Hugel posted record-breaking performance in the first half of 2024, driven by strong domestic and international demand for its flagship products, including botulinum toxin, dermal fillers, and skin boosters. In a regulatory filing on August 6, Hugel announced that it achieved consolidated revenue of KRW 254.5 billion, operating income of KRW 103.7 billion, and net income of KRW 85.3 billion in the first half. This represents a year-on-year increase of 27.2% in revenue, 8.4% in operating income, and 23.5% in net income.

The company maintained a solid upward trend in the second quarter as well, recording revenue of KRW 137.9 billion (up 25.1%), net income of KRW 44.7 billion (up 17.1%), and operating income of KRW 56 billion (down 1.1%). The slight decline in second-quarter operating income is attributed to increased selling, general, and administrative expenses stemming from preemptive investments for future growth, including the establishment of a direct sales system in the United States and strategic marketing initiatives. In the second quarter, domestic and overseas sales accounted for 33% and 67% of total revenue, respectively.

Balanced Growth Across Segments and Regions… Overseas Revenue Reaches 64% Share Overseas revenue in the first half amounted to KRW 162.1 billion, accounting for approximately 64% of total sales and driving Hugel's global expansion. Notably, revenue in the North and South American region, which includes the United States and Brazil, more than doubled compared to the same period last year. The Asia-Pacific and European regions also recorded high growth rates in the mid-to-high 20% range, demonstrating balanced performance across major global markets.

In the domestic market, Hugel reaffirmed its leadership amid intensifying competition through product portfolio diversification and bundling strategies. Combined first-half revenue for botulinum toxin and fillers in Korea reached KRW 53.5 billion, up 2.5% year-on-year. Field-oriented sales and marketing, along with strengthened academic support for medical professionals, delivered significant results.

Synergy Across Toxin, Filler, and Cosmetics Segments By product category, the botulinum toxin segment showed overwhelming growth. First-half revenue surged 46.6% year-on-year to KRW 149.4 billion, with domestic toxin revenue alone reaching KRW 20.5 billion (approximately 8% growth) in the second quarter. The filler and skin booster segment also posted first-half revenue of KRW 66.1 billion, driven by strong performance in the European market. Second-quarter revenue in Europe and other markets increased by approximately 14%, while domestic filler revenue maintained a stable trend through the bundling strategy.

The cosmetics and other business segments also joined the high growth led by toxins and fillers. Recording first-half revenue of KRW 39 billion (up 31.7%) and second-quarter revenue of KRW 19.8 billion (up 32.8%), the company solidified its position as a comprehensive medical aesthetic enterprise.

Regarding these achievements, Carrie Strom, Global CEO of Hugel, stated that the company continues to execute key strategies, including expanding its presence in the United States—the world's largest market—maintaining its leading position in the Korean market, and actively pursuing business development opportunities in major markets. Jang Doo-hyun, CEO of Hugel Korea, also shared his thoughts, saying, "Based on our solid leadership in the domestic market, we are achieving balanced growth in major overseas markets, and we will continue to focus on strengthening the competitiveness of our core businesses and diversifying our product portfolio."