Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> reported strong 4Q25 result, with all key parameters showing improvement on sequential as well as YoY basis, driven by strong sales of prescription drug business.</li>
<li>HK inno’s U.S. partner has submitted a New Drug Application (NDA) to the FDA for K-CAB. The company expects to launch K-CAB in the U.S. by January next year.</li>
<li>Going ahead, HK inno is expected to maintain growth momentum, mainly riding on the back of prescription drug business, especially K-CAB. Bottomline is expected to widely outperform revenue growth.</li>
</ul>



HK inno.N (195940 KS) reported strong 4Q25 result, with all key parameters showing improvement on sequential as well as YoY basis, driven by strong sales of prescription drug business.
HK inno’s U.S. partner has submitted a New Drug Application (NDA) to the FDA for K-CAB. The company expects to launch K-CAB in the U.S. by January next year.
Going ahead, HK inno is expected to maintain growth momentum, mainly riding on the back of prescription drug business, especially K-CAB. Bottomline is expected to widely outperform revenue growth.


HK Inno.N (195940 KS): Prescription Drugs Drive 4Q25 Result; Maiden US Approval on Card

<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 2025 results with revenue of KRW425B, operating profit of KRW202B, and net profit of KRW144B. The results represent the highest in the company’s history.</li>
<li>This year, Hugel will pursue "hybrid sales" strategy, combining distribution through existing partners with direct sales in the U.S., which should improve profitability, driving stable sales, and market share expansion.</li>
<li>Hugel has set a target of KRW900B revenue by 2028 (2025–2028 CAGR: 28%), with US sales accounting for 30% of total sales and maintaining industry leading operating profit margin.</li>
</ul>



Hugel Inc (145020 KS) reported 2025 results with revenue of KRW425B, operating profit of KRW202B, and net profit of KRW144B. The results represent the highest in the company’s history.
This year, Hugel will pursue "hybrid sales" strategy, combining distribution through existing partners with direct sales in the U.S., which should improve profitability, driving stable sales, and market share expansion.
Hugel has set a target of KRW900B revenue by 2028 (2025–2028 CAGR: 28%), with US sales accounting for 30% of total sales and maintaining industry leading operating profit margin.


Hugel Inc (145020 KS): Record High Result for 2025; Eyes U.S.-Led Growth Strategy Ahead

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (21 November to 5 December 2025).</li>
<li>Our top 10 picks in the past two weeks (7 to 21 November) were up on average 1.4% this period, outperforming KOSPI which was down 2.5% in the same period.</li>
<li>Our top 10 picks in the next two weeks include LG CNS, Hana Financial, Orion Corp, KT&amp;G, Naver, KEPCO E&amp;C, Hanmi Pharm, Amorepacific Corp, LG Chem (Pref), and SK Inc. </li>
</ul>


In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (21 November to 5 December 2025).
Our top 10 picks in the past two weeks (7 to 21 November) were up on average 1.4% this period, outperforming KOSPI which was down 2.5% in the same period.
Our top 10 picks in the next two weeks include LG CNS, Hana Financial, Orion Corp, KT&amp;G, Naver, KEPCO E&amp;C, Hanmi Pharm, Amorepacific Corp, LG Chem (Pref), and SK Inc. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)

<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> has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company's history and contributed to a record first-half performance.</li>
<li>Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company's total sales, boosted by robust growth in the U.S., China, and Europe.</li>
<li>Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.</li>
</ul>



Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company's history and contributed to a record first-half performance.
Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company's total sales, boosted by robust growth in the U.S., China, and Europe.
Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.


Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.</li>
<li>During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.</li>
<li>For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.</li>
</ul>



SK Biopharmaceuticals (326030 KS) (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.
During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.
For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.


SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

South Korea

Daewoong Pharmaceutical Co., Ltd. develops various kinds of medical drugs and vitamin supplements.  The Company's medical drugs are used in areas, such as cardiology, dermatology, anti-biotic, and many other medical areas.  Dae Woong's over-the-counter products include smoking deterrents, vitamins, and minerals.

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Daewoong Pharmaceutical Co (069620 KS)

HK Inno.N (195940 KS): Prescription Drugs Drive 4Q25 Result; Maiden US Approval on Card

HK inno.N reports strong 4Q25 results, driven by prescription drug sales. The company has filed NDA for K-CAB in the U.S. and expects to launch...

Tina Banerjee

Hugel Inc (145020 KS): Record High Result for 2025; Eyes U.S.-Led Growth Strategy Ahead

Hugel reports double-digit revenue and operating profit growth in 2025. The company plans to pursue hybrid sales strategy in the US to drive...

Tina Banerjee

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (21 November to 5 December...

Douglas Kim

Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

Hugel reports record-breaking 2Q25 results with overseas revenue driving strong growth. Overseas revenue rose 21% YoY to KRW70B, accounting for...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

Tina Banerjee

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52-week Range

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HK Inno.N (195940 KS): Prescription Drugs Drive 4Q25 Result; Maiden US Approval on Card

​HK inno.N reports strong 4Q25 results, driven by prescription drug sales. The company has filed NDA for K-CAB in the U.S. and expects to launch...

Tina Banerjee

Hugel Inc (145020 KS): Record High Result for 2025; Eyes U.S.-Led Growth Strategy Ahead

​Hugel reports double-digit revenue and operating profit growth in 2025. The company plans to pursue hybrid sales strategy in the US to drive...

Tina Banerjee

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (21 November to 5 December...

Douglas Kim

Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

​Hugel reports record-breaking 2Q25 results with overseas revenue driving strong growth. Overseas revenue rose 21% YoY to KRW70B, accounting for...

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit

​SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...

Tina Banerjee

HK inno.N reports strong 4Q25 results, driven by prescription drug sales. The company has filed NDA for K-CAB in the U.S. and expects to launch...

Hugel reports double-digit revenue and operating profit growth in 2025. The company plans to pursue hybrid sales strategy in the US to drive...

Hugel reports record-breaking 2Q25 results with overseas revenue driving strong growth. Overseas revenue rose 21% YoY to KRW70B, accounting for...

SK Biopharmaceuticals reported record high 2Q earnings driven by surging U.S. sales of Xcopri, which exceeded $100M for the first time. The...