Hanmi Pharmaceutical posts cumulative sales of 1.2376 trillion won through Q3 as prescription drug growth continues

[Financial News] Hanmi Pharmaceutical posted cumulative sales of 1.2376 trillion won through the third quarter of this year, supported by growth in its key prescription drugs and improved performance at its affiliates. However, third-quarter operating profit and net income fell year over year, partly due to a base effect from the recognition of an upfront technology-transfer payment last year.
Hanmi Pharmaceutical disclosed on the 27th that its preliminary consolidated sales for the third quarter of this year totaled 377.4 billion won, up 4.2% from a year earlier. Operating profit was 37.8 billion won and net income was 14 billion won, down 31.3% and 69.1%, respectively. The company invested 62.3 billion won in research and development (R&D), equal to 16.5% of sales.
Hanmi Pharmaceutical said that a base effect from the one-time recognition of an upfront payment for the technology transfer of sonepeglutide affected profitability. Growth in its key products continued, while a recovery in the performance of its Chinese subsidiary, Beijing Hanmi Pharmaceutical, and improved profitability at its active pharmaceutical ingredient affiliate, Hanmi Fine Chemical, supported results.
Growth in key products continued in the domestic prescription market. According to pharmaceutical market research firm UBIST, cumulative outpatient prescription sales through the third quarter of this year totaled 783.5 billion won. Third-quarter outpatient prescription sales of Rosuzet, a combination drug for dyslipidemia, reached 65.2 billion won, up 10.6% year over year. The hypertension treatment Amozartan Family and the gastroesophageal reflux disease treatment Esomezol Family also generated sales of 38.2 billion won and 15.2 billion won, respectively.
Hanmi Pharmaceutical is also working to develop the next generation of growth products following Rosuzet. It named Amoprel, a low-dose, three-drug combination antihypertensive; Obodens, an osteoporosis treatment; Rolontis, a treatment for neutropenia; and Hyalumini, a treatment for dry eye, among its growth candidates. It is also continuing its collaborations with global pharmaceutical companies, including Boehringer Ingelheim and Ferring Pharmaceuticals Korea.
Third-quarter sales at the Chinese subsidiary Beijing Hanmi Pharmaceutical were 79.3 billion won. The company said it had shown a gradual recovery by adjusting its bidding strategy and expanding supply volumes in response to China’s centralized drug procurement system.
Hanmi Fine Chemical recorded third-quarter sales of 22.8 billion won, up 32.6% year over year. Operating profit and net income also returned to profitability, buoyed by an increase in new orders for high-margin contract development and manufacturing (CDMO) services.
In R&D, the company has around 30 innovative drug-development pipelines focused on obesity and metabolic diseases, rare diseases, and oncology. In particular, it is expanding its obesity-treatment portfolio through GLP-1-based obesity drug candidates and H.O.P. (Hanmi Obesity Pipeline), a development project for next-generation obesity treatments.
A Hanmi Pharmaceutical spokesperson said, "We will continue to pursue sustainable growth by focusing our capabilities on new drug research and development and securing future growth drivers."

[email protected] Jung Sang-hee Reporter