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Hugel reported1Q22revenue of KRW64.9bn and operating profit of KRW25.0bn
2022-05-13

Hugel reported1Q22revenue of KRW64.9bn and operating profit of KRW25.0bn 

- Botulinum toxin and HA filler delivered solid performance in domestic market Significant growth of HA filler in overseas markets

- Obtained marketing approval for toxin in 9 European countries Expect to launch HA filler in China in 3Q22

 

Hugel, a global total medical aesthetics company (145020.KQ) reported its 1Q 2 2 preliminary financial results on May 11th, recording a cumulative revenue of KRW 64.9 bn, operating profit of KRW 25.0 bn and net profit of KRW 15.8 bn.

 

Revenue grew 1 .7% YoY reach ing record high 1Q revenue and operating profit down 15.2 % YoY led by pre investment related to new markets with o perating profit margin of 38.5% In the domestic market, botulinum toxin and HA filler revenue showed solid growth, up 6.6 % YoY to KRW28.5bn. Meanwhile, export revenue slightly fell 9.8% YoY driven by decrease of shipment to China due to extended COVID 19 lock down in China’s major cities.

 

In terms of products, HA filler performance was noticeable. Domestic revenue rose 23.2% YoY as Hugel continued to strengthen its market leadership in the domestic market since 2019. HA filler exp ort revenue also grew 26.8 % YoY driven by sales in LATAM (up 130.2% YoY), where demand for medical aesthetic is large . EU, which continues to grow rapidly every year, jumped 1 00.8 % YoY backed by steady revenue growth in Sweden, Poland, UK and France

 

Hugel’s overseas growth is expected to accelerate this year. Following the rapid sales expansion of HA filler, Hugel has obtained marketing approval for its botulinum toxin in 9 European countries including UK, France, Germany and Italy Hugel m ade the fir st shipment to EU and participated in Aesthetic & Anti Aging Medicine World Congress AMWC 2022 to introduce its botulinum toxin, Letybo to European practitioners and consumers in March . As Letybo was launched in Austria and France in April, the company p lans to accelerate its presence in European medical aesthetic markets by actively utilizing the synergy between Croma’s HA filler and Hugel’s Letybo.

 

In China where Hugel became the first among Korea n companies to enter the Chinese botulinum toxin market and achieved 10% M/S in 2021 , Hugel will continue its growth momentum this year despite the short term impact of COVID 19 and stringent lock down measures . T he company aims to achieve ~20% M/S this year with reaching 4,000 hospitals/clinics coverages In particular, Hugel expects to enhance its competitiveness in the Chinese market by creating synergy with its HA filler product, of which the company obtain ed the marketing approval in April.

 

In addition, Hugel is strengthening its product portfolio with p remium filler brand ‘Byryzn recently launched to target skin booster market Hugel will continue to solidify its dominance in domestic market t hrough on going pipeline development such as a new formulation of its botulinum toxin and filler products.

 

Hugel’s CEO, Jihoon Sohn commented, A s H ugel built and is maintaining solid leadership in the dynamic Korean medical aesthetics market , the company aspires to become a leading medical aesthetic company in the global market . T his year marks a significant inflection point for Hugel to prepare for the official launch in the U.S., Canada, Australia next year along with achieving meaningful growth in the EU and Chinese markets . We will continue to make efforts to enrich product portfolio and build global prese nce with proactive medical and marketing activities to meet the evolving needs of consumers and healthcare practitioners around the world.”

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