DEC 2022

IR BOOK

New Hope,
Better Life
GROWTH HISTORY
Evolving into a global bio aesthetic leader, moving beyond as #1 toxin player in Korea
Product development and Solid leadership position Evolution into the global
제품 개발 및 국내 시장 기반 확보 국내 톡신/필러 1위 시장 지위 공고화
Foundation of domestic market in the Korean toxin/filler market bio aesthetic industry leader

Revenue Trend [Unit: KRWbn]

Toxin
Filler
2,452
Others
2,046 2,110 (13%)
1,821 1,824
(36%)
1,242

651
290 403 (51%)
80 160 210

'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22E

Product Launched Added ‘Glabellar Launched Included 2 more Added ‘Crow’s Feet’ Launched skin booster
Botulax Lines’ indication The Chaeum indications* indication brand, Byryzn

HA filler ‘Dermalax’ obtained HA filler with lidocaine obtained Established Hugel Letybo approved in Approved in EU,AUS,CAN (’22)
Global
CE certificate in EU CE certificate in EU America China (’20, first in KR) To be approved in US (’23.2Q)

Common Registered Plant #2 IPO (KOSDAQ) Plant #3 to

commence operation
in late ’23 or early ‘24

*Post-stroke upper limb spasticity and foot deformity in pediatric cerebral palsy
Source: Internal Data

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GLOBAL LEADER IN MEDICAL AESTHETICS
Providing trend-setting treatment solutions

01 02 03

Dominant No.1 Player in Korea, Exponential Growth Potential Integrated Product Portfolio
The world’s Most Dynamic by Geographic Expansion & Total Aesthetic Solutions
Aesthetics Market for the Next 2 Years via R&D and Open Innovation

04 05 06

Deep Expertise in Strong Safety Track Record Profitability and Revenue Growth
Developing & Delivering with State-of-the-art Distinct Advantage over its Domestic
Cutting-edge Aesthetic Contents Technology Peers as well as Global Leaders

2
DOMINANT NO.1 PLAYER
in Korea aesthetic market
KOREA, WORLD’S MOST DYNAMIC AESTHETIC MARKET DOMESTIC MARKET SHARE ACHIVEMENT

1 World’s highest Penetration of

Toxin & Filler Treatments

2 Innovative procedures & Advanced

practitioners
Toxin 6 Consecutive
years
43%
The most competitive market with many
3 approved brands

K-beauty & Culture

4 becoming a global phenomenon

Brand Awareness Survey for B2B Customers (Dr. /HCP) 23%

Hugel
66 Medytox
Huons

3
57
54 Consecutive
51 Filler years 11%
43 42
45 38
42 42 36
34
42 5%
38
36
32
30
28

'12 '13 '14 '15 '16 '17 '18 '19 '20 '21
Response Trustworthy Quick Appropriate Visit Empathy Knowledge Familiarity Regularity
(88) (85) updates services frequently (64) (63) (50) (33)
(81) (79) (64) 3
EXPONENTIAL GROWTH POTENTIAL BY GEOGRAPHIC EXPANSION
Covering ~95% of global botulinum toxin market within 2 years
ACCELERATING INTO GLOBAL BIG 3 TOXIN MARKETS MARKET PRESENCE

Regions
Toxin 43 > 79 within
2022 2 years

EU 2023
2020
USD0.5bn U.S.
CHINA
USD0.8bn USD1.4bn

ASIA
(ex-China) LATAM
51%
USD0.4bn USD0.2bn
Therapeutic 80%
Toxin
USD Market U.S.
EU
China
2H20 1H21 2H21 1H22 2H22 1H23

CHINA
Oct 21st
bn 49%
Obtained Toxin Approval
EU
Aesthetic
Toxin
20%
Jun 30th Jan 25th Tier 2 Approval(E) Market ROW
Submitted Toxin BLA Completed DCP & Obtained Toxin Approval (Tier 1) (LATAM,
other ASIA)
AUS/CAN
July 1st CAN: Jun 30th / AUS: Nov 23rd
Submitted Toxin BLA Obtained Toxin Approval
U.S.
Mar 31st Approval(E) 4
Submitted Toxin BLA
EXPONENTIAL GROWTH POTENTIAL BY GEOGRAPHIC EXPANSION
Along with new pipeline, skin booster
POTENTIAL OPPORTUNITY OF GLOBAL FILLER MARKETS MARKET PRESENCE

