Hugel announced Monday that it has recorded 84.8 billion won ($64 million) in sales, 34.6 billion won ($26.1 million) in operating profit and 41.6 billion won ($31.4 million) in net profit for the third quarter of 2023 based on consolidated financial statements.

Sales and operating income grew 20 percent and 39.5 percent year-on-year, respectively, driven by strong domestic and international growth of botulinum toxin and HA fillers. Net income surged 58.4 percent year-on-year. The third quarter’s sales and operating income are the largest quarterly earnings ever. The cumulative third-quarter numbers are also the highest.

Botulinum toxin drug Botulax (export name: Letybo) is solidifying its position as the premium brand with the largest market share in Korea. Overseas, it continues to experience strong growth in Asia, including Thailand, Taiwan, and Japan, as well as in South America and Australia.

Hyaluronic acid (HA) fillers grew 40 percent year-on-year. Domestic sales increased significantly by more than 140 percent thanks to intensified marketing and academic activities, while overseas sales grew by over 20 percent, with record quarterly sales in Europe and gradual expansion in Asia Pacific.

The derma cosmetics brand Wellage also posted a 35 percent sales growth on the back of diversified distribution channels, including new product launches and entering duty-free shops. In particular, sales in H&B stores continued to increase due to the synergy between the Real Hyaluronic 100 series products.

Hugel is actively promoting the global expansion of HA filler. In Europe, the company plans to increase its HA filler market share to 20 percent within the next three years by quickly securing sales networks across the globe. Hugel will develop a customized strategy to create synergies between products.

"We have grown in all directions, not only in Korea but also in Asia-Pacific and the Americas, posting record sales and operating profit in the third quarter," said a Hugel official. "We will continue to focus our efforts on enhancing our brand value and assets in the new countries we have entered."

Following the strong earnings announcement, Hugel's share price closed at 141,700 won ($107) on Monday, up 4.58 percent from Friday.