Hugel Achieves Record-High Revenue and Operating Profit

– Achieved 4Q revenue of KRW 88.9bn, operating profit of KRW 36.8bn, net profit of KRW 17.1bn, respectively 4%, 22.4%, 451.6% YoY growth

– FY 23 Sales growth of 5.2% and 25.1% for botulinum toxin and HA filler, with growth in domestic and international markets

SEOUL, South Korea, Feb. 14, 2024 /PRNewswire/ — Hugel, a global total medical aesthetics company, announced its 4Q 23 consolidated financial results on the 14th, reporting revenue of KRW 88.9 billion, operating profit of KRW 36.8 billion, and net profit of KRW 17.1billion, achieving another quarterly record-high. Sales revenue, operating profit, and net profit grew by 4%, 22.4%, and 451.6%, respectively, YoY.

Revenue, operating profit and net profit in 2023 reached KRW 319.7 billion, 117.8 billion and 97.1 billion, grew by 13.5%, 16.2% and 60% respectively, setting a new Record.

In domestic market, Hugel’s botulinum toxin “Botulax” has maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services. Its sales have also delivered strong growth in international markets including Australia, China, rest of Asia, and South America.

The fast growth in revenue in Australia and sales in China also gradually ramped up. In Europe, Hugel has obtained marketing approval in Bulgaria, Iceland, Croatia, and Estonia, thereby expanding its market presence to 30 countries in the region.

Hugel’s HA filler(THE CHAEUM, BYRYZN) achieved 25% YoY growth. Thanks to various sales and marketing efforts to promote brand awareness, Hugel’s HA filler recorded KRW 30 billion in domestic sales revenue for the first time. In addition, Hugel also observed strong performance in the Asia-Pacific, Europe and other overseas markets.

Sales for derma cosmetic brand “WELLAGE” also grew by over 28%. In addition, Hugel launched new products, including the Real Hyaluronic 100 and Real Cica Calming 95 product lines, to further enhance the product portfolio and maximize the channel value. The company also continued to expand its sales channels with more presence in overseas distribution, online and duty-free shops. Furthermore, the product pipelines for the thread brand “BLUE ROSE” were expanded, and the brand has seen a gradual increase in sales.

In the coming year, Hugel plans to solidify its position in both the domestic and international botulinum toxin markets through more targeted and differentiated sales and marketing strategies, including optimized value-add services to the physician community, more comprehensive medical training and academic programs.

Hugel’s HA filler is also expected to deliver continued growth. In Korea, the company plans to carry out a brand campaign to commemorate the 10th anniversary of the product’s launch. Internationally, various marketing and training activities will be carried out to strengthen the brand’s influence and penetration, particularly in new markets, such as Thailand, where the product was launched in January, and in Lebanon and Saudi Arabia, where Hugel recently obtained marketing approvals.

A Hugel official stated, “Our flagship products, botulinum toxin and HA fillers, continued to grow both at home and abroad, consistently setting new records every quarter and exceeding KRW 300 billion in sales annual revenue for the first time. This year, Hugel aims to enhance its product and academic leadership globally through our international business expansion and continuous commitment to serve the medical aesthetic community.”

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SOURCE Hugel