Hugel said it posted record-high sales and operating profit in 2022 on the back of strong global sales of Botulax, its botulinum toxin product, and the Chaeum, its hyaluronic acid (HA) filler.

Hugel's sales and operating profit hit record high figures in 2022.
Hugel's sales and operating profit hit record-high figures in 2022.

According to the company’s public filing of the preliminary 2022 earnings on Wednesday, Hugel’s revenue reached 281.7 billion won ($222.5 million), a 21.5 percent increase from a year earlier, and operating profit rose 7.2 percent on-year to 102.5 billion won. Net profit was up 2.2 percent at 61.7 billion won. 

By item, sales of Botulax increased by 28.9 percent in 2022 compared to the same period last year.

The company stressed that it expanded sales and solidified its market dominance by providing product quality and differentiated content in Korea, while overseas sales surged in China, Europe, Thailand, Taiwan, and Brazil.

Notably, in 2022, the company recorded stable sales in China despite the country’s intensive Covid-19 containment policy, and the company obtained product approval in a total of 20 countries, including 11 major countries in Europe.

For HA filler, the company saw a gradual sales growth for Chaeum in Europe, such as the U.K., France, and Germany.

Cosmetic brands Wellage and [PR]4 also saw a significant increase in sales by 44.7 percent compared to the same period last year based on continuous new product launches and on/offline omnidirectional marketing activities.

Moving on, the company stressed that it plans to focus on expanding the global market in 2023.

The company aims to obtain additional approval for Botulax in 16 countries on top of the 20 countries in which it has received approval in the past.

Also, as the company expects to launch its HA filler in China in the middle of this year, the company plans to actively utilize the synergy between Botulax and Chaeum in the country.

Hugel is also looking forward to entering new markets such as North America and Oceania, it said. The company expects to receive approval in the U.S., which reapplied for product approval in October of last year, within this year.

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