Daewoong Pharmaceutical(Daewoong) announced on the 14th that, of the cumulative sales of Nabota (the U.S. name is Jeuveau) of KRW 113.3 billion as of the third quarter of this year, overseas sales were calculated to be KRW 93.5 billion (83%). Nabota is the No.1 exporter of domestic toxin products.
The U.S. sales were KRW 44.5 billion, more than half of Nabota's global sales(KRW 93.5 billion). In 2020, Daewoong began selling toxin preparations in the U.S. under the name 'Jeuveau' through its local partner Evolus. Two years later, it recorded an 11% share of the U.S. beauty toxin market.
The proportion of Nabota's overseas sales increased to 61% (2021), 77% (2022), and 83% (accumulated in the third quarter of 2023). While Daewoong Pharmaceutical's Nabota has been making great strides in the global toxin market in just two to three years, domestic botulinum toxin competition is heating up and becoming less competitive.
In the 2010s, domestically produced products were released one after another, intensifying competition. Recently, the number of products receiving domestic approval has increased, with 11 products now approved. Three new products are also awaiting approval.
A Daewoong official said, "The price of the so-called 'Botox treatment', around KRW 40,000 to 50,000 per treatment, has dropped to KRW 7,900, and recently even a KRW '4,900 event' has appeared. Daewoong Pharmaceutical is keeping a certain distance from the domestic bleeding competition. And we are pioneering unrivaled development and sales,"
Daewoon's cumulative sales in the third quarter of this year recorded 902.4 billion won, and operating profit exceeded 100 billion won. Nabota is accelerating its entry into the European market, with its official launch in Germany, Austria, and Italy this year.
Recently, it obtained product approval in Malaysia, a prominent Muslim country representing Southeast Asia, and is targeting the Muslim market of 2 billion people. Daewoong Pharmaceutical predicts that Nabota sales will grow at an average annual rate of 20% by 2030, with overseas exports exceeding 500 billion won.
Park Seong-Soo, Vice President of Daewoong, emphasized, "We will grow Nabota into one of the Big 5 global toxin brands by entering not only the beauty market but also the treatment market."
The link to the Korean version of this article is as below.
By_BK Min, KDFN firstname.lastname@example.org