Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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 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>
</ul>



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

<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

<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 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>
</ul>



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

<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 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>
</ul>



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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Dongbang Medical / Equity Capital Markets

<ul>
<li>Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won. </li>
<li>According to the bankers' valuation, the expected market cap of the comps ranges from 191 billion won to 223 billion won.</li>
<li>Dongbang Medical specializes in the manufacturing and distribution of acupuncture needles, various cosmetic devices, and other medical devices. </li>
</ul>


Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won. 
According to the bankers' valuation, the expected market cap of the comps ranges from 191 billion won to 223 billion won.
Dongbang Medical specializes in the manufacturing and distribution of acupuncture needles, various cosmetic devices, and other medical devices. 


South Korea

Medy-Tox Inc. is a biopharmaceutical company.  The Company researches, develops and manufactures biopharmaceutical products using clostridium botulinum which is a microorganism toxin.

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Medy Tox Inc (086900 KS)

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

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...

Tina Banerjee

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

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

Hugel reports double-digit growth across all key parameters in 1Q25, driven by balanced gains in all product portfolios. The company aims to...

Tina Banerjee

Hugel Inc (145020 KS): Record High Performance in 2024; Continued Global Expansion to Drive Growth

Hugel achieves record sales and profits in 2024, driven by strong performance across all segments. US launch of toxin is expected in 1H25. Hugel...

Tina Banerjee

Dongbang Medical IPO Preview

Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won.

Douglas Kim

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52-week Range

Market Cap (USDm)

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

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...

Tina Banerjee

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

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

​Hugel reports double-digit growth across all key parameters in 1Q25, driven by balanced gains in all product portfolios. The company aims to...

Tina Banerjee

Hugel Inc (145020 KS): Record High Performance in 2024; Continued Global Expansion to Drive Growth

​Hugel achieves record sales and profits in 2024, driven by strong performance across all segments. US launch of toxin is expected in 1H25. Hugel...

Tina Banerjee

Dongbang Medical IPO Preview

Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won.

Douglas Kim

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

Hugel reports double-digit growth across all key parameters in 1Q25, driven by balanced gains in all product portfolios. The company aims to...

Hugel achieves record sales and profits in 2024, driven by strong performance across all segments. US launch of toxin is expected in 1H25. Hugel...