Hugel (145020) JP Morgan Healthcare Conference 2026 presentation summary

Strategic vision and market positioning

• Aims to transform from a Korean aesthetics leader into a global player, targeting KRW 900 billion revenue by 2028 with industry-leading margins.

• Holds the #1 market share in Korea for botulinum toxin products for over a decade, with expansion into the U.S., China, and Europe.

• Emphasizes K-aesthetics as a global standard, leveraging Korea's reputation for natural, skin-first results.

• Expanding global market share through a hybrid sales model and tailored strategies for each region.

• Portfolio expansion driven by internal pipeline innovation and selective business development.

Product portfolio and innovation

• Botulinum toxin products contribute 53% of revenue, with fillers/skin boosters at 32% and cosmeceuticals at 14% for 9M2025.

• Letybo is the flagship neurotoxin, supported by robust clinical evidence and a 15+ year safety track record.

• Only Korean toxin approved in the U.S., China, and Europe, with over 68 global approvals expected to exceed 80 by 2028.

• Skin booster platform expanding into the U.S. and other key markets, targeting the $3B global market by 2030.

• Pipeline includes new toxins, fillers, and skincare products, with launches planned across multiple regions through 2032.

Financial and operational highlights

• Maintains strong gross margins (77%) due to high-capacity, end-to-end manufacturing.

• Premium quality brand offered at competitive pricing, enabling providers to attract new patients or reinvest margin.

• U.S. hybrid sales model combines partner leverage with direct sales, targeting 10% market share by 2028 and 14% by 2030.

• Strategic investments in U.S. marketing, medical affairs, and field-based teams to accelerate adoption.

• Focused on operational excellence, customer segmentation, and territory mapping to drive profitability.