Hugel reports record Q3 net sales, operating profit

Hugel, a prominent player in the global medical aesthetics industry based in Seoul, South Korea, has released its consolidated financial results for the third quarter of 2024. The company reported net sales of KRW105.1 billion and an operating profit of KRW53.4 billion, marking increases of 23.9% and 54.5% respectively compared to the same period last year. Additionally, the net income for this quarter was KRW42 billion.

The company’s robust financial performance can be attributed to its expansive global market reach. Notably, this is the first time that Hugel's quarterly net sales and operating profit have exceeded KRW100 billion and KRW50 billion, respectively, setting a new record for the company.

In terms of product performance, sales of Hugel’s botulinum toxin product, "Botulax" (marketed internationally as Letybo), saw a significant increase of 41% year-over-year, totaling KRW64.7 billion. The overseas sales of this toxin grew by an impressive 73% compared to the same period in the previous year. This growth was driven by initial shipments to the US in July and September, as well as strong market performance in the Asia-Pacific region. Within South Korea, toxin sales also saw a boost of over 5%, supported by the expansion of accounts and favorable market responses to the 300 IU product.

Hugel’s hyaluronic acid (HA) fillers, known domestically as THE CHAEUM and internationally as Revolax, Dermalax, and Persnica, along with the BYRYZN SKINBOOSTER HA, achieved sales of KRW29.9 billion in the third quarter. The fillers experienced a 7% increase in net sales in Europe year-over-year, showing steady growth in various global markets.

The company’s cosmetics brands, including WELLAGE and BYRYZN BR, reported a 37.4% increase in sales compared to the previous year. WELLAGE introduced its new product line, Hyper Peptide, in August, while BYRYZN BR has seen a growing consumer base since its launch in April. Additionally, the bioabsorbable suture product, BlueRose, continues to demonstrate solid growth.

Looking ahead, Hugel intends to further its expansion in both the South Korean and international markets in the fourth quarter. A significant focus will be the official launch of Botulax (Letybo) in the US market later this year, in collaboration with its California-based partner, BENEV Company Inc. Hugel aims to secure approximately a 10% market share in the US within three years through vigorous sales and marketing initiatives.

An official statement from Hugel highlighted the company’s achievement of record-high quarterly earnings, driven by the strong performance of its botulinum toxin and filler products in global markets, surpassing KRW100 billion in net sales and KRW50 billion in operating profit. The official expressed confidence in the company’s fourth-quarter plans to successfully launch its botulinum toxin product in the US and bolster its presence in around 70 countries, including key markets in the Asia-Pacific and Europe.