Hugel, Inc. · KRX:145020
Hugel — J.P. Morgan Healthcare Conference 2025
37 slides from Hugel's conference presentation, January 2025
Slide 1: J.P. Morgan Healthcare Conference
J.P. Morgan Healthcare Conference Speaker: Eva Huang January, 2025
Slide 2: Disclaimer
Disclaimer This document is for the presentation of Hugel, Inc.(“Company”) and provided for the convenience of investors only. This presentation may contain "forward-looking statements" - that is, statements related to future, not past, events. In this context, "forward- looking statements" often ad
Slide 3: Table of Contents
OWHUGEL Table of Contents Executive Summary Hugel’s Highlights and Advantages Key Strategies for Future Growth Capital Allocation Plan
Slide 4: Hugel Snapshot
Hugel Snapshot No.1 24 Years One and only Top 5 Market Leadership & Global Expansion Korean Market Safety and quality Asian company to obtain toxin Global Toxin Player Leadership of track record approvals in Top 3 Markets, in 67 countries Toxin & HA Filler US, China and Europe 31.1% 47.4% KRW451bn 7
Slide 5: Hugel's Medical Aesthetics Product Portfolio
Hugel’s Medical Aesthetics Product Portfolio Botulinum Toxin Filler & Skin Booster (55% revenue contribution in 3Q LTM 2024) (34% revenue contribution in 3Q LTM 2024) Botulax, Letybo The Chaeum, Dermalax, Persnica, BYRYZN Offered in 50U/100U/150U/200U/300U to cater to Comprehensive line-ups cove
Slide 6: Hugel's Growth History with Product and Global Expansion
Hugel’s Growth History with Product and Global Expansion Product development and Solid leadership position Evolution into the global Harvesting: Period of visible, Foundation of domestic market in the Korean toxin/filler market bio aesthetic industry leader exponential growth and profitability Net S
Slide 7: Hugel Vision
Hugel Vision Global Leading Medical Aesthetic Company Dedicated to Mission Improving the Quality and Happiness of Mankind Toxin Filler Cosmeceutical 2028F Countries Countries Countries Outlook 80+ 70+ 10+ Key Focused Portfolio Balanced Global Presence Continuous Upsides from Further Development with
Slide 8: 2023~2024: Key Updates
2023~2024: Key Updates 2024 Key Financial Performance* Key Updates *based on 3Q LTM 2024 1 Strengthened Management Capabilities ITC concluded “There is NO violation of Section 337” 2 in final determination U.S. FDA approval of botulinum toxin, 3 Letybo 50/100 units received Toxin Approvals in Malays
Slide 9: Chairman Cha – Top-notch Management with Global Vision and Track Record
Chairman Cha – Top-notch Management with Global Vision and Track Record In April 2023, Suk Cha joined Hugel as Executive Chairman. Mr. Cha brings over 35 years of expertise in the consumer and healthcare industries Under Chairman Cha’s leadership, Hugel achieved various milestones such as a Clea
Slide 10: Highly Experienced Management Team
Highly Experienced Management Team Experienced leaders within healthcare and medical aesthetic industry SUK CHA, Executive Chairman Executive Chairman, Hugel ('23~current) Chairman, CEO, LG Household & Health Co., Ltd; Vice Chairman of LG Group Companies (‘05~’22) President, CEO, Haitai Confec
Slide 11: Key Markets Approval Highlight
Key Markets Approval Highlight Key Markets Approval Timeline Apr ’19 Oct ’20 Feb ’21 Apr ’22 Q3 ’22 Feb‘24 Apr‘24 China Submitted toxin Obtained toxin Toxin’s Received NMPA Filler product (Persnica) Obtained Filler approval Filler’s First shipment BLA (Letybo) approval (Letybo) First product approva
Slide 12: Share Price Rallied Strongly with ITC Final Determination and US FDA Approval
Share Price Rallied Strongly with ITC Final Determination and US FDA Approval 2024/10: Final Determination 330,000 ITC concluded "there is NO violation of Section 337" 2024/06: Initial Determination 290,000 ITC ruled in favor of Hugel 250,000 2024/03 Received US FDA approval for toxin Share Price(KR
