South Korean botox titans Medytox and Hugel are both expected to set a new record for their annual sales this year.
According to industry sources on Nov. 14, Medytox’s cumulative sales for the third quarter reached 153.1 billion won (US$116.34 million), marking a 7.2 percent increase compared to the same period last year.
Medytox’s highest annual sales record stands at 205.9 billion won (US$156.46 million) in 2019. If the current upward trend in quarterly performance continues throughout this year, it could potentially surpass the company’s all-time highest sales record since its establishment.
Medytox is set to make a strategic move in the domestic toxin market with the upcoming release of NEWLUX, the next-generation botulinum toxin formulation developed by its subsidiary Numeco. This launch is part of the company’s plan to actively target the domestic toxin market, aiming to sustain its growth in the local industry.
Hugel’s cumulative sales for the third quarter reached 230.7 billion won (US$175.7 million), showing a remarkable 17.6 percent increase compared to the same period last year. Looking at the third quarter alone, the company achieved its highest quarterly sales and operating profit. With this impressive growth trajectory, it is anticipated that Hugel is on track to achieve its best performance since its establishment.
Particularly noteworthy is the secured operational rights for all items in the European region, excluding 50 units under the agreement with partner Croma-Pharma GmbH. Additionally, with the permits obtained last year in Canada, it appears that substantial revenue is poised to generate in the market as well.
Above all, the most anticipated aspect is the approval in the United States next year. In October of last year, the company applied for product approval for two products of Letybo, known domestically as Botulax. After receiving a Complete Response Letter (CRL) from the FDA, the approval application was resubmitted in October of this year.
Meanwhile, the outcome of the ongoing International Trade Commission (ITC) lawsuit between Medytox and Hugel is expected to serve as a variable in their future entry into the U.S. The preliminary decision from the ITC is anticipated in June next year, with the final decision scheduled for October of the same year.