ICURE Pharm

What ICURE Pharm does

ICURE Pharm (KOSDAQ: 175250) is a South Korea-based biopharmaceutical and cosmeceutical company operating two integrated business segments anchored by a proprietary Transdermal Drug Delivery System (TDDS) platform. Founded in 2001 and KOSDAQ-listed via technology-special route in July 2018, the company develops and manufactures patches, plasters (plastra), and cataplasmas for Alzheimer's treatment (world's first donepezil patch, branded Donehesive™) and pain relief (lidocaine, ketoprofen, flurbiprofen products), alongside a cosmetics ODM/OBM franchise producing formulations such as the NMN Sleeping Mask and Artemisia Calming Serum. The technology stack is reinforced by patents on cell-membrane-permeable peptides (US/Japan/Korea), a self-emulsifying polymer cosmetic thickening process, and multiple international formulation awards (Cosmopack Asia and North America first-place wins in 2024 and 2025). Manufacturing runs from a KGMP- and cGMP-certified facility in Wanju County, Jeollabuk-do, which began in-house hydrogel mask production in 2025 after the Cosmax ICURE joint venture was liquidated.

The company monetizes through four revenue streams: (1) cosmetics ODM/OBM contract manufacturing for domestic and global brand customers including APR, Toriden, Amway, and Russia's Gold Apple; (2) pharmaceutical CDMO services for topical patch/plastra/cataplasma products; (3) multi-year exclusive licensing and supply contracts with regional pharmaceutical distributors — Menarini, Pharma Bavaria, Euro Pharma/Celltrion, Honessan, Trans Arabia, UITC, Medinova, and Servicio — covering 40+ countries with cumulative signed contract value of ~₩3,000B (US$2.1B); and (4) domestic sales of the donepezil patch 'Donerion Patch' through exclusive distributor Celltrion, plus proprietary cosmetic brands MediTime and Nabique sold via TV home shopping, department stores, duty-free, and online channels. Go-to-market relies on direct B2B sales teams combined with annual participation in Cosmopack/Cosmoprof, CPHI Worldwide, and Arab Health trade shows as primary demand-generation channels.

ICURE reported 2025 full-year separate-basis revenue of ~₩822B (up 64.4% YoY), with 9M 2025 revenue of ~₩587.5B (+69.8% YoY) and Q1 2026 revenue of ~₩321B — the highest cumulative figures in company history. Cosmetics ODM/OBM grew 201% YoY in 9M 2025 and produced its first quarterly operating profit in Q1 2025 (9.8% margin), while adjusted EBITDA margin improved from -62% in 2021 to -3% in H1 2025. The company operates subsidiaries ICUREBNP (peptide drug delivery), ICUREPEPGEN, Woncuregen (oral peptide anti-cancer), Bio Rosette (nutraceuticals), Nabique (cosmeceuticals), and a Shanghai-based overseas entity, and is led by CEO Lee Young-seok since 2021. Stock trading was suspended as of August 2025 following the indictment of former Chairman Choi Young-kwon for breach of trust related to a 2020 convertible-bond call-option transaction, with the company pursuing ~₩165B in damages and trading resumption.

Name

ICURE Pharm

Legal name

아이큐어(주)

Website

https://icure.co.kr

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

ICURE Pharm (KOSDAQ: 175250) is a South Korean biopharmaceutical and cosmeceutical company that develops transdermal drug-delivery products (donepezil Alzheimer's patch, topical analgesics) and operates a cosmetics ODM/OBM franchise, exporting via regional pharmaceutical licensing partners and direct brand supply to 40+ countries.

