Hugel (145020) Q2 2025 earnings summary

Executive summary

• Net sales in 2Q25 reached KRW 110.3bn, up 15.5% year-over-year, with strong growth in botulinum toxin and derma cosmetics.

• Operating profit rose 33.6% year-over-year to KRW 56.7bn, with an operating margin of 51.4%.

• Net income increased 3.3% year-over-year to KRW 38.2bn, with a net margin of 34.7%.

• Global medical aesthetics company with a presence in over 60 countries, specializing in botulinum toxin, HA fillers, cosmetics, and medical devices.

• Achieved significant regulatory milestones, including FDA approval for Botulax in the US and expanded registrations in Europe, China, and MENA.

Financial highlights

• Gross profit for 2Q25 was KRW 86.6bn, up 21.2% year-over-year, with a gross margin of 78.6%.

• H1 2025 consolidated revenue: KRW 200.1 billion, down from KRW 373.0 billion in FY2024.

• Operating income for H1 2025: KRW 95.6 billion; net income attributable to owners: KRW 65.5 billion.

• Cash and cash equivalents increased to KRW 181.5 billion from KRW 130.1 billion at FY2024 year-end.

• Gross margin remains strong, with H1 2025 gross profit at KRW 155.6 billion.

Segment performance

• Botulinum toxin sales grew 20% year-over-year, accounting for 56% of product mix.

• Derma cosmetics sales surged 104.5% year-over-year, representing 12% of product mix.

• Dermal filler sales declined 6.5% year-over-year, making up 31% of product mix.

• Toxin segment: KRW 100.96 billion (50.46% of H1 2025 sales).

• Export sales accounted for 59.17% of H1 2025 revenue.