[THE INVESTOR] Korea’s Huons Global said on Nov. 13 it posted a third-quarter net profit of 15 billion won (US$13.38 million), up nearly 132 percent on-year, boosted by growing overseas sales of its botulinum toxin product.
According to its consolidated financial statement, Huons Global reported 85.9 billion won in sales, up 60 percent in the June-September period. Operating income came in at 18.4 billion won, up 101.4 percent.
The robust earnings comes as the company shifts its focus overseas with its self-developed Hutox, a treatment to reduce wrinkles on the forehead.
Sales of Hutox stood at 2 billion won out of 5.8 billion won of the company’s standalone sales, it said.
“Following the strong growth and high operating margin in the first half, the third-quarter results proved the company’s competitiveness at home and abroad. Tangible outcomes have been witnessed in the overseas market especially for Hutox,” said Yoon Sung-tae, vice chairman of Huons Global.
After receiving approval for exports of Hutox in October 2016, Huons Global has been actively targeting countries in the Middle East and Northeast Asia that don’t require clinical trial results.
Hutox is expected to hit the domestic market in early 2019 after undergoing phase 3 clinical trials next year and clears regulatory hurdles for sales.
In February, the company pledged to invest 10 billion won to build a new plant for Hutox in Jecheon, North Chungcheong Province, where its first plant is located. Once the second plant is completed, the company’s total BTX production capacity will increase fivefold to 3 million vials a year, according to the firm.
By Park Han-na (firstname.lastname@example.org)