Ownership category

akta.pro rank

Product category

Pharmaceutical Transdermal Drug Delivery & Cosmeceutical Manufacturing

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834), Perfumes, Cosmetics & Other Toilet Preparations (2844)

akta.pro primary industry

Treatment Skincare (Serums, Actives, Acne & Anti-aging) (CRABAAAB)

akta.pro secondary industries

Pain Relief & Anti-Inflammatory (Analgesics) (HLAIADAA), Dermocosmetics & Medical-Grade Skincare (CRABAAAF), Dermatology OTC & Skin Health (Acne Treatments, Eczema/Psoriasis OTC, Antifungals, Wart Removal) (CRADAMAF)

Keywords

• Transdermal drug delivery
• Cosmetics ODM manufacturing
• Pharmaceutical CDMO services
• Alzheimer's patch
• Cosmeceutical products

Headquarters

HQ city

Seocho

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Cosmetics ODM/OBM Manufacturing: Original Design Manufacturing and Own Brand Manufacturing of cosmetics — develops and manufactures cosmetic products for domestic and international brand clients. Revenue generated from product manufacturing and supply contracts. Major growth driver with explosive revenue growth from 2024 (₩257B) and H1 2025 (₩295.3B). Key customers include APR, Toriden, Amway, and Russian Gold Apple. Started self-production of hydrogel masks in 2025.
2. Pharmaceutical CDMO / Contract Manufacturing: Contract development and manufacturing of transdermal pharmaceutical products (patches, plastra, cataplasma) for domestic and international partners. Includes both proprietary product supply and contract manufacturing services.
3. Pharmaceutical Licensing & Supply Contracts: Exclusive licensing and supply agreements for proprietary pharmaceutical products (donepezil patch, lidocaine cataplasma, ketoprofen/flurbiprofen plastra) in international markets. Includes upfront fees, milestone payments (regulatory/approval and sales milestones), and long-term product supply revenue. Cumulative ~₩3,000B in signed overseas supply contracts across ~40+ countries. Revenue recognition typically delayed 1-3 years after contract signing due to local regulatory approval processes.
4. Pharmaceutical Domestic Sales (Specialty ETC Products): Domestic sales of specialty ethical pharmaceuticals (ETC) including donepezil patch 'Donerion Patch' supplied exclusively to Celltrion in Korea. Domestic sales structure changed from CSO (commission sales organization) to general distributor model to reduce SG&A expenses.
5. Cosmetic Brand (MediTime, Nabique, etc.): Own cosmetic brands including MediTime (메디타임) — botulinum-derived anti-aging products, Nabique (나비끄) — derma cosmetic line. Brands sold via TV/home shopping, department stores, duty-free, and online channels.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

ICURE Pharm is a KOSDAQ-listed biopharmaceutical and cosmeceutical company that develops and manufactures transdermal drug delivery (TDDS) pharmaceutical products — including the world's first donepezil patch for Alzheimer's dementia (Donehesive), lidocaine cataplasmas, and ketoprofen/flurbiprofen plastra — and operates a cosmetics Original Design/Brand Manufacturing (ODM/OBM) business producing skincare formulations such as NMN Sleeping Mask and Artemisia Calming Serum for global brand clients like APR, Toriden, Amway, and Russia's Gold Apple.

Product overview

ICURE Pharm operates as a biopharmaceutical and cosmeceutical company with two main business segments: (1) Pharmaceutical Business using TDDS (Transdermal Drug Delivery System) technology platform to develop and manufacture patches, plasters, and cataplasmas for Alzheimer's treatment (Donepezil Patch/Donehesive™) and pain relief (Ketoprofen, Flurbiprofen, Lidocaine products), and (2) Cosmetics ODM/OBM Business developing and manufacturing cosmetic products including award-winning NMN Sleeping Mask and Artemisia Calming Serum. The company operates pharmaceutical CDMO services and exports to over 40 countries globally.