Regions
Filler 38 > 53 within
2 years

EU
USD900mn U.S.
CHINA SKIN BOOSTER
USD950mn USD1.3bn
Hugel’s First Skin Booster, Byryzn
▪ Launched skin booster brand, Byryzn in Jan.
2022, entering the high potential skin
ASIA
(ex-China) LATAM booster market
- Domestic market size: KRW60bn
USD300mn USD90mn
▪ Containing high level of hyaluronic acid
▪ Improves wrinkles and delivers hydration and
illumination to skin when injected effectively
into the epidermis
Hugel’s HA Filler Revenue [Unit: KRWbn] CHINA ▪ Expect synergy via cross-selling with Hugel’s
84.2 HA filler given new treatment techniques and
▪ Obtained marketing approval from China NMPA
67.8 trainings
61.8 in Apr. 2022 and made first shipment in Aug. 2022
48.2
▪ Expect synergy with Hugel’s botulinum toxin,
Letybo

EU
2018 2019 2020 2021
▪ Delivered strong growth in overseas markets
Domestic Export 5
including Asia and EU
BUILDING INTEGRATED PRODUCT PORTFOLIO & TOTAL AESTHETIC SOLUTIONS
Via continued R&D and open innovation

Botulinum Toxin Hyaluronic Acid Filler

Botulax, Letybo The Chaeum, Dermalax
Volumizing
Relaxing

Contouring

Skin Booster Lifting Threads

Byryzn Blue Rose Forte
Whole face Forehead

Glabellar lines Glabella

Crow’s feet
Crow’s feet
Nose
Cheek Derma Cosmetics
Lifting thread Wellage [PR]4

Square jaw Lips

Chin

Muscle
Relaxation Lipolysis injectable
* Ongoing phase 2 clinical trial in US
* Targeted to be launched in Korea/China by 2027
Face lift
Revenue by product category
Toxin 50% Filler 35% Cosmetics 5% Others 10%
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KEY R&D PIPELINE
Continue to research the next generation of biopharmaceuticals

Pipeline Indications Preclinical Phase I Phase II Phase III Approval

Glabellar lines

Crow’s feet

Post-stroke upper-limb spasticity

Botulinum Toxin Foot deformity in pediatric cerebral palsy

Blepharospasm

Benign Masseteric Hypertrophy

Benign Masseteric Hypertrophy (China)

Liquid Toxin Glabellar lines

Temporary improvement of facial wrinkles

Penile enlargement

Hyaluronic Acid Filler Revolax Sub-Q (China)

Revolax Deep (China)

Byryzn (China)

HG201 (Anti-scarring therapeutics)

New Product
HG301 (Lipolysis injectable)

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 DEEP EXPERTISE
in developing and delivering cutting-edge aesthetic contents
DIFFERETIATED TRAINING & ACADEMIC SUPPORT DIGITAL & GLOBAL ENGAGEMENT

H.E.L.F | Hugel Expert Leader’s Forum since 2013 Embracing Digital Technology to provide academic platform

Hugel Webzine
Online webinars iH.E.L.F
6 in 2020 13 Sessions
sharing the latest insight
of clinical trials & trends
▪ Biggest medical aesthetic forum in Korea supported by a single company
▪ Delivering the latest academic and scientific information
▪ 9th Edition | Over 10K Attendees | 326 Expert Speakers

H.O.P.E | Hugel Outstanding Professional Education Bringing advanced K-Aesthetics to Global KOLs
▪ AMWC Asia in Taiwan
▪ IMCAS World Congress 2022
▪ IMCAS Asia 2022 in Thailand
▪ American Society for
Dermatologic Surgery, ASDS
▪ GLAM 2022
▪ AMWC China 2022

Building Strong Engagement and Reliability with our customers and KOLs
and Enhancing entry barriers
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MANUFACTURING FACILITIES
Capacity expansion for global demand
BOTULINUM TOXIN HYALURONIC ACID FILLER

[Unit: K vials] [Unit: K syringes]

8,000 4,000
x2
x 2.3

4,000 4,000
5,720 5,000

Current 2023~ Current 2022~

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BEST-IN-CLASS QUALITY
With state-of-the-art technology

BOTULINUM TOXIN

Cell culture &

fermentation Precipitation Extraction Purification Lyophilization

Stringent Internal Regulations

for consistent & stable potency
▪ Sophisticated testing method & process to stabilize potency
▪ The highest purity level (99.5%) → Fast commercialization for Various types of toxin
▪ Optimal lyophilization (freeze-drying) → Comparable efficacy to Allergan

