(Health Korea News / Chang-yong Lee) Securities analysts predicted that Hugel’s operating profit in the third quarter of this year would reach 44.9 billion won, a 31% increase compared to the same period last year. Sales are expected to grow by 17% and reach 99.2 billion won.
Seo Mi-hwa, an analyst at Mirae Asset Securities, predicted that Hugel’s sales and operating profit in 2024 will be KRW 374 billion and KRW 157.4 billion, respectively, in a report titled ‘Resolving issues related to the Hugel lawsuit, evaluating it based on performance’, which contained this content on the 11th.
According to the report, the third quarter sales of Hugel’s toxin product ‘Letybo (Korean product name: Botulex)’ are expected to record KRW 53.6 billion, up 16.9% from the same period last year.
Retivo exports to the U.S. began in July 2024, and additional shipments were made last September. The first sales from exports to the US are expected to be reflected starting in the third quarter.
Researcher Seo said, “The launch of Retivo in the U.S. is expected to take place within the year at the earliest,” and “Hugel’s Retivo is expected to be a competitive product with Evolus, so it is necessary to watch whether the market share expansion proceeds smoothly.”
Exports to China are expected to steadily increase due to toxin sales from Chinese partners. Hugel’s Chinese partner company Sihuan Pharmaceutical’s medical and beauty product sales in the first half of 2024 were 322.8 million yuan (KRW 61.55473 billion), an increase of 66.4% compared to 194 million yuan (KRW 36.99192 billion) in the first half of 2023. .
Filler sales are expected to grow 15.5% to KRW 36.1 billion compared to the same period last year (KRW 31.3 billion). There was a 10% price increase for domestic fillers in July, and due to the increase in sales (35.6 billion won) in the second quarter before the increase, domestic filler sales in the third quarter are expected to decrease slightly.
Hugel’s overall sales in 2024 are expected to grow 17% compared to the same period last year to KRW 374 billion, and operating profit is expected to rise 33.6% to KRW 157.4 billion. Increased exports of toxins to the US and China are expected to play an important role in improving profits, which is expected to accelerate in 2026.
Researcher Seo said, “The biggest reason Hugel was traded at a below-average value over the past two years was the ITC (U.S. International Trade Commission) lawsuit, but we believe the case will be concluded with a win and the company will be given a fair value,” with an investment opinion of BUY and a target. The stock price was maintained at 360,000 won.
Meanwhile, on October 10 (US time), the ITC announced the final results of the lawsuit between Medytox and Hugel and concluded the lawsuit. ITC determined that Hugel did not steal the strain. (See related article below)
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