Hugel, a leading global medical aesthetics company, announced the consolidated financial statement for the third quarter of 2024 on November 6, reporting KRW105.1 billion in net sales, KRW53.4 billion in operating profit and KRW42 billion in net income.
Backed by the company’s global expansion, the quarterly net sales and operating profit have surpassed KRW100 billion and KRW50 billion for the first time, respectively, achieving record-high earnings. The net sales and profit respectively increased 23.9% and 54.5% year-over-year.
By product, sales of botulinum toxin "Botulax (name for export: Letybo)" rose 41% on-year to reach KRW64.7 billion. The toxin’s overseas sales jumped 73% in the third quarter on-year, thanks to the initial shipment to the US in July and September and robust growth from the Asia-Pacific market. Toxin sales in South Korea climbed more than 5% on-year, driven by accounts expansion and positive responses for 300 IU in the domestic market.
Sales of hyaluronic acid (HA) fillers THE CHAEUM (name for export: Revolax, Dermalax and Persnica) and BYRYZN SKINBOOSTER HA amounted to KRW29.9 billion in the third quarter. The net sales of the fillers in Europe were up 7% year-over-year, with steady growth across global markets.
Cosmetics brands such as WELLAGE and BYRYZN BR posted a 37.4% rise in sales year-over-year. Derma cosmetics brand WELLAGE released new lineup Hyper Peptide in August, and high-end cosmetics brand BYRYZN BR has been increasing its consumer base since its market debut in April. Bioabsorbable suture BlueRose is also strengthening its growth.
Hugel aims to accelerate the Korean and overseas market expansion in the fourth quarter. The company plans to officially launch Botulax (name for export: Letybo) later this year in the US market, the company’s main focus, via collaborations with its California-based partner BENEV Company Inc. Hugel will also actively push sales and marketing activities to be well-positioned and achieve around 10% share in the US market within three years.
“Hugel posted record-high quarterly earnings with the strong performance of botulinum toxin and fillers in global markets, exceeding KRW100 billion in net sales and KRW50 billion in operating profit. In the fourth quarter, we will successfully launch botulinum toxin in the US and make company-wide efforts to strengthen its presence in around 70 countries such as the Asia-Pacific and European markets,” a Hugel official said.
About Hugel
Established in 2001, Hugel is a leading global medical aesthetics company that manufactures injectables for skin rejuvenation such as botulinum toxin, hyaluronic acid fillers and skin boosters as well as absorbable sutures and cosmetics products. The company is the only South Korean supplier to the world’s three largest botulinum toxin markets, the US, China and Europe. It exports medical aesthetic products and devices to around 70 countries and operates eight global subsidiaries in the US, Australia, Canada, Taiwan, China, Hong Kong and Singapore.
