Korean biotech firm Hugel announced Nov. 12 that its operating profit jumped 225 percent in the third quarter from a year earlier to 18.2 billion won ($15.57 million).
Its sales increased by 46.4 percent to 51.1 billion won.
Hugel said its overall profit improved recently due to the sales growth of its botulinum toxin Botulax and filler Dermalax. Sales of the company’s botulinum toxin increased 33.4 percent to 15.8 billion won during the third quarter this year, and its filler’s sales also doubled to 4.9 billion won during the same period.
“We will continue to develop our products to raise their competitiveness and to stretch out further in the global market,” a Hugel official said in a statement.
The company’s export revenue for its botulinum toxin and filler during this period also increased 107.9 and 40.6 percent, respectively. Its net profit, however, decreased 49.5 percent to 12.1 billion won.
The company said the drop was due to its stake in partner company OliX Pharmaceuticals, which was reflected as a non-operating income last year and raised net profit. “It might seem like its net profit plummeted this year as the one-off profit is not included this time,” the company official said. Hugel owns a 5.81 percent stake in OliX Pharmaceuticals.
By Song Seung-hyun (firstname.lastname@example.org)