Slide 13: Delivered Solid Financials with Consistent Growth
Delivered Solid Financials with Consistent Growth Net Sales 3Q LTM 2024 Financial Highlights (Unit: KRWbn) 363.8 319.7 281.7 5 mn Total Total toxin toxin vials vials sold sold in in 2024 2024 YoY% 16% of of global Globaltotal totalmarket marketsupply supply FY2022 FY2023 3Q LTM 2024 Growth % +13.5%
Slide 14: Table of Contents
Table of Contents OWHUGEL Executive Summary Hugel’s Highlights and Advantages Key Strategies for Future Growth Capital Allocation Plan 14
Slide 15: Hugel Highlights/ Advantages
Hugel Highlights/ Advantages 1 Differentiated Price-to-Value Proposition with Long-standing Safety Track Record 2 Committed to Medical Affairs with Strong Physician Engagement 3 Proprietary Manufacturing Capabilities 4 Solid In-house R&D Capabilities and Pipeline 5 Strong Financial with Steady Growt
Slide 16: Differentiated Price-to-Value Proposition with Long-standing Safety Track Record
1. Differentiated Price-to-Value Proposition with Long-standing Safety Track Record Price-to-Value Proposition State-of-the-art Technology with safety track record Botulinum Toxin Cell culture & Precipitation Extraction Purification Lyophilization Fermentation Premium Brands Stringent Internal Regul
Slide 17: In-depth Expertise in Delivering Cutting-edge Aesthetic Contents
2. In-depth Expertise in Delivering Cutting-edge Aesthetic Contents Differentiated Training & Academic Support B2C Customer and Global Engagement Conference & Symposium Brand Marketing • H.E.L.F | Hugel Expert Leader’s Forum since 2013 • Increase brand awareness by celebrity marketing • H.O.P.E | Hu
Slide 18: Proprietary Manufacturing Capabilities
3. Proprietary Manufacturing Capabilities Botulinum Toxin Production Hyaluronic Acid Filler Production (Unit: mn vials) (Unit: mn syringes) Geodu A Sinbuk Geodu B x 2.3 8.0 x2 4.0 5.7 5.0 4.0 4.0 Current 2025E~ Before 2021 2022~ 18
Slide 19: Solid In-house R&D Capabilities and Pipeline
4. Solid In-house R&D Capabilities and Pipeline Hyaluronic Acid Filler Production and Utilization Rate Blepharospasm Glabellar lines Foot deformity in pediatric cerebral palsy Post-stoke upper limb spasticity Crow's feet Benign masseteric hypertrophy Cervical dystonia Overactive bladder Glabellar li
Slide 20: Strong Financial Profile with Steady Growth and Solid Margin
5. Strong Financial Profile with Steady Growth and Solid Margin [Unit: KRWbn] Gross Profit & Margin Operating Profit* & Margin 76.4% 77.7% 77.0% 76.5% 45.7% 70.4% 70.5% 41.2% 40.4% 41.7% 37.0% 33.3% 246.2 278.5 218.9 143.9 148.8 177.1 166.2 113.8 133.3 68.1 78.1 95.6 2019 2020 2021 2022 2023 3Q LTM
Slide 21: Table of Contents
Table of Contents OWHUGEL Executive Summary Hugel’s Highlights and Advantages Key Strategies for Future Growth Capital Allocation Plan 21
Slide 22: Strategy for Future Growth
Strategy for Future Growth Organic Business Strategy Solidify market leadership in Korea for both toxin and filler with differentiated product strategy Maintain Market Further penetration among existing customers Leadership in Korea Continue to lead the physician training and education program
Slide 23: Continue to Maintain Leadership Positioning in Korea
1. Continue to Maintain Leadership Positioning in Korea Domestic Market Achievement Industry-leading Margins and Growth Surpassing Peers Market Share (2023) Revenue Growth (2021-3Q LTM 2024 CAGR) 6% 9% 16.2% 1% 6% 18% 10% 7.5% 12% 8.7% Avg. ’21~3QLTM 2024 39% #1 10% #1 Revenue Growth CAGR Filler 16%
Slide 24: Well Poised to Capture Key International Expansion Opportunities
2. Well Poised to Capture Key International Expansion Opportunities 2022 Toxin Entry Year 2012 Filler Entry Year EU 2020 Toxin Entry Year 2024 Toxin Entry Year Toxin market size USD0.6bn 2022 Filler Entry Year • U.S.A • Peru U.S. • Canada • Uruguay Filler market size USD1.1bn China • • Honduras El S
