- The company reports KRW373.0 billion in net sales, KRW166.3 billion in operating profit, and KRW142.4 billion in net income, reflecting year-over-year increases of 16.7%, 41.2%, and 45.8%, respectively
- More international revenue contributions to expect in 2025 with key new toxin market launch in sight, including the US and the Gulf Cooperation Council (GCC)
SEOUL, South Korea, Feb. 13, 2025 -- Hugel Inc., a leading global medical aesthetics company chaired by Suk Cha, posted record-breaking earnings in 2024 with KRW373.0 billion in net sales and KRW166.3 billion in operating profit, respectively up 16.7% and 41.2% year-over-year. Net income increased 45.8% on-year to KRW142.4 billion.
In the fourth quarter alone, the company recorded KRW98.2 billion in net sales, KRW46.6 billion in operating profit, and KRW40.7 billion in net income, reflecting year-over-year growth of 10.4%, 26.7%, and 130%, respectively.
NET SALES GROWTH DRIVEN BY TOXIN, HA FILLERS, COSMETICS
Hugel's botulinum toxin, branded as Botulax in South Korea and globally known as Letybo, achieved KRW203.2 billion in net sales in 2024 with a 20.2% increase on-year. The overseas sales of the botulinum toxin rose 39.6% on-year, fueled by strong performance in major Asia-Pacific markets, shipment to the US, and robust growth in Europe.
Hyaluronic acid (HA) fillers, branded as THE CHAEUM and BYRYZN in South Korea and globally known as Revolax, achieved KRW127.6 billion in net sales for 2024. The overseas sales of dermal fillers rose 13.2% on-year, led by steady shipments to China and continued growth in Europe and the Middle East and North Africa (MENA). Hugel focuses on marketing activities for the fillers to increase brand awareness while maintaining leadership in South Korea and expanding its presence in global markets.
Hugel's cosmetics business, represented by brands WELLAGE and BYRYZN BR, showed rapid growth last year. Net sales of the cosmetics business jumped 37.8% on-year to KRW36.9 billion in 2024. In the fourth quarter, net sales soared 48.1% on-year to KRW11.7 billion. Hugel is strengthening the cosmetics brand value by releasing the Hyper Peptide series of WELLAGE last August and promoting BYRYZN BR, launched in April 2024.
GLOBAL EXPANSION ACCELERATES WITH TOXIN ENTRY IN THE US, MENA, AND OTHER EMERGING MARKETS
Hugel will continue to focus on expanding sales and increasing market dominance abroad this year.
The company is prioritizing sales and marketing efforts in the US, where it plans to officially launch its botulinum toxin in the first half of the year. Hugel aims to capture 10% of the US medical aesthetics market within three years, differentiating itself through academic events for medical professionals and competitive pricing strategies.
Hugel will also accelerate its expansion in MENA, a key emerging market for medical aesthetics. The company targets a 30% share within three years in major markets, including the United Arab Emirates where it obtained a marketing license in January of this year and Kuwait where it has been present for 2.5 years.
"We achieved the highest net sales, operating profit, and net income in 2024 since our inception with significant growth in flagship products such as botulinum toxin and hyaluronic acid fillers and new growth driver cosmetics. We will continue expansion in our new markets, including North America and MENA, while strengthening our leadership position in Asia-Pacific and Europe and solidifying our position as a global industry leader", a Hugel official said.
About Hugel
Established in 2001, Hugel is a global leader in medical aesthetics, specializing in the production of injectables for skin rejuvenation, including botulinum toxin, hyaluronic acid fillers, and skin boosters, as well as absorbable sutures and cosmetic products. As the market leader in injectable aesthetics in South Korea, Hugel is the only South Korean company with regulatory approvals in the world's three largest botulinum toxin markets: the US, China, and Europe. With a proven track record of safety and quality, Hugel is deeply committed to advancing the industry through robust medical affairs, comprehensive training programs, and dynamic industry forums. Over the past 20 years, the company has built a presence in approximately 70 countries and operates eight global subsidiaries across South Korea, the US, Australia, Canada, Taiwan, China, Hong Kong, and Singapore. Leveraging strong industry momentum, Hugel is poised for continued growth and global market expansion.
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