HYALURONIC ACID FILLER

LINK Stabilization Purification Blending Filling Sterilization

State-of-the-art Technology
for enhanced safety

Sterilization Cooling Method

Other brands 110~120 ℃ Natural Cooling

The Chaeum Ultra-high temperature Rapid Cooling

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Seasoned Management Team
Experts with experience in globalization of Korean pharmaceutical industry
HUGEL MANAGEMENT TEAM

Jihoon Sohn
Chief Executive Officer
 30+ years in pharma global sales & marketing

Seonho Han Soonwoo Kwon Jake Hwang James P. Hartman

Chief Sales & Chief Safety Officer Chief Finance Officer COO of Hugel America
Marketing Officer  10+ years in toxin production  25+ years in corporate finance  20+ years in aesthetics, medical
 25+ years in pharma global sales & process & facility devices, and pharmaceuticals in the U.S.
marketing

Hyoung Jin Moon Changjin Lee Seanguk Ji

Head of Hugel China, MD

Head of Medical, MD Chief Technology Officer, Ph.D  20+ years in pharmaceuticals in China
 30+ years in medical  25+ years in biologics R&D
aesthetics

Minjong Kang Youngmahn Yoo

Head of Marketing Chief Production Officer

 20+ years in marketing  25+ years in global standard
facility operation

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The Board of Directors
Unlock existing management team’s potential and expand international teams
BOARD MEMBER

Brenton L. Saunders
Chairman of the Board of Directors,
Non-executive Director

● Tenure: ‘22.04~‘25.04
- CEO, Chairman of Board of Directors, Vesper Health (‘20~present)
- Chairman, President, CEO, Allergan (2015~2020)
- CEO, Chairman of Board of Directors, Bausch&Lomb (2010~2013)

Jihoon Sohn Suhhong Hur Michael Keyoung

Executive Director, Non-executive Director Non-executive Director
CEO

● Tenure: ‘22.04~‘25.04 ● Tenure: ‘22.04~‘25.04 ● Tenure: ‘22.04~‘25.04

- CEO, Hugel (‘18~present) - Senior Vice President, GS Holdings Corp. (‘20~present) - Managing Director & Head of North Amercia, CBC Group (‘17~present)
- CEO, Dongwha Pharm (‘16~’17) - Executive Director, GS Energy (‘12~’19) - Chairman of the Board, AffaMed Therapeutics (‘19~present)
- President & VP, Baxter Korea (‘06~’14) - Business Analyst, Chevron (‘09~’11) - Board Member, InxMed (‘20~present)

Seungmin Chee Patrick Holt Taehyoung Lee

Chair of the Audit Committee
● Tenure: ‘22.04~‘25.04
- Assistant Professor, Korea Univ. Business School (‘13~present)
- Vice President, Allergan Inc. (‘10~’15)
- Non-Executive Director, Korea Institute of Marine Science &
Technology Promotion (‘18~’20)
- Commissioner, Korean Accounting System Review Committee,
Securities & Futures Commission (‘15~’17)
Member of the Audit Committee
● Tenure: ‘22.04~‘25.04
- President, Cordis (Cardinal Health Inc.) (‘15~present)
- Vice President, Allergan Inc. (‘10~’15)
- President Director, Merck & Co., Inc. (‘97~’10)
Member of the Audit Committee
● Tenure: ‘22.04~‘25.04
- CFO, GS Holdings Corp.(‘22~present)
- Senior Managing Director, GS Energy Corporation. (‘20~’21)
- CEO, Incheon Total Energy Company (‘17~’20)
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Major Shareholder – Aphrodite Acquisitions Holdings LLC

Aphrodite Acquisitions Holdings

▪ Singapore-based global healthcare investment fund CBC Group

▪ Special purpose company jointly invested by leading Korean
conglomerate GS and Korean private equity fund IMM Investment
▪ Mubadala, a Middle East sovereign wealth fund

CBC Group GS Holdings

CBC is the Largest and Most Active Asia Healthcare Fund
with US$4.5bn AUM and Global Footprints
▪ In-depth industry knowhow with thematically driven
top-down research approach to identify the most
attractive opportunity sets and global top-notch
science advisor network
▪ Top quartile return profiles among control strategy
focused funds across different vintage years
▪ Successfully incubated 10+ healthcare companies from
ground up and completed multiple complex buyouts
GS Holdings engages in the energy, utility, retail,
engineering and construction businesses in Republic of
Korea and internationally together its subsidiaries
▪ World’s 4th largest single-site refinery
▪ Global network of more than 30 overseas bases
▪ Korea’s largest private-sector power company by
capacity of 5.7GW
▪ Korea’s leading commerce platform company by online
and offline integrated(GS Retail+GS SHOP)

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