Hugel Achieves Record-high Quarterly Sales

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Nov 11, 2022, 08:00 ET

- Recorded revenue of KRW 70.7bn, operating profit of KRW 24.8bn, up 35.0% and 18.3% YoY, respectively

- Botulinum toxin's sales soared by 67% YoY, achieving record-high quarterly sales in China

- Hugel's botulinum toxin, Letybo continues to expand into global markets, including the U.S., Canada, and Australia

SEOUL, South Korea, Nov. 11, 2022 /PRNewswire/ -- Hugel (CEO: Jihoon Sohn), a global total medical aesthetics company, announced its 3Q22 consolidated financial results on November 10th, recording a revenue of KRW70.7bn, operating profit of KRW24.8bn and net income of KRW26.3bn.

The company delivered its record-high quarterly revenue as the global export of its representative products, botulinum toxin and HA filler, showed a sharp increase. The revenue and operating profit rose by 35.0% and 18.3%, respectively, and the gross profit soared by 37.5% to KRW55.6bn YoY.

In particular, the sales of botulinum toxin, skyrocketed by around 67% YoY. In the domestic market, the product is reinforcing its market dominance with consistent sales and it recorded the highest quarterly sales in the Chinese market, fueled by the recovery of the demand for medical aesthetics and the easing lockdown.

Its growth in major ROW regions, including Brazil, Thailand, and Taiwan, has also contributed to the sales increase of botulinum toxins. Specifically, the sales in the Latin American region, including Brazil, showed a 159% YoY growth. Hugel has also launched its products in major European countries, such as the U.K., France, Germany, and Italy, among the Tier 1 countries that obtained marketing approval, generating solid sales.

Hugel's HA filler, has expanded its overseas sales owing to a consistent increase in sales in the European markets, such as the U.K., France, and Poland, and its first shipment to China. Its cosmetics brands, Wellage and [PR]4, sustained its robust growth of 16% YoY as increasing the sales from home shopping, H&B (health and beauty) stores, and online channels.

Hugel plans to put its focus on the global market expansion of Letybo going forward. For the U.S. market, marketing approval for Letybo is expected to be granted in the first half of 2023, which was resubmitted to the U.S. Food and Drug Administration (FDA) last October. Canada, where the marketing approval was obtained in last June, is scheduled to be launched through subsidiary company within the first quarter of 2023. In addition, marketing approval for Australia is expected by 2022. The marketing approval for the Tier 2 European countries is also expected to be obtained within 2022.

Hugel is carrying out various activities to enhance the awareness of "Letybo" brand through 'Letybo authenticity verification program' in cooperation with the Chinese Association of Plastic Surgery. Hugel also plans to launch its HA filler in China in the first quarter of 2023. As the first Korean company which has made its way into both the botulinum toxin and HA filler markets in China, Hugel plans to promote various marketing programs that can maximize the synergy between these products.

Hugel's CEO, Jihoon Sohn, said, "Hugel showed excellent performance of delivering the highest quarterly revenue in the third quarter this year with outstanding export growth in many regions, such as China, Europe, Brazil, Thailand, and Taiwan. We will continue to make efforts to maximize our corporate value of leaping to become a global leader by reinforcing our leadership in existing markets and our penetration into new global markets."

SOURCE Hugel