Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> reported 4% YoY increase in revenue to KRW89B, while operating profit grew 22% YoY to KRW37B in 4Q23. Revenue was mainly driven by strong demand filler.</li>
<li>In domestic market, Hugel’s Botulax maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services.</li>
<li>Hugel has resubmitted biologics license application in the U.S. for BTX. In the coming year, Hugel plans to solidify its position in both the domestic and international BTX markets.</li>
</ul>



Hugel Inc (145020 KS) reported 4% YoY increase in revenue to KRW89B, while operating profit grew 22% YoY to KRW37B in 4Q23. Revenue was mainly driven by strong demand filler.
In domestic market, Hugel’s Botulax maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services.
Hugel has resubmitted biologics license application in the U.S. for BTX. In the coming year, Hugel plans to solidify its position in both the domestic and international BTX markets.


Hugel Inc (145020 KS): Achieves Record High Revenue and Operating Profit in 4Q23

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> reported record high sales, operating profit, and net profit in 2024, with the strong performance of botulinum toxin and fillers backed by the company’s global expansion.</li>
<li>Hugel aims to launch botulinum toxin in the U.S. within 1H25. The company aims for a 10% U.S. market share for aesthetic purposes within three years from the product release.</li>
<li>Hugel aims to expand its presence in more than 80 toxin markets (from 67 now), 70 dermal filler markets (current 52), and more than 10 cosmetics markets by 2028.</li>
</ul>



Hugel Inc (145020 KS) reported record high sales, operating profit, and net profit in 2024, with the strong performance of botulinum toxin and fillers backed by the company’s global expansion.
Hugel aims to launch botulinum toxin in the U.S. within 1H25. The company aims for a 10% U.S. market share for aesthetic purposes within three years from the product release.
Hugel aims to expand its presence in more than 80 toxin markets (from 67 now), 70 dermal filler markets (current 52), and more than 10 cosmetics markets by 2028.


Hugel Inc (145020 KS): Record High Performance in 2024; Continued Global Expansion to Drive Growth

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Dongbang Medical / Equity Capital Markets

<ul>
<li>Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won. </li>
<li>According to the bankers' valuation, the expected market cap of the comps ranges from 191 billion won to 223 billion won.</li>
<li>Dongbang Medical specializes in the manufacturing and distribution of acupuncture needles, various cosmetic devices, and other medical devices. </li>
</ul>


Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won. 
According to the bankers' valuation, the expected market cap of the comps ranges from 191 billion won to 223 billion won.
Dongbang Medical specializes in the manufacturing and distribution of acupuncture needles, various cosmetic devices, and other medical devices. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. Both botulinum toxin and fillers performed strongly.</li>
<li>Botulinum toxin's overseas sales jumped 73% YoY during the quarter, thanks to the initial shipment to the U.S. in July and September and robust growth from the Asia-Pacific market.</li>
<li>After the favorable ruling of ITC, Hugel plans to officially launch Botulax later this year in the U.S. market via collaborations with its California-based partner Benev Company.</li>
</ul>



Hugel Inc (145020 KS) achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. Both botulinum toxin and fillers performed strongly.
Botulinum toxin's overseas sales jumped 73% YoY during the quarter, thanks to the initial shipment to the U.S. in July and September and robust growth from the Asia-Pacific market.
After the favorable ruling of ITC, Hugel plans to officially launch Botulax later this year in the U.S. market via collaborations with its California-based partner Benev Company.


Hugel Inc (145020 KS): Record High Quarterly Sales and Operating Profit in 3Q; US Launch to Start

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical entered into an exclusive license agreement with AstraZeneca for the global development, manufacture, and commercialization bad cholesterol lowering drug candidate YS2302018.</li>
<li>Ono Pharmaceutical entered into a license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate (ADC) aimed at being a first-in-class drug in the field of solid tumors.</li>
<li>The U.S. International Trade Commission (ITC) has issued final ruling in favor of Hugel. This should accelerate Hugel’s business expansion in the U.S.</li>
</ul>


CSPC Pharmaceutical entered into an exclusive license agreement with AstraZeneca for the global development, manufacture, and commercialization bad cholesterol lowering drug candidate YS2302018.
Ono Pharmaceutical entered into a license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate (ADC) aimed at being a first-in-class drug in the field of solid tumors.
The U.S. International Trade Commission (ITC) has issued final ruling in favor of Hugel. This should accelerate Hugel’s business expansion in the U.S.


APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

South Korea

Medy-Tox Inc. is a biopharmaceutical company.  The Company researches, develops and manufactures biopharmaceutical products using clostridium botulinum which is a microorganism toxin.

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Medy Tox Inc (086900 KS)

Hugel Inc (145020 KS): Achieves Record High Revenue and Operating Profit in 4Q23

Hugel has received FDA approval for its botulinum toxin Letybo and becomes the only Korean company and one of the top 3 players globally that have...

Tina Banerjee

Hugel Inc (145020 KS): Record High Performance in 2024; Continued Global Expansion to Drive Growth

Hugel achieves record sales and profits in 2024, driven by strong performance across all segments. US launch of toxin is expected in 1H25. Hugel...

Tina Banerjee

Dongbang Medical IPO Preview

Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won.

Douglas Kim

Hugel Inc (145020 KS): Record High Quarterly Sales and Operating Profit in 3Q; US Launch to Start

Hugel achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. The company plans to officially...

Tina Banerjee

APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

Nobel Peace prize comes in the backdrop of a series of conflicts in the Middle East, Ukraine, and Sudan. However, far away from the conflict zones,...

Tina Banerjee

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Hugel Inc (145020 KS): Achieves Record High Revenue and Operating Profit in 4Q23

Hugel has received FDA approval for its botulinum toxin Letybo and becomes the only Korean company and one of the top 3 players globally that have...

Tina Banerjee

Hugel Inc (145020 KS): Record High Performance in 2024; Continued Global Expansion to Drive Growth

​Hugel achieves record sales and profits in 2024, driven by strong performance across all segments. US launch of toxin is expected in 1H25. Hugel...

Tina Banerjee

Dongbang Medical IPO Preview

Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won.

Douglas Kim

Hugel Inc (145020 KS): Record High Quarterly Sales and Operating Profit in 3Q; US Launch to Start

​Hugel achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. The company plans to officially...

Tina Banerjee

APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

Nobel Peace prize comes in the backdrop of a series of conflicts in the Middle East, Ukraine, and Sudan. However, far away from the conflict zones,...

Tina Banerjee

Hugel achieves record sales and profits in 2024, driven by strong performance across all segments. US launch of toxin is expected in 1H25. Hugel...

Hugel achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. The company plans to officially...