Hugel, the Korean biotech company, is projecting an 18% increase in annual sales to 377.2 billion won (US$281 million) for 2024, driven by its global expansion strategy. The firm’s botulinum toxin product, Letybo, recently gained FDA approval, making Hugel the second Korean company to enter the U.S. market in this category.
FnGuide reports that Hugel’s operating profit is expected to rise by 30.5% to 153.7 billion won (US$114 million). The company’s overseas sales ratio has surged to 58%, fueled by strong performance in key Asia-Pacific and European markets.
Letybo, now available in 64 countries, has seen particular success in China, where sales grew 62% year-on-year in the second quarter. Hugel recently launched the product in Indonesia, further solidifying its presence in the region.
As Hugel awaits a crucial U.S. International Trade Commission ruling on October 10 regarding a trade secret infringement lawsuit, the company remains focused on its U.S. market entry. Despite pending launch details, Hugel anticipates generating U.S. sales of Letybo this year, marking a significant milestone in its global expansion efforts.
