Huons companies rake in record profit in 2022

Huons Group is set to expand its global market influence this year. [HUONS]

Huons is well on the way to record-high earnings as it expands its global presence.

Huons Global, the holding company of Huons Group, saw sales of 664.4 billion won in 2022 according to its consolidated financial statement for that year, up 16% from the previous year. Its sales and operating profit in the first quarter of this year was 174 billion won and 24.5 billion won, up 12% and 18.4% from the previous year respectively.

What is remarkable is that Huons Global recorded this double-digit growth amid a general economic slowdown. Increased overseas exports, mainly to North America, played a significant role while its major subsidiaries developed core capabilities in their specialized fields. The company aims to strengthen its overseas presence by pushing further into the North American market and expanding its businesses in Japan.

Meanwhile, sales of the company’s anesthetics grew 40% year-on-year in 2022 due to increased exports of anesthetic injections mainly to North America. Sales of four products, including local anesthetic Lidocaine, saw annual sales of about 12.3 billion won, or 69% higher than the previous year.

Huons also received regulatory approval for Lidocaine injections in Canada, and plans to promote the high quality of Korean local anesthetic drugs as well as ensure stable supply and demand.

To meet this ever-growing demand, Huons will expand its production line by investing 24.5 billion won into its second plant in Jecheon. Full-scale operation of the expanded line is expected in the second half of 2025.

Huons is also pushing further into the global market by betting on its main products as well as its Botulinum toxin injection and CDMO businesses. Its Humedix arm focuses on the filler and Botulinum toxin products in order to meet the growing demand for aesthetic, and plans to enter new markets after China, Brazil, and Latin America.

Additionally, it plans to localize its products’ ingredients and expand the production of new vial injections.

Huons Biopharma is expanding its global presence by signing investment contract with Europe and China. It also accomplished inspiring deed of large-scale capital of 155.4-billion-won attraction from China’s Imeik Technology.

Its botulinum toxin product is also going from strength to strength after being approved in Korea and overseas. The company has been increasing its Liztox product lineup ever since the drug won domestic regulatory approval in April 2019, while its Hutox product was approved in 10 countries including Russia, Ecuador, Uzbekistan, Kazakhstan, Bolivia, Iraq, Azerbaijan, Dominican Republic, Georgia, and Armenia.

Huonland, a joint venture between Huons and Beijing Northland Biotech, is celebrating its 11th anniversary this year and aims to increase its competitiveness by successfully launching its new drop product and its CMO business.

It is also ramping up efforts to add new products to its pipeline after winning regulatory approval for moxifloxacin hydrochloride in May 2022. The company will seek approval for two additional items and plans to boost sales over the next few years. Its CMO business will also focus on moxifloxacin and levofloxacin, as well as its current to-be launched products.

“Continuous efforts to procure new pipelines and boost our CMO/CDMO business will extend our influence as a specialized eye drop manufacturer in China,” said an official from Huonland.

BY PARK YE-EUN [park.yeeun@joongang.co.kr]