Hanmi Pharm Reports 3Q Sales of 303.1 Billion Won... Operating Profit and Net Income Turn Positive

Hanmi Pharm Headquarters Exterior (Photo by Hanmi Pharm)

[Asia Economy Reporter Lee Chun-hee] Hanmi Pharm succeeded in turning operating profit and net profit positive compared to the same period last year, driven by sales growth recovering from the impact of COVID-19.

Hanmi Pharm announced on the 4th, based on consolidated financial statements for the third quarter of this year, that it recorded sales of 303.083 billion KRW, operating profit of 36.881 billion KRW, and net profit of 28.096 billion KRW. Sales grew by 13.5% compared to the same period last year, and operating and net profits turned positive. The cumulative R&D expenditure on a consolidated basis for the third quarter reached 113.075 billion KRW, accounting for 13.3% of sales.

In particular, Beijing Hanmi Pharm, the local subsidiary in China, contributed significantly to the third-quarter performance by achieving sales of 75.4 billion KRW, an 82.6% increase year-on-year, and operating profit of 19.3 billion KRW, which rose approximately 200 times.

A Hanmi Pharm official explained, "In the third quarter of last year, a temporary deficit occurred due to the lump-sum settlement of the joint research fund balance following the termination of the partnership contract with Sanofi. Since then, efficient management has been possible, and stable performance has been maintained each quarter. In the third quarter of this year, strong domestic and overseas sales combined to realize a complete turnaround."

Hanmi Pharm’s major self-developed products, the hyperlipidemia treatment combination drug 'Rosuzet', recorded sales of 28.4 billion KRW in the third quarter, and the hypertension treatment combination drug 'Amozalatan Family' achieved 28.6 billion KRW, each expected to surpass 100 billion KRW in annual prescription sales this year. Notably, the Amozalatan Family is anticipated to reach cumulative prescription sales of 1 trillion KRW by the end of this year since the launch of its first product, 'Amozalatan', in June 2009.

Following the release of 12 blockbuster products with prescription sales exceeding 10 billion KRW last year (Rosuzet, Amozalatan, Esomezol, Amozalatan Plus, Amodipine, Hanmi Tams, Naxozol, Robelito, Hyalumini, Kanitil, Lavondi, Fidogle), Hanmi Pharm expects even better performance this year.

Results in Hanmi Pharm’s R&D sector, a future growth engine, are also becoming visible. Hanmi Pharm’s first bio-new drug, 'Rollontis' (a treatment for neutropenia), was officially launched in Korea on the 1st, the first in the world. Clinical results for Epeglenatide (GLP-1 diabetes treatment), LAPSTriple Agonist (NASH treatment), and Poziotinib (lung cancer treatment) have been continuously published in prestigious international journals, accumulating advanced research achievements.

Woo Jong-soo, CEO of Hanmi Pharm, said, “We achieved meaningful quarterly results with a clear turnaround to solid growth, overcoming the slump caused by COVID-19. We will devote ourselves to sustainable management where Hanmi’s competitive improved and combination drugs grow steadily, subsidiaries maintain stable performance, and R&D for innovative new drugs creates a virtuous cycle.”

Meanwhile, Hanmi Science, the holding company of Hanmi Pharm Group, also maintained stable management performance by achieving sales of 236.4 billion KRW, operating profit of 18.5 billion KRW, and net profit of 16.1 billion KRW on a consolidated accounting basis in the third quarter.