Achieved record high sales in 2021
All preparations for entering the world's major markets have been completed.
The meeting, which started with a greeting from Chief Executive Officer Sohn Ji-hoon, was the presentation of Hugel's performance and major achievements last year. Hugel's sales last year reached a record high of KRW 245.2 billion based on the consolidated financial statements. In particular, it broke the record for the highest sales for two consecutive years since it broke 200 billion won in sales for the first time in 2019. Operating profit (96.8 billion won) and operating profit margin (39.6%) also received excellent results compared to the previous year, 2020, proving the company's strength.
The basis for Hugel's sales growth was the growth of its flagship products, botulinum toxin and HA filler. In the case of botulinum toxin, total domestic and overseas sales increased by 13.8% year-on-year to KRW 124.6 billion, recording remarkable growth in overseas markets. As factors for overseas sales growth, sales growth in Latin America (129.7%) and full-fledged sales in China were highlighted. HA filler, like Toxin, also saw a threefold increase in sales in Latin America (260.8%). Then, sales in Europe (62%) and domestic (24.1%) markets, which have been consistently performing every year, also recorded an upward trend, achieving even growth in domestic and overseas markets.
Hugel is focusing on expanding its presence in overseas markets, including China, Europe, and the United States, which are considered to be the three major markets of the global botulinum toxin industry, beyond Korea, where both botulinum toxin and HA filler are overwhelmingly ranked first. In particular, 2021 was a year of leaps and bounds to complete entry into the big three countries, starting with China, which was successfully launched in February.
Europe and the United States are also entering the final stages of entering the market. Europe obtained EU GMP approval in November of last year, and in January of this year, it received an opinion of approval recommendation for Tier 11 countries from the European Medicines Agency (HMA). Acquisition, shipment and launch in the first quarter of this year. Then, in March 2021, the U.S. applied for product approval for Retivo to the U.S. FDA, and in August of the same year held an on-site inspection of the 'Geodu Factory' and held a 'Mid-cycle meeting' in September and a 'Late-cycle meeting' in December. It is expected to complete smoothly and enter the local market this year. In addition, the submission of an application for product approval for entry into the Canadian and 100 billion won markets of about 180 billion won has been completed and is being reviewed, and product approval is expected this year.
