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

541 Views20 Feb 2024 09:30

Boomeranged on Tue, 5 Mar 2024 15:12

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 approvals in three major aesthetic markets—the U.S., China, and Europe. Hugel aims to commercially launch the product in the U.S. by the middle of this year. FDA approval enhances our conviction on the growth prospect of the company.

SUMMARY

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.

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