Hugel Achieves Record-High Revenue and Operating Profit for 2Q

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Aug 10, 2023, 08:00 ET

- Revenue of KRW81.6bn, Operating profit of KRW28bn...28% YoY growth
- Botulinum toxin and HA filler sales growth in both domestic and overseas market...
Strong performance in Europe and Asia Pacific
- Preparing for launch of toxin in Canada and targeting to resubmit to U.S. FDA

SEOUL, South Korea, Aug. 10, 2023 /PRNewswire/ -- Hugel, a global total medical aesthetics company, announced its 2Q23 consolidated financial statements on August 9^th, reporting revenue of KRW81.6bn, operating profit of KRW28bn, and net profit of KRW21.4bn.

Revenue and operating profit both grew 28% YoY, reaching all-time highs for 2Q performance. Gross profit recorded KRW62.9bn, a 26% increase YoY.

Revenue of Hugel's botulinum toxin product increased 17% YoY led by growth in both domestic and overseas markets. Hugel has solidified its leading position in domestic market by expanding its distribution channel to online. Export revenue grew backed by steady growth in Asian markets such as Thailand, Taiwan, and Japan as well as 23 European countries. The company also rapidly generated revenue from Australia followed by official launch of its botulinum toxin, Letybo in April.

Hugel's HA filler revenue rose 43% YoY. Domestic sales of HA filler increased significantly 103% YoY driven by consumer targeting campaigns and academic promotions. HA filler export revenue are gradually increasing in Asia Pacific and major European countries, such as France, Poland, Germany, and the U.K.

Cosmetics revenue grew 41% YoY led by increasing sales in existing health and beauty stores and home shopping channels as well as newly added online distribution and marketing channels. Absorbable thread revenue also increased around 20% YoY backed by product line-up expansion.

Hugel plans to expand its domestic market share in 2H23 through novel sales and marketing strategies. The company plans to expand its academic programs, seminars, and small group academies; actively host evidence-based campaigns based on various global clinical data results; and digitize existing webzines to strengthen its partnership with HCPs.

Hugel will also focus on expanding overseas markets. In China, Hugel continues to partner with new hospitals and clinics, including a supply contract with "Mylike," the largest hospital network in China based on "One Patient One Vial" campaign in line with the Chinese government's three policy goals – standardization of plastic surgery institutions, specialization of medical staff, and legalization of products. In addition, Hugel hosted a launching ceremony for its HA filler brand "Persnica" in June prior to commencing official sales. Hugel plans to develop various strategies to create synergy between its toxin and filler products to increase market competitiveness.

In Australia, Hugel expects to achieve a 5% share within the botulinum toxin market this year by leveraging on the local network previously established with its HA filler. The company also will continue to further expand its presence in European countries for both botulinum toxin and HA filler products.

In addition, Hugel is about to enter the North American botulinum toxin market. Hugel received approval for its Letybo in Canada last year and is preparing for commercial launch into the market after 3Q23. The company is also targeting to resubmit in the U.S. at the end of August and receive marketing approval by 1Q24.

Hugel continues to expand its presence in Rest of the World (ROW) markets, including the United Arab Emirates for HA filler and Kuwait for botulinum toxin. The company also won the bid led by the Brazilian government.

An official from Hugel said, "By achieving stable sales growth not only in the Korea market but also globally, we have set a new record for sales and operating profits in the second quarter. We will soon complete our entry into major overseas markets, such as Canada and the U.S., and will continue to expand our global presence."

SOURCE Hugel