Hugel Achieves Record-High Net Sales and Operating Profit in Q3 2024
South Korean medical aesthetics leader Hugel has announced stellar financial results for the third quarter of 2024, demonstrating significant growth fueled by its global expansion strategy. The company reported a record-breaking KRW105.1 billion in net sales and KRW53.4 billion in operating profit, representing year-over-year increases of 23.9% and 54.5%, respectively. This marks the first time Hugel has surpassed KRW100 billion in net sales and KRW50 billion in operating profit for a single quarter.
Botulinum Toxin Sales Drive Growth
Hugel’s botulinum toxin product, Botulax (known as Letybo for export), played a key role in the company’s exceptional performance. Sales of Botulax surged 41% year-over-year, reaching KRW64.7 billion. This growth was driven by the initial shipment of the product to the US market in July and September, along with continued robust growth in the Asia-Pacific region. Notably, toxin sales in South Korea also saw a year-over-year increase of more than 5%, attributed to expanded distribution and positive market reception for the 300 IU variant.
Global Expansion and Continued Success
Beyond Botulax, Hugel’s hyaluronic acid (HA) fillers, including THE CHAEUM (exported as Revolax, Dermalax, and Persnica) and BYRYZN SKINBOOSTER HA, achieved KRW29.9 billion in sales during the third quarter. The company reported a 7% year-over-year increase in filler sales in Europe, demonstrating steady growth across global markets. Additionally, Hugel’s cosmetics brands WELLAGE and BYRYZN BR saw a remarkable 37.4% rise in sales, fueled by the launch of WELLAGE’s new Hyper Peptide lineup and the increasing popularity of BYRYZN BR since its April market debut. Hugel’s Bioabsorbable suture BlueRose is also contributing to the company’s overall growth.
US Market Focus and Future Plans
Looking ahead, Hugel is focused on accelerating market expansion in both Korea and overseas markets. A key milestone for the company is the planned official launch of Botulax (Letybo) in the US market later this year. Hugel is collaborating with its California-based partner, BENEV Company Inc., to establish a strong presence in the US market. The company aims to achieve a 10% market share within three years by leveraging its robust sales and marketing strategies.
