#South Korea #Seoul #Botulax #Medical Aesthetics #Hugel Inc.

Hugel Inc. Achieves Record-Breaking Financial Results in 2024

Hugel Inc., a prominent player in the global medical aesthetics sector, has reported remarkable financial outcomes for 2024, marking a significant milestone in its corporate journey. With net sales hitting KRW 373.0 billion, operating profit reaching KRW 166.3 billion, and net income soaring to KRW 142.4 billion, the company has demonstrated impressive year-over-year growth, achieving increases of 16.7%, 41.2%, and 45.8%, respectively, compared to the previous year.

Fourth Quarter Highlights

In the last quarter of 2024 alone, Hugel reported KRW 98.2 billion in net sales—an increase of 10.4%—along with an operating profit of KRW 46.6 billion, and a striking KRW 40.7 billion in net income, reflecting year-over-year growth rates of 26.7% and 130% respectively. These outstanding numbers underscore Hugel’s strong market position and operational efficiency.

Key Growth Drivers

Toxin and Filler Performance

A substantial portion of Hugel's top-line growth can be attributed to its leading products in the toxin segment, specifically the Botulax (globally known as Letybo). This product category generated KRW 203.2 billion in sales for the year, marking a remarkable year-on-year increase of 20.2%. International sales have been particularly strong, evidencing a 39.6% rise thanks to increased demand in major Asia-Pacific markets, alongside shipments to the US and robust growth across Europe.

In parallel, the company’s hyaluronic acid fillers, marketed as THE CHAEUM and BYRYZN in South Korea and known internationally as Revolax, achieved net sales of KRW 127.6 billion. This reflects a 13.2% growth year-over-year, fueled by sustained shipments to China and expanded acceptance in European and MENA markets. Hugel’s proactive marketing strategies are enhancing brand recognition, ensuring its leadership remains unchallenged in South Korea while pursuing significant global market expansion.

Cosmetics Segment Expansion

Hugel’s foray into the cosmetics market has also proved fruitful, with net sales in this sector escalating by 37.8% to KRW 36.9 billion during 2024. Moreover, the fourth quarter saw a remarkable surge of 48.1%, reaching KRW 11.7 billion. The launch of innovative products, such as the Hyper Peptide series from WELLAGE, has been pivotal in bolstering this growth.

Future Prospects: Global Expansion

Looking ahead, Hugel is poised to broaden its geographical footprint with its imminent toxin market entry into the US and other emerging markets in MENA. The company aims to establish itself firmly in the US medical aesthetics market, targeting a 10% market share within three years through strategic pricing and educational events aimed at healthcare professionals.

Furthermore, MENA remains a crucial region for Hugel’s expansion strategy, where the company has pursued a 30% market share within the same timeframe. The recent acquisition of a marketing license in the UAE marks a critical step forward.

Company Vision

“We achieved the highest net sales, operating profit, and net income in 2024 since our inception, fueled by significant growth in our primary product lines. Our commitment to expanding into new markets continues unwavering, with ambitions to solidify our leadership position in regions like Asia-Pacific and Europe while making our mark as a competitive player globally,” stated a company official.

Conclusion

Established in 2001, Hugel has firmly positioned itself as a global leader in the field of medical aesthetics, known for its high-quality injectables and a strong commitment to safety and innovation. With a presence in approximately 70 countries and operations throughout several significant global markets, Hugel is strategically set for continued growth and influence in the years to come.