Hugel Inc. posts 352.1 billion won in cumulative revenue through Q3, up 15% year on year

[Financial News] Hugel Inc. expanded its botulinum toxin and filler businesses in the domestic market and continued to grow in overseas markets, including Europe, China and Brazil, expanding its business overall.
Hugel Inc. said its consolidated cumulative revenue through the third quarter of this year was 352.1 billion won, up 15% from the same period a year earlier. Third-quarter revenue was 97.5 billion won, operating profit was 18.1 billion won and net profit was 4.7 billion won.
By product, botulinum toxin revenue fell 21% year on year to 47.2 billion won. Fillers and skin boosters rose 2% to 30.9 billion won, while cosmetics and other products grew at least 25% to 19.4 billion won.
In the domestic market, combined revenue from toxins, fillers and skin boosters rose 54% year on year to 27.4 billion won. Domestic sales of these products have continued to increase every quarter since the third quarter of last year.
Overseas, results in Europe, China and Brazil stood out. Combined revenue from toxins, fillers and skin boosters in Europe and other regions rose 18% year on year to 17.8 billion won. In China, Hugel Inc. has maintained second place with a 22% share of the local market. In Brazil, the company posted its highest-ever quarterly results in the third quarter of this year, one year after re-entering the market.
In the U.S. market, results were temporarily affected as Hugel Inc. shifted its distribution partnership to a contract sales organization (CSO) model. The company plans to use the transition to reorganize its local sales operations and strengthen its direct-sales capabilities.
“We have made progress toward establishing a direct-sales operating model in the U.S., a key market,” said Carrie Strom, global chief executive officer (CEO). “Building on Letybo’s competitiveness, we will strengthen profitability over the medium to long term.”
Jang Do-hyun, Hugel Inc.’s Korea CEO, said, “Building on the concurrent growth of our toxin and filler businesses in Korea, we will strengthen our business competitiveness and pursue expansion in major overseas markets and diversification of our product portfolio.”

[email protected] Jung Sang-hee Reporter