Slide 25: Besides Long-tail ROW markets
2. Besides Long-tail ROW markets Toxin and Filler Market Size in 2024 of Hugel’s Key Markets Continuous growth in key countries, as well as, RoW markets representing attractive opportunity for Hugel to expand internationally In US$mn Hugel’s key markets Key RoW markets 4,000 Other RoW markets 2,324
Slide 26: Prioritized International Markets Overview
2. Prioritized International Markets Overview Market Size(2024) Approval Timeline Strategy Aesthetic only Partnered with Sihuan Toxin: USD800~900mn Toxin: Approved in October 2020 China Achieved 10% toxin M/S within 1 year of Filler: USD1.5bn Filler: Approved in April 2022 launch and Tar
Slide 27: Key International Market Strategy 1) China
2. Key International Market Strategy 1) China China Aesthetic Botulinum Toxin Market Size Hugel’s Differentiation Points 3.5 Differentiated Product Positioning Only Korean Toxin Brand leveraging K-beauty influence in China 0.8 Leveraging on its differentiated positioning to gain market share 2024
Slide 28: Key International Market Strategy 2) Europe
2. Key International Market Strategy 2) Europe Market Characteristics Key Achievements Toxin & Filler Sales Trend (‘21~’23) (Unit: KRWbn) Toxin Toxin Filler Oligopoly market led by the three leading 8.6 global companies Germany: Top 2 market share in 2023 7.8 Poland: Top 3 market share in 2023 L
Slide 29: Key International Market Strategy 3) The U.S.
2. Key International Market Strategy 3) The U.S. The U.S. Market Opportunity Hugel’s Differentiation Points The U.S. Aesthetic Botulinum Toxin Market Size 1 Targeted distribution channels 4.9 2 Providing value-added Services to physicians 2.5 3 Unique price-to-value proposition 2024 2030 Future Grow
Slide 30: Key International Market Strategy 4) LATAM
2. Key International Market Strategy 4) LATAM Market Characteristics Sales Trend in LATAM (2020~23) 1 LATAM Aesthetics Toxin market estimated to be USD 480-500mn in 2024, (Unit: KRWbn) growing at high-single digits per annum Rest of LATAM Brazil 2 Growing Demand for minimally invasive procedures, pa
Slide 31: Key International Market Strategy 5) MENA
2. Key International Market Strategy 5) MENA Market Characteristics* Rapidly increasing aging population The increasing number of aesthetic procedures Increasing obese population Advanced healthcare infrastructure Increasing awareness regarding aesthetic procedures The growing number of
Slide 32: Continuous Margin Improvement from Higher ASP Markets
3. Continuous Margin Improvement from Higher ASP Markets Comparative Price Comparison between Korea and Key International Markets (Indicative Only) Sales growth opportunities from higher ASP markets internationally Korea China Europe GCC The U.S. 32
Slide 33: Table of Contents
Table of Contents OWHUGEL Executive Summary Hugel’s Highlights and Advantages Key Strategies for Future Growth Capital Allocation Plan 33
Slide 34: Capital Allocation Plan
Capital Allocation Plan OWHUGEL le = GEOGRAPHIC. SELECTIVE BD EXPANSION and M&A CAPITAL ALLOCATION 8s) oS & Kal INFRASTRUCTRE SHAREHOLDER INVESTMENT RETURN 34
Slide 35: Recap: Strategy for Future Growth
Recap: Strategy for Future Growth Organic Business Strategy Solidify market leadership in Korea for both toxin and filler with differentiated product strategy Maintain Market Further penetration among existing customers Leadership in Korea Continue to lead the physician training and education
Slide 36: Recap: Hugel Vision
Recap: Hugel Vision Global Leading Medical Aesthetic Company Dedicated to Mission Improving the Quality and Happiness of Mankind Toxin Filler Cosmeceutical 2028F Countries Countries Countries Outlook 80+ 70+ 10+ Key Focused Portfolio Balanced Global Presence Continuous Upsides from Further Developme
Slide 37: Thank you
OWHUGEL Thank you