Hugel, Inc., a publicly traded South Korean medical aesthetics company, has announced plans to evolve from a leading Korean botulinum toxin provider into a global aesthetics leader. The company has already established a strong presence in the U.S., the largest botulinum toxin market worldwide, and plans to increase investment in the region. Later this year, Hugel will introduce a hybrid sales model to expand customer adoption and improve profitability by combining direct sales with distributor partnerships. The announcement was made during Hugel’s presentation at the Asia-Pacific track of the J.P. Morgan Healthcare Conference in San Francisco on January 15, one of the largest healthcare investment events globally, where pharmaceutical and biotech leaders gather to discuss industry trends and business strategies.
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Carrie Strom, President and Global CEO of Hugel, said the company is targeting annual net sales of KRW900 billion by 2028, with more than 30 percent expected from the U.S. market. She explained that the hybrid sales model will strengthen the company’s partnership with its U.S. distributor while establishing a direct sales team, enabling more precise customer segmentation, broader market reach, and improved operating margins. Following U.S. FDA approval in 2024, Hugel began selling its botulinum toxin product in the United States through its partner BENEV. The upcoming hybrid sales strategy is designed to increase profitability and support steady revenue growth. Hugel aims to achieve a ten percent market share in the U.S. by 2028 and 14 percent by 2030.
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Beyond the U.S., Hugel is focused on expanding its product portfolio in key markets, including Korea, to complement its core offerings. The company will pursue strategic initiatives such as in-licensing and co-promotion to meet growing demand in the skin booster segment and strengthen its global aesthetics portfolio. Strom emphasized that by growing market share in the U.S. and optimizing the product portfolio, Hugel will accelerate its global transformation and drive revenue growth while maintaining a strong financial foundation and industry-leading operating profitability.
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