Hugel (145020) J.P. Morgan HealthCare Conference 2025 presentation summary

Market leadership and global expansion

• Holds the top position in the Korean toxin and HA filler market with a 24-year safety and quality track record.

• Only Asian company with toxin approvals in the US, China, and Europe, ranking among the top 5 global toxin players.

• Operates in 67 countries, targeting expansion to 80 by 2028, with significant upside as the global aesthetic toxin and filler market is projected to double by 2030.

• Maintains a strong financial position with a 47.4% EBITDA margin, KRW451bn cash balance, and no debt as of 3Q 2024.

Product portfolio and innovation

• Botulinum toxin products contribute 55% of revenue, with a comprehensive offering for various applications.

• Filler and skin booster products account for 34% of revenue, addressing diverse consumer needs.

• Cosmeceuticals and absorbable threads round out the portfolio, with new high-end brands launched in 2024.

• Strong in-house R&D pipeline includes new toxin types, fillers, and lipolysis injectables in clinical trials.

Financial performance and growth

• Achieved KRW364bn in net sales for 3Q LTM 2024, up 13.8% YoY, with 31.1% EBITDA growth and a 47.4% margin.

• Sold 5 million toxin vials in 2024, representing 16% of the global market supply.

• Gross margin stands at 77%, with a 77% cash conversion rate and 33% net income margin.

• Share price rallied following favorable ITC litigation and US FDA approval.