[JPM 2026] Hugel sharpens focus on expanding US footprint

SAN FRANCISCO — Hugel has unveiled a US growth strategy centered on a hybrid sales model and an expanded product portfolio, as it steps up its presence in the world's largest medical aesthetics market.

Speaking at a press conference on the sidelines of the JPMorgan Healthcare Conference on Wednesday, Hugel Global CEO Carrie Strom said the company plans to deepen direct engagement with US customers while maintaining its existing distributor partnership.

"Our US strategy is simple. It's to invest more in a direct relationship with our US customers," Strom said. "We're not just investing to drive revenue. We're investing to drive revenue profitably."

The briefing came ahead of Hugel's official presentation at the conference Thursday. The botulinum toxin specialist is one of five Korean companies selected to present at this year's event.

Under the hybrid sales model, Hugel will retain its current US distributor while adding a direct sales channel, which Strom described as a "critically important" shift in the company's commercial approach.

Hugel has set two key targets for the US market: lifting the US share of total sales to at least 30 percent and reaching 900 billion won ($612 million) in annual revenue by 2028. The company posted revenue of 373 billion won in 2024.

Hugel's annual revenue was 373 billion won in 2024. The Korean botulinum toxin company officially launched its flagship product Letybo in the US in March 2025. According to Hugel, Letybo achieved a 3 percent share of the US botulinum toxin market for the most parts of last year since its launch.

Hugel officially launched its flagship botulinum toxin product, Letybo, in the US in March 2025. The product captured roughly 3 percent of the US botulinum toxin market for much of last year following its launch, according to the company. Strom said Hugel aims to expand that share to 10 percent by 2028 and 14 percent by 2030 while sustaining profitability.

To support this growth, the company plans additional market-facing and medical investments in the US, alongside cross-selling and bundling strategies leveraging its broad product lineup in Korea.

"In Korea, we have a broad product portfolio that we'll be leveraging through cross-selling and bundling to be able to sell more to our customers and expand our customer reach," she said. "From an innovation standpoint, it's important that we're constantly bringing new technology into the very important Korean market through things like our vial expansions."

Beyond the US and Korea, Strom added that Hugel will create regionally customized solutions in other key segments of the global market, including launching new skin boosters in Australia this year and leveraging its 50-unit vial in China.

"We have the opportunity to expand our geographic reach of Letybo by launching it in new markets in the next two years, including Saudi (Arabia), Turkey, Mexico and India," she said.