Hugel announced on November 4 that its consolidated revenue for the third quarter reached 352.1 billion won, marking a 15% increase compared to the same period last year. The company reported third-quarter sales of 97.5 billion won, with an operating profit of 18.1 billion won and a net profit of 4.7 billion won. Despite a slowdown in performance due to restructuring efforts in the U.S. market, the company achieved double-digit revenue growth this year, driven by growth in key domestic and international markets.
In terms of product sales for the third quarter, the combined revenue from botulinum toxin was 47.2 billion won, a decrease of 21% from the previous year. Sales of fillers and skin boosters totaled 30.9 billion won, reflecting a modest 2% increase. The cosmetics and other segments saw a significant rise, generating 19.4 billion won, an increase of over 25%.
The domestic market showed notable growth. In the third quarter, combined sales of toxins, fillers, and skin boosters in South Korea reached 27.4 billion won, a 54% increase compared to the same period last year. The company noted that domestic sales of these products have increased every quarter since the third quarter of last year.
Internationally, the company performed well outside the U.S. Combined sales of toxins, fillers, and skin boosters in Europe and other regions reached 17.8 billion won, an 18% increase year-over-year. In China, Hugel maintained a 22% market share, ranking second. In Brazil, marking one year since re-entering the market, the company achieved its highest quarterly performance to date. The growth in key markets, including South Korea, Europe, China, and Brazil, has partially offset the impact of the restructuring in the U.S.
In the U.S., the transition to a sales agency (CSO) model temporarily affected performance. The restructuring of the existing distribution framework and the establishment of a direct sales system created short-term burdens. The company aims to strengthen its market leadership and enhance long-term profitability through this transition.
Carrie Strom, Hugel's Global CEO, stated, "We have made significant progress in establishing a direct sales model in our core U.S. market, and we will solidify long-term profitability based on the competitiveness of Retibo."
Jang Doo-hyun, CEO of Hugel Korea, remarked, "Toxins and fillers are performing exceptionally well in the domestic market. As we continue to grow in key overseas markets such as Europe, China, and Brazil, we will focus on strengthening our core business competitiveness while diversifying our product portfolio."
* This article has been translated by AI.
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