Successful Rebound of 'K-Toxin·Filler'... Accelerating Global Market Expansion

Daewoong Pharmaceutical, Medytox, and Hugel
Achieve Record-High Q2 Performance
Strong Export Growth Driven by Key Products

[Asia Economy Reporter Lee Gwan-ju] The domestic medical aesthetic industry, including botulinum toxin and fillers, which had contracted due to COVID-19, successfully rebounded in the second quarter of this year with a surge in performance. With the global market entry of domestic products accelerating, it is expected that steady growth will continue in the second half of the year.

According to the pharmaceutical and bio industry on the 17th, Daewoong Pharmaceutical, Medytox, and Hugel, which lead the domestic botulinum toxin industry, all posted record-breaking quarterly results in the second quarter thanks to the growth of toxin products. Hugel recorded consolidated sales of 67.4 billion KRW in the second quarter, achieving the highest quarterly performance ever. In particular, sales of botulinum toxin alone amounted to 36.9 billion KRW, accounting for 54.8% of total sales. Sales of the flagship product ‘Botulinum’ rose 7% compared to the same period last year, with demand in Southeast Asia and South America greatly increasing, causing total exports to surge by 40%.

Medytox also posted sales of 49.8 billion KRW, operating profit of 10.4 billion KRW, and net profit of 19.3 billion KRW in the second quarter, growing 13%, 134%, and 333% respectively compared to last year. This is interpreted as a result of about a 40% increase in sales of its core toxin formulation compared to the previous quarter. The hyaluronic acid (HA) filler product ‘Neuramis’ is also continuing its high growth, with quarterly sales approaching 20 billion KRW.

Daewoong Pharmaceutical’s toxin formulation ‘Nabota’ recorded sales of 37.1 billion KRW in the second quarter alone, a 60% increase from 23.2 billion KRW in the same period last year. Among this, exports amounted to 29.2 billion KRW, increasing 105% during the same period. Exports to the United States, one of the world’s largest toxin markets, were 21.1 billion KRW, and it is evaluated that sales also performed well in Southeast Asia and South America. Additionally, Humedix recorded sales of 37.1 billion KRW, a 45% increase compared to the same period last year, centered on toxin formulations and fillers, and Bioplus, focusing on HA fillers, posted sales of 14.1 billion KRW, growing 49.6%.

This performance rebound is analyzed to be due to the easing of quarantine measures such as the lifting of social distancing and outdoor mask mandates, and the resumption of economic activities, which had caused difficulties for toxin and filler products during the COVID-19 pandemic. In particular, increased demand from abroad contributed to improved performance through increased exports.

Amid this encouraging atmosphere, the industry is focusing on securing continuous growth momentum. Hugel is accelerating its global market entry by obtaining additional product approvals in 12 European countries in the second half of the year, resuming local marketing in China, which had slowed due to COVID-19 lockdowns, and launching new products in Canada. Medytox is launching a full-scale market attack with ‘Coretox,’ a new toxin formulation with the non-toxic protein removed, while planning to complete the domestic product approval for the next-generation toxin ‘Newlux,’ analyze Phase 3 clinical data in the U.S. for the new formulation toxin ‘MT10109L’ under development targeting the U.S. and European markets. Daewoong Pharmaceutical will also launch Nabota in major European and South American countries in the second half of the year.

An industry official said, "Both botulinum toxin formulations and fillers clearly have limitations in the domestic market alone, so global expansion is essential," adding, "As market entry continues to expand in major markets such as the U.S., Europe, China, Southeast Asia, and South America, the status of ‘K-Toxin and Fillers’ in the global market can be elevated."