bearish
BNC Korea (256840 KS): Margin Pressure; Base Business Faces Regulatory Risk; COVID Drug in Doldrum
452 Views05 May 2023 23:21
SUMMARY
- During 2022, BNC Korea (256840 KS) reported gross profit margin of 48.3%, lower than 51.9% reported in 2021, as increasing competition is leading to price erosion of botulinum toxin products.
- In March 2023, prosecutors have indicted BNC Korea for allegedly selling botulinum toxin injections to exporters without the approval of the MFDS from December 2015 to December 2021.
- With the pandemic on a downward trend for more than a year now, we are skeptical about BNC Korea’s in-licensed COVID-19 drug candidate for a milestone payment of $15M.
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Tina Banerjee
Global Healthcare Analyst
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