Hugel chases 1 trillion won in three years

The strategy mirrors co-promotion in pharma, where a developer partners with a company that has sales reach. But Jang sees a key difference: aesthetic products carry gross margins of 77% and operating margins of 40.7%, so both parties stay profitable even when they split revenue. A pharmaceutical co-promotion typically leaves neither partner with a large share.

Hugel already moved on this in April, signing a domestic distribution deal with Hans Biomed for Celldim, an extracellular matrix skin booster, and began co-marketing it. Jang predicted that Korean aesthetic medicine companies racing to develop skin boosters lack the distribution muscle to reach markets. By partnering with Hugel, which operates one of Korea's largest sales networks, they can expand domestically and globally without building their own channels.

The company is also securing exclusive distribution rights to a human-derived collagen-based skin booster from U.S. startup Jellatech and pursuing licensing for skin boosters based on polynucleotide and polydeoxyribonucleotide. Jang framed the approach as portfolio assembly: aesthetic products follow trends and require less development time and money than drugs, so owning a diverse lineup lets Hugel focus resources on products that prove competitive in the market.

In the United States, Hugel is moving faster. After winning FDA approval for its botulinum toxin Botulax (marketed as Letybo) in 2024, the company began sales through distributor Benev. But starting in the second half of this year, former Allergan executive Carrie Strom, who joined as global CEO last year, has been shifting Hugel to direct sales. The company is converting existing distribution partnerships into contract sales organization arrangements. Hugel operates as the first Korean aesthetic medicine company in the U.S. pursuing direct sales.

The math is simple. A botulinum toxin procedure costs under 100,000 won in Korea but runs $400 to $500 in the U.S. Direct sales eliminate middleman margins. Jang said Hugel will price 20% to 30% below Allergan and Galderma while competing on quality. The direct sales channel also becomes a platform for selling other products Hugel licenses or acquires.

Hugel has the cash to move fast. Operating cash flow in the first half of 2026 reached 65.9 billion won, a jump of 66.5% from 39.6 billion won a year earlier. Available assets—cash, cash equivalents, and short-term financial instruments—totaled about 601.1 billion won as of the first half. Jang said the company can collaborate through co-promotion first, test a product's market strength, then pursue M&A if warranted.

The ownership structure supports this. A consortium including CBC Group, GS Group, IMM Investment, and Middle Eastern sovereign wealth fund Mubadala holds the largest stake at 43.5%. Because no single owner runs the company, Jang said shareholders and management can focus on raising corporate value rather than serving one owner's interests. Decision-making on new investments and business expansion moves fast.

CBC Group, the private equity firm in the consortium, completed registration as a general partner in Korea in the first half of this year. That opens the door to acquiring additional aesthetic medicine companies as bolt-on deals to expand Hugel's business. Jang invoked Boryung's hypertension drug Kanarb as a model: one flagship product widens customer touchpoints, then in-house or licensed products expand revenue rapidly. Boryung built its foundation on the domestic market. Hugel will build on the global one.

Business information, not medical or legal advice. Verify regulatory status at FDA.gov.