Differentiator

Problem solved

Functional benefit

Brands

• 메디타임 (MediTime): 화장품 브랜드 - 보툴리늄 유래 화장품, 앰플, 크림, 마스크팩等产品线，主打功能性护肤
• Donehesive™
• 나비끄 (Nabique)
• 도네리온패취
• ICURECOS

Products and services

• Donepezil Patch / Donerion Patch / Donehesive™ (도네페질 패치) Transdermal patch for Alzheimer's dementia treatment applied twice weekly (vs daily oral donepezil), delivering drug through skin for stable blood concentration and improved patient compliance. Distributed in Korea by Celltrion (since August 2022) and licensed internationally via supply contracts. US patent registered 2020.
• LIDOGESIC 5% Lidocaine Cataplasma (리도게식) 5% Lidocaine cataplasma for relieving postherpetic neuralgia. Uses TDDS technology to deliver lidocaine through skin over 12 hours for sustained pain relief. Applied directly to affected area.
• FLEXEN 40mg Flurbiprofen Plaster (플렉센) Anti-inflammatory analgesic plaster for pain relief using TDDS technology for transdermal delivery. Supplied to Trans Arabia for UAE and 7 Middle Eastern countries.
• Ketoprofen Plaster (케토프로펜 플라스타) Anti-inflammatory analgesic plaster using TDDS technology for transdermal delivery of ketoprofen. Supplied to Philippines, Singapore, and other regional markets.
• NMN Sleeping Mask

Quantifiable outcome

• H1 2025 cosmetics ODM/OBM revenue grew 221% YoY to ₩295.3B, exceeding full year 2024 revenue (₩256B) in just H1. Q2 2025 grew 246.3% YoY.
• +5 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

25 partnerships are on record, tiered core and minor.

