Hugel Reports Operating Profit of 12.3 Billion KRW in Q1... Strong Performance in Overseas Markets

[Asia Economy Reporter Park Hyungsoo] Hugel announced on the 13th that it recorded sales of 41,257,990,000 KRW, operating profit of 12,311,410,000 KRW, and net profit of 6,695,670,000 KRW based on consolidated financial statements in the first quarter of this year.

Sales and operating profit decreased by 16% and 25.1%, respectively, compared to the same period last year. The operating profit margin was 29.8%. Due to the spread of the novel coronavirus infection (COVID-19), sales of the botulinum toxin product 'Botulax' and HA filler 'The Chaeum' in the domestic market were contracted.

Stable growth trends continued in overseas markets such as Asia and Latin America. Overseas sales of Botulax increased by 44.1% compared to the same period last year. Sales in Latin America increased by 80.3% compared to the same period last year. The Asia region also showed a remarkable growth rate of 50.1%.

The HA filler The Chaeum also performed well in overseas markets. Overseas sales of The Chaeum in the first quarter increased by 20.3% compared to the same period last year, offsetting the decrease in domestic sales. Total sales of HA fillers increased by 4.4% compared to the same period last year. The region with the largest sales growth was Asia, which increased by 27% compared to the same period last year. Sales in the European region increased by 16.5%.

Hugel is conducting untact (non-face-to-face) marketing to respond to the economic downturn caused by the spread of COVID-19. Last month, it held an online academic symposium 'iH.E.L.F'. Starting from the 7th of last month until the 28th, a total of seven sessions were held, recording a cumulative attendance of about 1,800 participants.

Hugel will hold iH.E.L.F twice a month until the end of this year. It is also conducting email sales marketing targeting medical professionals in the beauty and plastic surgery fields nationwide.

Overseas markets will also be actively expanded. China completed the review of the application for sales approval of Botulax last month. It is expected to obtain approval around mid-year. The European market aims to submit the sales approval application in the first half of the year with the goal of approval next year.

In the United States, on the 1st, Hugel America, the local subsidiary, appointed medical aesthetic expert James Hartman as the new CEO. Full preparations for market entry have begun. Hugel plans to apply for product approval (BLA) for entry into the U.S. market by the end of this year and aims to obtain approval by the end of next year.

A Hugel official said, "As overseas market entry, including China, is becoming full-scale, we will focus on successful market settlement and strengthening corporate competitiveness in overseas markets based on this."

This content was produced with the assistance of AI translation services.