Hugel Inc. is making its long-awaited entry into the lucrative US botulinum toxin market, challenging industry giants with its newly FDA-approved product Letybo.
The South Korean company received FDA approval for Letybo in early March to treat moderate-to-severe frown lines in adults, positioning it to compete in a market estimated at $4.74 billion (approximately 7 trillion won).
Hugel reported record financial results last year with an operating profit of 166.3 billion won ($125 million) on sales of 373 billion won ($280 million), representing increases of 41.2% and 16.7% respectively compared to the previous year. Its toxin business unit grew 20.6% to 203.2 billion won.
The company is now partnering with BENEV, a California-based medical aesthetics specialist with over 4,800 US sales channels, for its American launch. Letybo is expected to be available in US aesthetic centers in the latter half of 2024.
Hugel aims to capture 10% of the US market within three years, which could generate annual sales of 700 billion won ($525 million). Price will be a key differentiator, as Letybo is expected to undercut both Botox, which costs $10-25 per unit in the US, and Nabota, priced at $8-16 per unit.
Hugel’s global ambitions extend beyond the US. The company, which resolved a significant legal challenge when it won a botulinum toxin lawsuit against Medytox last October, is the only Korean firm with approvals in all three major markets – the US, China, and Europe.