• Honessan Pharma (Canada)coreChannel Partner/ Reseller/ Distributor · 25 March 2025Canadian pharmaceutical company. Largest-ever plastra deal signed March 2025 for 5-year supply of lidocaine, ketoprofen, and roxoprofen patches for Middle East region, approximately ₩400B. Largest supply contract in the company's history for topical patch products.
• Embrix + Lamedtech (엠브릭스, 라메디텍)minorStrategic or Co-development Partner · 17 March 2025Three-party MOU signed March 2025 for development of skin booster fusion polypeptide material. ICURE + Embrix + Lamedtech collaborating on innovative cosmetic ingredient development.
• Medinova PharmaceuticalcoreChannel Partner/ Reseller/ Distributor · 10 February 2025Philippines-based pharmaceutical distributor. Signed 5-year supply contract for ketoprofen and flurbiprofen plastra to be supplied to the Philippines, approximately ₩17B. Medinova plans to participate in Singapore government tender. Contract signed February 2025.
• Euro Pharma (Brazil)coreChannel Partner/ Reseller/ Distributor · 22 October 2024One of Brazil's largest pharmaceutical companies. Three-party partnership with ICURE and Celltrion for donepezil patch exclusive supply across 17 South American countries. Contract includes ₩3B upfront, ₩29B development milestones, ₩46B sales milestones, and ₩836B 10-year supply. Signed October 2024.
• UITCminorChannel Partner/ Reseller/ Distributor · 29 July 2024Singapore-based distributor established 1963, with operations in Hong Kong, Malaysia, and Singapore. Ketoprofen plastra supply contract signed July 2024. UITC plans to participate in Singapore government tender for pharmaceutical products.
• Trans ArabiacoreChannel Partner/ Reseller/ Distributor · 19 July 2024Dubai-based pharmaceutical distributor covering UAE and 7 Middle Eastern countries. 5-year supply contract for flurbiprofen plastra 'FLEXEN 40mg' and lidocaine cataplasma, approximately $880K (~₩11-13B). Obtained UAE marketing authorization in June 2026. Trans Arabia supplies to hospitals, clinics, and pharmacies in the region.
• Pharma Bavaria Internacional (PBI)coreChannel Partner/ Reseller/ Distributor · 20 March 2024Portuguese pharmaceutical company. Exclusive donepezil patch licensing and supply contract for Middle East, Africa, and some Asian countries (24 countries initially, expanded to 25 with Cambodia). 20-year contract worth approximately ₩600B plus $100K upfront. Expanded to include Cambodia in November 2025.
• Servicio de Comercio Internacional (Guatemala)coreChannel Partner/ Reseller/ Distributor · 19 December 2023Guatemalan pharmaceutical company. 5-year supply contract for lidocaine cataplasma, approximately $285K (~₩37-42B). Signed December 2023. Received local marketing authorization from Guatemala Ministry of Health and Social Welfare (MSPAS) in December 2025 — first overseas local approval under ICURE's cumulative ~₩3,000B overseas supply contract portfolio.
• ICURE PepGen (아이큐어펩젠)minorOthers · 26 October 2023Biopharmaceutical subsidiary for peptide drug development. Holds injectable-to-oral peptide platform technology patents.
• ANDK (UK)minorChannel Partner/ Reseller/ Distributor · 23 October 2023UK-based pharmaceutical distributor. Plastra and cataplasma supply contracts signed as part of cumulative ~₩150-170B plastra/cataplasma export contracts.
• Valma (Latin America)minorChannel Partner/ Reseller/ Distributor · 23 October 2023Latin American pharmaceutical distributor. Plastra and cataplasma supply contracts signed as part of cumulative ~₩150-170B plastra/cataplasma export contracts across Latin America, UK, UAE, Singapore, and Philippines.
• MenarinicoreChannel Partner/ Reseller/ Distributor · 27 February 2023Italy's largest pharmaceutical company. First overseas donepezil patch supply contract signed February 2023 for some Southeast Asian countries. Contract includes approximately ₩14B upfront, ₩110B in milestones, and ₩541B in 10-year product supply.
• Mokpo National University (목포대)minorStrategic or Co-development Partner · 7 June 2022Selected for Ministry of Science and ICT's Regional Innovation Leading Research Center (RLRC) support project in June 2022. Academic partnership for biotechnology and pharmaceutical research.
• OneCureGen (원큐어젠)minorStrategic or Co-development Partner · 13 April 2022ICURE's subsidiary for oral peptide anti-cancer drug development platform. Signed academic-industry collaboration with Ewha Womans University College of Pharmacy. Raised Series A funding, selected for R&D special zone cultivation follow-up advanced project.
• Primo Reyes / PrimorisminorStrategic or Co-development Partner · 7 December 2021MOU signed December 2021 for joint R&D on transdermal pharmaceuticals using exosome and DDS (Drug Delivery System) technology.
• Celltrion (셀트리온)coreChannel Partner/ Reseller/ Distributor · 20 August 2021Exclusive domestic distribution agreement for donepezil patch 'Donerion Patch' in Korea signed August 2021. Celltrion distributes in Korea following MFDS approval in July 2022. Also partnered in South American (17 countries) donepezil patch deal alongside Euro Pharma.
• Vitsche (비츠로셀)minorStrategic or Co-development Partner · 11 August 2021MOU signed August 2021 for next-generation smart medical patch business. Joint business development for smart patch technology combining Vitsche's technology with ICURE's TDDS platform.
• Cellular and Gene Therapy Convergence (고효율 백신 전달)minorStrategic or Co-development Partner · 22 December 2020MOU signed December 2020 for high-efficiency vaccine delivery using ICURE's TDDS and cell delivery technology (Cellprix). Aimed at developing cold-chain vaccine delivery solutions.
• ICUREBNP (아이큐어비앤피)coreOthers · 28 July 2020Biopharmaceutical subsidiary developing oral peptide anti-cancer drugs using proprietary cell membrane permeable peptide technology. US and Japan patents registered. Non-executive subsidiary fully controlled by ICURE.
• Chonbuk National University (전북대)minorStrategic or Co-development Partner · 29 April 2020Bio health R&D MOU signed April 2020 for joint research collaboration.
• Wonkwang University (원광대)minorStrategic or Co-development Partner · 9 August 2019Multiple MOUs signed including neuromusculoskeletal center collaboration (May 2018), bio health R&D partnership (April 2020), and school-enterprise 3-stage support program (May 2020) for joint pharmaceutical and biotechnology research.
• Cosmax ICURE (코스맥스아이큐어)minorOEM/ Whitelabel/ Licensing Partner · 12 March 2019Joint venture with Cosmax for ODM cosmetic manufacturing. Joint venture entity was liquidated in 2025, with ICURE taking over direct hydrogel mask production capacity (Capa). This liquidation created first self-produced hydrogel mask capacity in 2025.
• Kyungpook National University (경북대)minorStrategic or Co-development Partner · 15 February 2019MOU signed February 2019 for brain disease new drug development collaboration.
• Korea Institute of Technology (KIT)minorStrategic or Co-development Partner · 9 May 2018KIT signed partnership agreement with ICURE and 5 other companies in April 2018 for mutual business support.
• China Sinopharm (중국 시노팜)minorChannel Partner/ Reseller/ Distributor · 14 April 2017Explored joint venture establishment with China Sinopharm for donepezil patch distribution in China as of April 2017. China remained a potential market for future donepezil patch export as of 2020.

