[Click e-Stock] "Hanmi Pharmaceutical to Exceed Earnings Expectations... Target Price Raised to 550,000 Won"

On January 20, Kiwoom Securities raised its target price for Hanmi Pharmaceutical to 5.5 million won.

Huh Hyemin, a researcher at Kiwoom Securities, explained, "Hanmi Pharmaceutical's fourth-quarter results are expected to exceed expectations due to increased overseas exports, solid growth at Beijing Hanmi, and the temporary reflection of two quarters' worth of royalties from Rolbedon." She added, "This year, the company holds multiple research and development (R&D) momentum factors," explaining the reason for the upward revision of the target price.

For the fourth quarter of last year, Hanmi Pharmaceutical's consolidated sales are projected to reach 425.5 billion won, with operating profit at 69.3 billion won, representing increases of 21% and 128%, respectively, compared to the same period of the previous year. These figures exceed market consensus.

Researcher Huh explained, "The increase in Hanmi Flu sales due to the influenza outbreak, expanded clinical sample exports, and the temporary reflection of two quarters' worth of royalties from Rolbedon due to a change in partner companies are believed to have driven improved profitability in the fourth quarter."

She further stated, "Around the middle to the second half of this year, the Phase 1 (SAD) data for HM17321 (LA-UCN-2) is expected to be announced. As this is the most likely pipeline for technology transfer, expectations for a technology transfer deal are likely to rise before and after the Phase 1 data release." She added, "In the second half of the year, Hanmi Pharmaceutical is also expected to confirm global Phase 2b data for Eposipegtrutide (GLP/GIP/GCG), a clinical trial led by the company."

She continued, "At the end of last year, Hanmi Pharmaceutical completed the application for approval of Efeglenatide (GLP-1) with the Korean Ministry of Food and Drug Safety. If the ministry achieves its goal of shortening the approval period to 240 days, Efeglenatide is expected to receive approval as a domestic obesity treatment in the second half of this year."