Hugel eyes 10 percent of U.S. market after trade regulator hands it 'decisive win'

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Hugel eyes 10 percent of U.S. market after trade regulator hands it 'decisive win'

Hugel Chief Financial Officer Eva Huang speaks during a presentation at the 43rd J.P. Morgan Healthcare Conference in San Francisco, California, on Jan. 16. [LEE JAE-LIM]

Hugel Chief Financial Officer Eva Huang speaks during a presentation at the 43rd J.P. Morgan Healthcare Conference in San Francisco, California, on Jan. 16. [LEE JAE-LIM]

 
SAN FRANCISCO — Hugel, a Kosdaq-listed aesthetic company, is set to enter the North American market this year following a favorable ruling by the U.S. trade regulator in a lawsuit seeking to block its distribution efforts in the country.
 
Hugel’s chief financial officer, Eva Huang, addressed the outcome of the suit filed by Medytox on Thursday at her presentation at the 43rd J.P. Morgan Healthcare Conference in San Francisco, California, calling the U.S. International Trade Commission (ITC) ruling a “decisive win” for the company.
 
“The ITC issued a very clear final determination, which we view as a decisive win for Hugel,” Huang said. “Although our counterparty is appealing the ruling, it is important to note that the appeal is directed against the ITC, not Hugel, and does not include any new evidence.”
 

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Medytox, another Korean aesthetic company, filed a suit in the United States in March 2022 alleging that Hugel’s products violated its intellectual property rights through misappropriation. It sought to ban Hugel’s product sales in the country in a bid to protect its share of the U.S. market, the world’s largest toxin market.
 
The ITC issued a final ruling in favor of Hugel last October, determining that there was no evidence of wrongdoing. Medytox filed an appeal with the U.S. Court of Appeals for the Federal Circuit in December.
 
Hugel gained regulatory approval from the U.S. Food and Drug Administration in February 2024 for its toxin product, Botulax, marketed as Letybo in the United States, aiming for commercialization within this year.
 
Hugel has set a goal of capturing 10 percent of the market within three years, aiming to generate annual revenue of 300 billion won ($205.7 million). California-based aesthetics company Benev is Hugel’s U.S. distributor.
 
The Korean aesthetics company plans to further bolster its efforts to distribute its toxin products to over 80 countries and its fillers to 70 countries by 2028, while adopting a more cautious strategy toward the development of new products and the pursuit of mergers and acquisitions (M&A).
 
"In the global big picture, the aesthetic industry is still growing very fast and nicely,” Huang said.“Today, the global toxin and filler market size is about $11 billion. The market is forecasting that it would more than double by the end of 2030. So we have a nice sector tailwind that we can grow alongside."

"Although we’re already in 67 countries and expanding to 80 countries, for a lot of these key markets, we’re still in the early days of penetration.”
 
Hugel’s four key international markets are the United States, China, Europe and the Middle East and North Africa.
 
“We’re also very selectively looking at M&A targets,” Huang said. “We will not pursue any growth opportunities at the expense of sacrificing our margin or our financial profitability.” 

BY LEE JAE-LIM [[email protected]]
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