Daewoong Pharmaceutical said it has claimed 12 percent market share in the U.S. botulinum toxin (BTX) market in 2023 with Jeuveau, its BTX product, also known as Nabota in Korea.

The company stressed that such a feat happened in a mere five years after launching Jeuveau in 2019 as the first Asian BTX product to receive U.S. FDA approval.

In celebration of the success and the fifth anniversary of the product's launch in the U.S., Daewoong hosted a visit from key executives of their U.S. partner company, Evolus, including CEO David Moatazedi.

According to Daewoong, Evolus executives toured the manufacturing and quality control facilities in Hwaseong, Gyeonggi Province, gaining firsthand insight into Daewoong’s production processes.

The tour was followed by discussions between the two companies about the current global business operations and future plans.

"Our botulinum toxin partnership agreement with Daewoong in 2013 was pivotal during Evolus' inception,” Moatazedi said. “Over the past 11 years, our close collaboration through clinical trials and regulatory approvals in the U.S. and Europe has been instrumental in our mutual growth and I am confident this partnership will continue to thrive."

The Evolus CEO highlighted the importance of quality in the U.S. market, attributing Jeuveau's success to its high-quality standards.

Evolus projects revenues of up to $265 million this year, aiming to reach $700 million by 2028. The company is also expanding its reach in the European market under the product name Nuceiva, currently available in the U.K., Germany, Austria, and Italy, with plans to enter the Australian and Spanish markets later this year.

Moatazedi emphasized targeting millennials in their marketing strategy, describing them as the fastest-growing consumer segment in the U.S., and highlighting the focus on branding and marketing efforts aimed at this demographic.

Meanwhile, Nabota has secured approvals in 67 countries and established partnerships in over 80 countries. The products are manufactured in compliance with GMP standards set by major regulatory bodies, including the U.S., Europe, and Canada, underscoring their high quality.

The company's proprietary Hi-Pure Technology ensures the production of botulinum toxin with over 98 percent purity by removing impurities and isolating the most stable 900kDa complex, avoiding the freeze-drying process used by many competitors to minimize inactive toxin formation.

"We anticipate an annual growth rate of approximately 20 percent through 2030 for Daewoong’s botulinum toxin products in global markets,” Daewoong Pharmaceutical CEO Park Sung-soo said. “We are committed to continuous research, expanding indications, and strengthening our global presence, ensuring mutual growth with Evolus."