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[2019.08.13] Hugel posts 2Q revenue of KRW50.3bn and operating profit of KRW16bn

< Tentative Earnings Release >

Hugel posts 2Q revenue of KRW50.3bn and operating profit of KRW16bn

- 2Q revenue of KRW50.3bn, up 17.3% YoY

- Maintains #1 M/S in domestic BoNT market; HA filler sales up 9.8% YoY powered by strong growth in global/domestic markets

- Additional crow’s feet indication for botulinum toxin product ‘Botulax’ expected in 2H


<Financial Summary 2Q 2019>                                                                                           (Unit: KRW million)


2Q 2019

 1Q 2019

2Q 2018









Operating profit






Net profit








Hugel, Inc. (145020.KQ) reported today its second quarter 2019 financial results, posting revenue of KRW50.3bn, operating profit of KRW16bn and net profit of KRW12.8bn.

Total revenue increased 17.3% YoY with quarterly revenue exceeding KRW50bn level which is the highest among the company’s historical 2Q results. Operating profit was down 4.5% YoY.

Hugel’s botulinum toxin (BoNT) product, ‘Botulax’ revenue declined 5.4% YoY owing to last year’s high-base. Meanwhile, Asia exports continued to steadily grow driven by Taiwan and Thailand. Hugel’s domestic BoNT revenue

recorded KRW14.7bn in 2Q, sustaining its solid #1 market share.


HA filler business delivered meaningful performance as well. Hugel’s HA filler products are currently selling in 19 different countries. Particularly, HA filler sales in EU/CIS countries increased 183% YoY and 38.7% QoQ, mainly led by the UK. Moreover, domestic HA filler revenue in 1H19 grew 33.8% YoY powered by Hugel’s full HA filler line-up including the newly launched premium HA filler ‘Dermalax’ as well as its active marketing activities.


Upcoming earnings outlook is also positive. Hugel will strengthen its position in the domestic toxin market through advanced sales/marketing excellence and also continue to accelerate its overseas penetration by entering the global big markets. At the end of April this year, the company submitted a Biologics License Application (BLA) in China for its BoNT product; final approval is expected in 1Q 2020. Hugel is also expecting approval in Europe and the US by 2021 and 2022, respectively. Separately, Hugel plans to focus sales of its’ HA filler products in Europe markets such as France, Germany and Denmark, following the UK.


Moreover, Botulax is expected to obtain an additional crow’s feet lines indication in 2H. Currently, Botulax has been approved for four cases of indication; blepharospasm, glabellar lines, post-stroke upper-limb spasticity and foot deformity in pediatric cerebral palsy. With the additional indication for crow’s feet lines, Hugel will have five indications in total.

“Hugel continues to deliver steady growth on the back of Botulax and Dermalax’s strong competitiveness not only in domestic market but also markets in other parts of the world,” said the company official. “As a global biopharmaceutical company, we will expand our presence in the domestic and overseas markets by strengthening our competitiveness through steady R&D and also by advanced distribution/marketing strategy such as optimization of overseas distribution channels.”



Prev [2019.11.12] Hugel reports revenue of KRW51.1bn and operating profit of KRW18.2bn Navigating the domestic and overseas markets via toxin and HA fillers
Next [2019.05.10] Hugel, Inc. posts first quarter financial results, showing solid performance