Hugel (145020) Q3 2025 earnings summary

Executive summary

• Net sales for 3Q25 reached KRW 105.9bn, up 0.8% year-over-year, with gross profit at KRW 81.7bn, down 1.4% year-over-year.

• Operating profit declined 11.2% year-over-year to KRW 47.4bn, and net income fell 9.5% to KRW 38.0bn.

• Operates as a global medical aesthetics company specializing in botulinum toxin, hyaluronic acid fillers, cosmetics, medical devices, and skin boosters, with a strong presence in both domestic and international markets.

• Achieved product approvals and market entries in the US, Europe, China, and over 68 countries, with ongoing expansion in emerging markets.

• Maintains a robust R&D pipeline, focusing on new indications for botulinum toxin, advanced fillers, and innovative cosmetic and medical device products.

Financial highlights

• Consolidated revenue for the first nine months of 2025 was KRW 305.98 billion, down from KRW 373.05 billion in the same period of 2024.

• Operating income reached KRW 143.03 billion, with net income at KRW 107.15 billion, both showing a decrease year-over-year.

• Gross margin was 77.1% for 3Q25, a decrease of 1.7 percentage points year-over-year.

• SG&A expenses increased 16.2% year-over-year to KRW 34.3bn.

• EPS for the period was KRW 9,358, compared to KRW 12,520 in the prior year.

Segment performance

• Botulinum Toxin sales declined 7% year-over-year, representing 57% of product mix.

• Dermal Filler & Skinbooster sales grew 1% and 65% year-over-year, accounting for 29% and 14% of mix, respectively.

• Thread & Others segment dropped 61% year-over-year, now 1% of mix.

• Toxin products accounted for 53.21% of sales, fillers 31.41%, medical devices 13.37%, cosmetics 1.37%, and other services 0.64%.

• Export sales comprised 62.22% of total revenue, with domestic sales at 35.99%.