in the third quarter of this year was KRW 3.6 billion, down 75.4% from the same period last year.
Sales reached 58.7 billion won, up 10 percent from the same period last year. The net loss turned to a deficit of 2.2 billion won.
Medytox explained that as sales of its flagship botulinum toxin product "Coretox" grew steadily, sales of its entire toxin formulation increased. As a result, sales in the toxin sector grew 31% in Korea and 13% overseas in the third quarter of this year compared to the same period last year.
However, it added that additional costs were incurred due to the delay of the ongoing lawsuit against its rival Hugel and the International Trade Commission (ITC) in the U.S. over the theft of the botulinum toxin manufacturing process, and that operating profit and net profit decreased due to the increase in related costs before and after the first trial of various administrative lawsuits in Korea.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
