Hugel Holds Annual General Meeting of Shareholders... "First Export of Letibo to European Market"

Three Agenda Items Including Financial Statement Approval Submitted and Approved as Proposed

On the 25th, Sohn Ji-hoon, Chief Executive Officer of Hugel, is making a presentation at the regular shareholders' meeting.

[Asia Economy Reporter Lee Gwan-ju] Hugel held its 21st regular general meeting of shareholders on the 25th at KT&G Sangsangmadang in Chuncheon, Gangwon Province.

At this general meeting, three agenda items, including the approval of the previous fiscal year's financial statements, were presented and approved as originally proposed. Hugel achieved record-high consolidated sales of 245.2 billion KRW last year. Operating profit also reached 97.1 billion KRW, a 24.4% increase compared to the previous year, and net profit was recorded at 60.1 billion KRW.

Hugel CEO Son Ji-hoon said, “Last year, we successfully held the launch event for ‘Letybo’ in China and began full-scale local distribution and sales, achieving a market share of 10% in the first year of entry.” He added, “In January this year, we received a recommendation for approval from the Heads of Medicines Agencies (HMA) for Tier 1 countries, including 11 countries, and are sequentially obtaining approvals starting with France. On the 23rd, we made our first export to Europe.”

He also revealed plans for global market expansion this year. CEO Son stated, “Based on a localized marketing strategy, we aim to achieve a 15-20% market share in China this year and focus on expanding our influence in overseas markets where we have already entered, such as Brazil, Thailand, and Taiwan. In particular, we plan to complete product approvals in 11 Tier 1 countries and 13 Tier 2 countries in Europe within this year.”

Hugel expects to obtain product approvals for Letybo in the United States, Canada, and Australia this year. As overseas market entry and expansion are anticipated, Hugel is also expanding its production facilities to ensure smooth product supply. Last year, a new factory capable of producing 8 million syringes of HA filler annually was completed and is currently mass-producing products, and the third botulinum toxin plant is scheduled to be completed in the first half of this year.

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