Hugel Achieves Record High Sales and Operating Profit Last Year... "Focusing on Global Expansion"

'Botulax' Sales Increase 28.9% Year-on-Year
European Sales Begin in Earnest
Aiming for US Approval and Local Launch Within the Year

[Asia Economy Reporter Myunghwan Lee] Hugel has achieved its highest-ever sales and operating profit since its launch.

Hugel announced on the 9th that its consolidated sales last year were preliminarily estimated at 281.7 billion KRW, a 21.5% increase compared to the same period of the previous year. Operating profit during this period rose 7.2% to 102.5 billion KRW, and net profit grew 2.2% to 61.7 billion KRW.

On a quarterly basis, sales and operating profit in the fourth quarter of last year each surpassed 80 billion KRW and 30 billion KRW for the first time, respectively.

Exterior view of Hugel Geodugong Factory. / Photo by Hugel

Hugel explained that its flagship products, the botulinum toxin 'Botulax' and HA filler 'The Chaeum,' showed growth in overseas markets, breaking records for highest sales and operating profit. Sales of these products increased by 21.5%, and operating profit rose by 7.2% compared to the same period last year.

By product, Botulax sales increased by 28.9% year-on-year. Sales surged in overseas markets including China, Europe, Thailand, Taiwan, and Brazil, as well as domestically. Despite stringent lockdown policies in China, stable sales were recorded, and in Europe, product approvals were obtained in a total of 20 countries, including 11 major countries.

The HA filler 'The Chaeum' saw rapid overseas sales growth as China, which obtained product approval last year, began full-scale operations alongside gradual sales growth in Europe, including the UK, France, and Germany. Cosmetic brands 'Wellage' and 'PRP' saw sales increase by 44.7% compared to the same period last year.

Hugel plans to focus on expanding its global market in 2023 as well. In Europe, it plans to obtain additional approvals in 16 countries, completing product approvals in a total of 36 countries within the year. In China, with the HA filler expected to launch mid-year, Hugel will actively leverage the synergy of both toxin and filler products, while enhancing local market competitiveness through differentiated marketing such as 'Retivo genuine product certification activities.'

A Hugel official said, "Starting with our entry into Europe last year, we were able to achieve meaningful results by recording visible growth in domestic and overseas markets. Especially this year, with major toxin market entries in the US, Canada, and Australia ahead, we plan to focus on activities to promote Hugel’s global corporate value and competitiveness in the world market."