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> 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>
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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

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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> 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>
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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

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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 strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.</li>
<li>In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.</li>
<li>Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.</li>
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Hugel Inc (145020 KS) reported strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.
In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.
Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.


Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth

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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 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>
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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

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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 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>
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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

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)