Hugel Achieves Record High Revenue for the First Quarter

News provided by

May 09, 2024, 03:29 ET

Revenue of KRW 74.3bn, operating profit of KRW 24bn, and net income of KRW 22.7bn...15.4%, 29.5%, and 33.8% YoY growth
Steady growth across all product lines, including botulinum toxin, HA fillers, and cosmetics, in both home and abroad markets

SEOUL, South Korea, May 9, 2024 /PRNewswire/ -- Hugel, a global total medical aesthetics company, announced its 1Q24 consolidated financial results on the 9^th, reporting revenue of KRW 74.3 billion, operating profit of KRW 24 billion, and net income of KRW 22.7 billion.

With the steady growth of its botulinum toxin and HA fillers products both at home and abroad, Hugel's revenue increased 15.4% YoY, achieving an all-time high performance for the first quarter. Operating profit and net income also surged by approximately 30% and 34%, respectively, compared to the same period of last year.

Hugel's botulinum toxin "Botulax (Export name: Letybo)" received positive reactions in Korea for its large-dose 300 Unit product, and continued its strong growth momentum with a 46% sales surge in the Asia-Pacific region, including Australia, Japan, Thailand, and Taiwan.

For its HA fillers ("THE CHAEUM (Export name: Revolax, Dermalax, and Persnica)" and "BYRYZN Skinbooster HA"), Hugel continued various domestic marketing and academic programs to commemorate the 10^th anniversary of the launch of THE CHAEUM. Overseas revenue grew evenly in all regions, including Asia-Pacific, North and South America, and Europe, and as a result, HA fillers grew by 12% YoY.

Driven by new product launches and various sales and marketing activities, revenue for the derma cosmetics brand "WELLAGE" grew by 50.8% YoY. The suture brand "Blue Rose (Export name: Licellvi)" also maintained steady growth.

Hugel plans to focus on expanding its domestic and overseas markets in the second half of the year as well. The company will conduct various activities, including academic seminars and training for "Botulax" targeting healthcare professionals both at home and abroad. Additionally, by providing procedure guides for each dosage and for combined treatments, it plans to continue strengthening its position in the global toxin market.

Hugel recently obtained marketing approval for "THE CHAEUM" in Thailand, Lebanon, and Saudi Arabia and is now focusing on establishing itself in these new markets by holding launching seminars and academic marketing with local key opinion leaders (KOLs).

Hugel is also accelerating sales and marketing efforts to raise brand awareness for its total skin solution brand "BYRYZN". It recently aired a TV commercial for its "Skinbooster HA" featuring actress Na-young, Lee. In April, the company also launched its high-end cosmetics brand "BR", with plans to develop it into one of Hugel's core brands.

A Hugel official stated, "All our product lines, including botulinum toxin, HA fillers, and cosmetics, achieved comprehensive growth both at home and abroad, allowing us to set a new sales record for the first quarter. We will devote all our efforts to establishing aggressive marketing strategies for each brand and expanding our global market presence to enhance Hugel's corporate value."

SOURCE Hugel