Hugel hit Record High Quarterly Revenue and Operating Profit

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Aug 07, 2024, 03:29 ET

Revenue of KRW95.4bn, operating profit of KRW42.4bn, net income of KRW37bn… 17%, 51.6%, and 72.7,%, respectively, year-on-year growth
With solid performance in global markets such as Asia-Pacific and Europe, botulinum toxin and HA filler sales grew by 17.6% and 20%, respectively
Focus on international expansion in the second half of the year…Penetrate into the North American market with the first toxin shipment to the U.S.

SEOUL, South Korea, Aug. 7, 2024 /PRNewswire/ -- Hugel, a global total medical aesthetics company, announced consolidated financial statements for the second quarter of 2024 on August 7^th, reporting revenue of KRW95.4billion, operating profit of KRW42.4billion, and net income of KRW37billion.

Thanks to solid performance in global markets, revenue, operating profit, and net income increased 17%, 51.6%, and 72.7%, respectively, compared to the same period last year. Notably, revenue and operating profit surpassed KRW90billion and KRW40billion for the first time, achieving all-time high quarterly results.

By product, sales of the botulinum toxin "Botulax (Export name: Letybo)" increased by 17.6% YoY. Hugel maintains its leading position in domestic market, while in global markets, sales grew in Europe and key Asia-Pacific regions including China, Thailand, Japan, Taiwan, and Australia. International sales increased by 62% year-on-year with the largest quarterly shipment to China.

Sales of HA fillers ("THE CHAEUM (Export name: Revolax, Dermalax, and Persnica)" and "BYRYZN Skinbooster HA") also grew by 20% YoY, achieving steady growth in both domestic and international markets. As a result of conducting new advertising campaigns in Korea and continuing academic marketing activities targeting overseas medical professionals, sales increased evenly across all regions including the Asia-Pacific, North and South America, and Europe.

Cosmetics sales also grew 10% YoY. The company is expanding consumer choices by introducing a variety of new products under its derma cosmetics brand "Wellage" and launching a high-end cosmetics brand "BYRYZN BR".

Hugel will continue to focus on international expansion in the second half of the year. Starting with the initial shipment of "Botulax (Export name: Letybo)" to the U.S. at the end of July, Hugel plans to focus on stably settling in the North American market, including Canada.

In addition, the company plans to continuously strengthen its presence and to increase reliability in Hugel and its product power in the global medical aesthetics market via conducting various sales and marketing activities targeting key opinion leaders (KOLs) in both domestic and key international markets.

A Hugel official stated, "Hugel has achieved all-time high quarterly revenue and operating profit, driven by anchor products such as botulinum toxin and HA fillers, demonstrating continued solid performance across global markets in the second quarter of this year. We will continue vigorous marketing activities tailored to local conditions to expand our presence in not only the United States but also in other countries where Hugel has a presence in markets such as Asia-Pacific and Europe."

SOURCE Hugel