Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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 1Q26 results with revenue of KRW117B (+30% YoY) and operating profit of KRW48B (+22% YoY). Net profit climbed 32% YoY to record high of KRW41B.</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 1Q26 results with revenue of KRW117B (+30% YoY) and operating profit of KRW48B (+22% YoY). Net profit climbed 32% YoY to record high of KRW41B.
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 1Q Earnings; Global Expansion to Accelerate Growth Ahead

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<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

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>For 3Q25, Hugel reported below-consensus results, with revenue of W105.9bn (+0.8% YoY) and operating profit of W47.4bn (-11.2% YoY).</li><li>Overseas, the company saw broadbased growth across botulinum toxin products, fillers, and cosmetics.</li><li>However, overall top-line growth was limited due to lower domestic sales of botulinum toxin and filler products. <em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></li></ul>

For 3Q25, Hugel reported below-consensus results, with revenue of W105.9bn (+0.8% YoY) and operating profit of W47.4bn (-11.2% YoY).Overseas, the company saw broadbased growth across botulinum toxin products, fillers, and cosmetics.However, overall top-line growth was limited due to lower domestic sales of botulinum toxin and filler products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hugel (145020 KQ/Buy)Overseas Revenue Growth Is Key

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<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 muted 3Q25 result, with flat revenue and profits decreasing compared to year-ago period. Domestic revenue decreased 19% YoY and dragged overall 3Q25 result.</li>
<li>However, strong export revenue of botulinum toxin and dermal fillers is the key bright spot in 3Q25 result. During 3Q25, international revenue grew 12% YoY.</li>
<li>Since declaring 2Q result, Hugel shares plunged ~40%. More downside cannot be ruled out. 4Q result showing recovering domestic business and improved profitability under new leadership should be near-term catalyst.     </li>
</ul>



Hugel Inc (145020 KS) has reported muted 3Q25 result, with flat revenue and profits decreasing compared to year-ago period. Domestic revenue decreased 19% YoY and dragged overall 3Q25 result.
However, strong export revenue of botulinum toxin and dermal fillers is the key bright spot in 3Q25 result. During 3Q25, international revenue grew 12% YoY.
Since declaring 2Q result, Hugel shares plunged ~40%. More downside cannot be ruled out. 4Q result showing recovering domestic business and improved profitability under new leadership should be near-term catalyst.     


Hugel Inc (145020 KS): Disappointing Domestic Sales Dragged 3Q Performance; Export Remains Strong

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.</li>
<li>Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.</li>
<li>Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.</li>
</ul>


CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.
Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.
Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.


APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

South Korea

Hugel, Inc. is a Bio-pharmaceutical company that focuses on developing beauty/cosmetics related products.  The Company's main products include botulinum toxin and fillers.

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Hugel Inc (145020 KS)