2024-07-30 21:54:20
2nd quarter operating profit 58.1 billion won… 75.3% increase year-on-year
Operating profit growth rate significantly exceeds sales growth rate
Main products such as Rosujet and Amosartan are doing well
Beijing Hanmi Pharmaceutical Co., Ltd. performs well even during the off-season
Hanmi Pharmaceutical received a report card showing a significant improvement in profitability in the second quarter of this year, thanks to strong domestic and international sales of major products and growth of subsidiaries. It also received a green light for achieving a new annual performance record. Despite internal ups and downs, such as management disputes among the founding family, its performance was more solid than ever.
Hanmi Pharmaceutical announced on the 30th that its consolidated sales for the second quarter were 378.1 billion won and operating profit was 58.1 billion won. Compared to the previous year, sales increased by 10.3% and operating profit increased by 75.3%, showing a significant improvement in profitability. During this period, investment in research and development (R&D) was tallied at 52.3 billion won, accounting for 13.8% of sales.
The cumulative performance for the first half of this year (January to June) is 781.8 billion won in sales and 134.8 billion won in operating profit. The cumulative performance also shows a significant increase in profitability, with the operating profit growth rate (44.8%) far exceeding the sales growth rate (11.1%). A new annual performance record is expected.
A Hanmi Pharmaceutical official explained, “Operating profit increased significantly due to the continued growth in sales of improved and combined new drugs.”
Sales growth was driven by domestic prescription drug performance. Key products such as Rosuzet and Amosartan are continuing their growth. Rosuzet, a combination new drug for treating dyslipidemia, exceeded KRW 100 billion in cumulative outpatient prescription sales in the first half of the year. In particular, the prescription amount in the second quarter was tallied at KRW 51.1 billion, up 16.6% year-on-year. The ‘Amosartan Family’, a combination drug product group for treating hypertension, contributed to performance with KRW 36.2 billion in sales.
Hanmi Pharmaceutical’s overseas export performance in the second quarter increased by 5.9% year-on-year to KRW 57.8 billion (excluding technology royalties) on a separate basis. By region, Japan accounted for 41%, followed by Europe and China at 17% and 14%, respectively. By product, finished products accounted for 53%, while API accounted for 47%. Beijing Hanmi Pharmaceutical, a local Chinese subsidiary, recorded sales of KRW 98.7 billion in the second quarter. Operating profit was KRW 25.2 billion. Compared to last year, sales grew by 9.6% and operating profit by 15.0%. It is evaluated that profitability improved despite the seasonal off-season by achieving solid performance. Hanmi Pharmaceutical said that laxatives and adult intestinal preparations showed high growth, and that Mamiai, a children’s intestinal preparation, and Ianping, an expectorant, are expected to show growth in the second half of the year.
In terms of R&D achievements, HM15275, which is currently being developed as a next-generation obesity treatment triple agent, recently received approval from the U.S. Food and Drug Administration (FDA) and entered phase 1 clinical trials. At the ‘American Diabetes Association (ADA) 2024’ held last month, four preclinical research results on next-generation obesity treatment triple agents were also disclosed. Epoxipegtrutide (LAPSTripleagonist) and epinopegdutide (LAPSDualagonist), which are being developed as treatments for nonalcoholic steatohepatitis (MASH), are also in smooth clinical trials. It is evaluated that they are establishing a position in the obesity and metabolic disease fields. HM16390, which is being developed as an immune-modulating anticancer drug, also received approval for phase 1 clinical trials in the U.S., just like HM15275. HM15421 (GC1134A), an innovative new drug for the treatment of Fabry disease, was designated as an orphan drug by the FDA.
Park Jae-hyun, CEO of Hanmi Pharmaceutical, said, “Hanmi’s solid R&D capabilities and the excellent product power of our self-developed drugs are realizing sustainable growth,” adding, “We are scheduled to announce the clinical results of our major new drug pipeline in the second half of the year, and we are accelerating research on the development of immune-oncology drugs beyond targeted anticancer drugs, so we will more faithfully fulfill our role as a pharmaceutical company representing Korea.”
Kim Min-beom, Donga.com reporter [email protected]
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2024-07-30 21:54:20