The combination of high exchange rates and expansion into the U.S. market is boosting expectations for the second-half performance of South Korean botulinum toxin companies. As demand for cosmetic and aesthetic procedures increases in the latter half of the year, seasonal trends are expected to accelerate export growth.
According to industry sources on July 23, the export value of South Korea's botulinum toxin from January to May this year reached $233.88 million (approximately 340 billion won), marking a 24.2% increase compared to the same period last year. With a strong start in the first half, there are projections that the seasonal peak in the second half could lead to the first-ever annual export surpassing 1 trillion won.
A significant positive factor is the intensified focus on the U.S. market, the largest for these products. Hugel received approval from the U.S. Food and Drug Administration (FDA) for its botulinum toxin product, LetibotulinumtoxinA (known as Botulax in South Korea), in 2024 and began sales through its local distribution partner, Benev, last year. Starting in July, Hugel has implemented a hybrid sales strategy that includes direct sales, aiming to increase its market share.
Carrie Strom, Global CEO, stated at the JP Morgan Healthcare Conference earlier this year, "We aim to increase our market share in the U.S. from the current 3% to 10% by 2028 and 14% by 2030. This will allow us to generate over 30% of our total revenue from the U.S. market by 2028," with a total revenue target of 900 billion won by that year.
Daewoong Pharmaceutical, which has already established a direct sales network in the U.S., is also beginning to reap the benefits of expanded exports. Shipments are increasing in key markets such as Brazil, Thailand, and Canada, leading to a steady rise in export proportions. Additionally, its partner, Evolus, is proactively securing some of next year's supply in anticipation of U.S. drug tariffs set to take effect in September, which is expected to drive up shipment volumes.
Analysts are optimistic about the potential for improved performance centered around the botulinum toxin business. Hugel's second-quarter toxin sales are estimated to reach 73.7 billion won, a 21.4% increase from the same period last year, with exports expected to lead this growth at 53.5 billion won, up 26.8%.
Daewoong Pharmaceutical is also expected to see improved second-quarter results due to increased exports of Nabota. Analysts project Nabota sales for the second quarter to reach 102.1 billion won, a 46.4% increase year-on-year, with export sales estimated at 92.5 billion won, also reflecting a 46.4% rise.
Furthermore, the rising won-dollar exchange rate is creating a favorable environment for toxin companies that rely on exports. As dollar-denominated sales expand during the conversion to won, profitability is simultaneously improving. Shin Min-soo, a researcher at Kiwoom Securities, noted, "The atmosphere surrounding toxins and fillers has improved compared to the second half of 2025, and this will be reflected in the results. Despite the overall pattern of lower first-half and higher second-half performance, Hugel's unique sales growth will continue."
* This article has been translated by AI.
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