Hugel said that it recorded 50.3 billion won ($41.1 million) in sales in the second quarter of this year, a 17.3 percent increase from the same period of 2018. The company also registered 16 billion won in operating profit, and 12.8 billion won in net profit, down 4.5 and 19.7 percent, respectively.
Although sales for Botulax, Hugel's botulinum toxin (BTX) product, declined 5.4 percent overall, its exports to Asia continued to grow steadily driven by the product’s strong presence in Taiwan and Thailand. The company also maintained the top position in the local BTX market with a sale of 14.7 billion won in the second quarter.
Hugel also saw strong performance in its hyaluronic acid (HA) filler business.
The company currently markets its fillers in 19 different countries. Notably, HA filler sales in EU countries increased 183 percent when compared to the same period last year.
In the domestic market, the company continued its strong performance in the first half of this year with sales increasing 33.8 percent compared to the previous year.
“Sales of Botulax decreased slightly due to a base effect,” a company spokesperson told Korea Biomedical Review. “The declines in operating and net profit are due to the company’s recent expansion of its cosmetics brand.”
However, Hugel expects its sales growth to continue throughout the year as the company plans to strengthen its position in the local BTX market through aggressive sales and marketing while continuing to step up its overseas expansion by entering into other big markets.
As part of its global expansion, the company submitted a biologics license application to China for its BTX in April. The company expects to receive regulatory approval for the product in the first quarter of next year.
Hugel is also expecting approval for its BTX in Europe and the U.S. by 2021 and 2022, respectively.
"Our products continue to grow stably, recognized for its competitiveness in the global market," a company official said. "Hugel plans to expand its global and domestic market presence with aggressive distribution and marketing strategies, strengthening our competitiveness through steady R&D and reorganizing overseas distribution networks."