Hugel Breaks 3Q Quarterly and Cumulative Earnings Record

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Nov 13, 2023, 08:00 ET

Revenue of KRW 84.8bn, operating profit of KRW 34.6bn – 20% and 39.5% YoY growth
Solid performance of botulinum toxin in Asia, South America, Australia
Booming HA filler sales at home and abroad...Record-breaking quarterly sales in Europe

SEOUL, South Korea, Nov. 13, 2023 /PRNewswire/ -- Hugel, a global total medical aesthetics company, announced its 3Q 23 consolidated financial results on the 13th, reporting revenue of KRW 84.8 billion, operating profit of KRW 34.6 billion, and net profit of KRW 41.6 billion.

Thanks to the growth of Hugel's botulinum toxin and HA filler products both at home and abroad, revenue and operating profit grew by 20% and 39.5%, respectively, YoY. Net profit also skyrocketed by 58.4% YoY. Revenue reached an all-time 3Q high, and operating profits achieved the highest ever quarterly performance. Cumulative figures for the 3Q also hit a record high.

Hugel's botulinum toxin "Botulax(Export name: Letybo)" is solidifying its position as the top-performing premium brand in the domestic market and continues its robust growth overseas thanks to solid performance in Asia, including Thailand, Taiwan, and Japan, as well as South America and Australia.

Hugel's HA filler("THE CHAEUM(Export name: Revolax, Dermalax, and Persnica)" and "BYRYZN") grew by 40% YoY. Domestic revenue rose more than 140% with proactive marketing initiatives and systematic academic events. Overseas, the product set a new record for quarterly revenue in Europe, and sales in the Asia-Pacific region gradually increased, achieving strong growth of over 20%.

Moreover, revenue for derma cosmetic brand "WELLAGE" grew by 35% YoY thanks to a strategy to diversify distribution channels such as introduction in duty-free stores and the launch of new products. Sales from H&B store have continued to rise with the synergy effect of the "Real Hyaluronic 100" product line.

In 4Q, Hugel will continue to focus on expanding the global market for botulinum toxin. Hugel recently obtained marketing approval in Switzerland and is expanding its presence in Europe. Hugel also revised the European distribution agreement with Croma, whereas product scope was adjusted to 50unit only and Hugel regained the operation rights for all other SKUs. Hugel expects to generate sales in Canada where marketing approval was obtained last year and obtain FDA's marketing approval in 1Q of next year.

Hugel is actively promoting the advancement of its HA filler in the global market. In Europe, Hugel plans to increase its market share to 20% within three years by swiftly securing region-wide sales networks with more footprints and higher penetration in the region, including the Netherlands and Belgium. In August, Hugel obtained marketing approval in Thailand and plans to launch its products within the year. As the No.1 toxin player(in terms of volume share) and first Korean company to comprehensive aesthetic product portfolio in Thailand, Hugel plans to implement a customized strategy that will create synergy among its products.

A Hugel executive said, "Hugel has not only achieved growth in Korea, but also in the Asia-Pacific and North and South America, achieving the highest 3Q revenue and record-high quarterly operating profits. Hugel will make company-wide efforts to capture the global market by enhancing brand equity and value proposition in new territories."

SOURCE Hugel