Scale indicators12 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Hisamitsu Pharmaceutical: Japanese global leader in transdermal patches (Salonpas) with comparable TDDS technology platform. Both companies develop patch-based drug delivery systems for pain relief (lidocaine, NSAID plastra) and other indications, making Hisamitsu the most direct global peer for ICURE's pharmaceutical patch business.
• Kolmar Korea: One of Korea's largest cosmetics ODM/OBM manufacturers serving domestic and international brands. Highly comparable to ICURE's cosmetics ODM/OBM business, which supplies K-beauty brands like APR, Toriden, and Amway with proprietary formulations. Both compete for the same K-beauty brand customers.
• Cosmax: Korea's largest cosmetics ODM manufacturer and former JV partner with ICURE (Cosmax ICURE JV was liquidated in 2025). Cosmax is a direct competitor in K-beauty ODM/OBM and now operates independently in the same customer space ICURE serves (APR, Amway, international brands).
• Teikoku Pharma: Japanese specialty pharmaceutical company focused exclusively on transdermal drug delivery. Direct peer to ICURE's TDDS franchise, both developing patch-based products for pain management and CNS indications. Comparable technology platform and licensing-driven business model.
• Cosmo Beauty: Korean mid-tier cosmetics ODM manufacturer with comparable formulation capabilities and customer base in K-beauty. Directly competes for the same domestic and international brand customers seeking Korean ODM partners.

Broad incumbents

• Luye Pharma Group: China-based specialty pharmaceutical company with a transdermal drug delivery platform (including donepezil-related products) and broader pharmaceutical portfolio. Comparable in TDDS technology focus but larger scale and broader geographic reach in Asia.
• Amorepacific: Korea's largest cosmetics company with both proprietary brands (Sulwhasoo, Innisfree) and ODM capabilities. Comparable as a Korean cosmetics leader but operates at much larger scale with a broader product portfolio; serves as both potential customer and competitor to ICURE's K-beauty ODM/OBM business.
• Noven Pharmaceuticals: US-based transdermal drug delivery specialist (acquired by Hisamitsu). Direct comparable in patch technology for CNS and other indications, though focused on US market. Notable for transdermal expertise and proprietary patch formulation IP similar to ICURE's donepezil patch.

Emerging players

• Corium: US-based specialty pharmaceutical company developing transdermal drug delivery systems. Comparable TDDS technology focus but smaller scale, primarily focused on US market. Represents similar niche transdermal expertise in a different geography.

Others

• Celltrion: Korean biopharmaceutical giant and exclusive domestic distributor of ICURE's donepezil patch. Also a 3-way partner (with Euro Pharma) for South American market rights. A key partner rather than direct competitor, but comparable as a Korean biopharmaceutical company with global ambitions and similar regulatory/commercialization profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/icure_official

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICURE Pharm