Hanmi Pharm (128940)

Hanmi Pharmaceutical, established in 1973, is a South Korean finished pharmaceutical product manufacturer and an R&D-centric pharmaceutical and biotech company focused on the manufacturing and sales of pharmaceuticals and the development of global innovative new drugs. Its primary business areas are Ethical Drugs (ETC) and Over-the-Counter (OTC) drugs. Key products include 'Rosuzet', a complex new drug for dyslipidemia treatment, and 'Amosartan Family', a complex drug for hypertension treatment, both of which hold a high market share in the domestic outpatient prescription market. For 2025, on a separate basis, domestic revenue from prescription drugs accounted for 94.2% and OTC drugs for 5.8%. The overall revenue composition is product sales at 91.6%, merchandise sales at 6.2%, and royalty income at 1.1%. Furthermore, the company is targeting overseas markets by selling respiratory disease drugs through its Chinese local subsidiary, Beijing Hanmi Pharmaceutical, and is expanding into the Central and South American markets through a partnership with Mexican pharmaceutical company Silanes. Its primary customers are hospitals and wholesalers, and the company maintains a strong market position, having achieved the top sales position in the domestic outpatient prescription market for 8 consecutive years. Hanmi Pharmaceutical's core competencies lie in its proprietary R&D capabilities, including its ability to develop complex new drugs containing "two or three ingredients in one pill," its long-acting platform technology 'LAPSCOVERY', and its oral platform technology 'ORASCOVERY'. Through high R&D investment, amounting to 14.8% of revenue (KRW 229 billion in 2025), the company is continuously strengthening its innovative new drug pipeline in obesity, oncology, and rare diseases. Additionally, Beijing Hanmi Pharmaceutical's successful experience in establishing itself in the Chinese market and the company's global expansion strategy into the Middle East and Central and South American markets act as strengths that enhance its growth potential in overseas markets. Hanmi Pharmaceutical has shown robust revenue growth over the past four years. Revenue grew by 11.97% from KRW 1,331.5 billion in 2022 to KRW 1,490.9 billion in 2023, then saw a slight increase to KRW 1,495.5 billion in 2024, and achieved KRW 1,547.5 billion in 2025, growing by 3.48% year-over-year. Operating income grew significantly by 39.60% from KRW 158.1 billion in 2022 to KRW 220.7 billion in 2023, but temporarily decreased to KRW 216.2 billion in 2024. However, in 2025, it recorded KRW 257.8 billion, showing a high growth rate of 19.24% year-over-year. Net income also decreased in 2024 but increased by 33.26% year-over-year to KRW 187.1 billion in 2025, significantly improving profitability. The operating margin steadily improved from 11.87% in 2022 to 16.66% in 2025, demonstrating industry-leading profitability. Hanmi Pharmaceutical's financial soundness is continuously improving. The debt-to-equity ratio steadily decreased from 90.70% in 2022 to 50.23% in 2025, significantly strengthening financial stability. The current ratio continuously increased from 102.57% in 2022 to 147.71% in 2025, indicating a very healthy short-term liquidity position. Return on Equity (ROE) rose from 10.06% in 2022 to 15.03% in 2023, then adjusted to 11.32% in 2024, but rose again to 13.15% in 2025, demonstrating overall sound capital efficiency. In line with the growth of the global pharmaceutical market and the trend of an aging population, Hanmi Pharmaceutical announced its '2030 Mid-to-Long-Term Vision', focusing on securing future growth engines across four key areas: obesity, anti-aging, digital healthcare, and robotics. In particular, the company is accelerating innovative new drug development, including the visualization of results from the obesity new drug project 'H.O.P (Hanmi Obesity Pipeline)', global clinical progress of the anti-cancer new drug 'AML5', and the establishment of an mRNA platform. Through these strategies, the company aims to achieve a combined affiliate revenue of KRW 5 trillion and Hanmi Pharmaceutical's own revenue of KRW 2.9 trillion (KRW 1.9 trillion domestic, KRW 1 trillion overseas) by 2030, and to leap into the ranks of the top 50 global pharmaceutical companies.