Hugel Achieved Record-High Revenue and Operating Profit

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Feb 09, 2023, 09:00 ET

Hugel delivered 2022 revenue of KRW281.7bn, operating profit of KRW102.5bn, up 21.5% YoY and 7.2% YoY, respectively
Botulinum toxin's sales soared by 28.9% YoY; European sales in full swing
Hugel aims to obtain marketing approval and launch products in the U.S. within this year

SEOUL, South Korea, Feb. 9, 2023 /PRNewswire/ -- Hugel (CEO: Ji-hoon Sohn), a global total medical aesthetics company, announced its 2022 consolidated financial results on February 9th, recording revenue of KRW281.7bn, operating profit of KRW102.5bn and net income of KRW61.7bn.

The company delivered its record-high revenue and operating profit driven by the remarkable growth of the company's representative products, including the botulinum toxin and the HA filler in overseas markets. The revenue and operating profit rose by 21.5% YoY and 7.2% YoY, respectively and the gross profit soared by 23.6% YoY to KRW218.9bn.

Breaking down the figures by product, sales of the botulinum toxin increased by 28.9% YoY. Hugel increased sales and solidified market dominance in Korea based on excellent product quality and exclusive marketing contents. Toxin exports skyrocketed in overseas markets including Mainland China, Europe, Thailand, Taiwan, and Brazil.

In particular, Hugel recorded stable sales in China despite the country's strict lockdown policy. In addition, the company obtained marketing approval for Botulinum toxin in a total of 20 European countries, including 11 major countries and increased sales by successfully launching into the U.K., France, Germany, Italy, Spain, and Austria.

Hugel's HA filler, export sales surged by delivering gradual growth in European markets, including the U.K., France, and Germany and also by initiating shipment to China of which marketing approval was obtained last year. Its cosmetic brands, "Wellage" and "[PR]4" achieved significant growth of 44.7% YoY by continuously launching new products and conducting online and offline marketing activities.

Hugel plans to focus on expanding in the global market in 2023 and obtain marketing approval in additional 16 European countries to achieve marketing approval in a total of 36 countries within 2023. Also, the company plans to launch its HA filler in China in mid-2023, Hugel will actively utilize the synergy effect of toxin and filler and enhance competitiveness in the Chinese market through unique marketing activities, such as an "Authenticity verification program".

Hugel plans to advance into new markets, including North America and Oceania. Hugel expects to obtain marketing approval and launch products in the U.S., which was resubmitted to the U.S. Food and Drug Administration (FDA) last October. Letybo is expected to be launched in Canada and Australia, where marketing approvals were obtained last year, directly through Hugel Canada and Hugel Australia.

Hugel's CEO, Jihoon Sohn commented, "Hugel achieved outstanding performance with record-high revenue and operating profit led by significant growth in domestic and overseas markets including successful advancement into Europe last year. Since we plan to enter into major toxin markets, such as the U.S., Canada, and Australia, we will focus on activities that enhance Hugel's corporate value and competitiveness in the global market."

SOURCE Hugel