Sangsangin Investment & Securities projected that exports to the United States and the Asia-Pacific region would increase this year for the botulinum toxin (Botox) development corporation HUGEL. It maintained a 'buy' investment opinion and raised its target price from 400,000 won to 440,000 won. HUGEL's closing price the previous day was 312,000 won.
Research Institute Ha Tae-gi noted, "Starting from the second quarter (April to June) of this year, exports of toxin to the United States will begin, and the sales environment will improve in regions outside of North America due to the enhancement of the toxin brand value."
HUGEL is preparing to launch its toxin in the U.S. market through its partner company Benev in the first half of this year.
Research Institute Ha expected, "With the improvement of brand image due to receiving approval from the U.S. Food and Drug Administration (FDA) for the toxin, exports of the toxin to countries in Asia, Europe, and South America will increase," and added, "Exports to China have significantly recovered last year, and high growth is also possible this year."
Research Institute Ha believes that starting in the second half of this year, sales synergy will occur between toxins and fillers.
He said, "Toxins and fillers can be packaged together as a product," and added, "Sales synergy for toxins and fillers can occur in developed countries following FDA approval for the toxin product." This is expected to greatly expand HUGEL's growth potential for filler exports.