Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.</li>
<li>Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.</li>
<li>The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.</li>
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Hanmi Pharm (128940 KS) has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.
Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.
The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.


Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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<ul><li>Hanmi unveiled phase 3 trial results for next-gen obesity drug efpeglenatide</li><li>Fewer side effects, better affordability; a practical obesity treatment candidate</li><li>Key pipeline results coming into view; we reiterate BUY rating and raise TP</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanmi unveiled phase 3 trial results for next-gen obesity drug efpeglenatideFewer side effects, better affordability; a practical obesity treatment candidateKey pipeline results coming into view; we reiterate BUY rating and raise TPContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanmi Pharma (128940 KS Oct 28, 2025) - Hunting the KOSPI Obesity Leader

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<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> recorded 6% YoY revenue growth in domestic business in 2Q25, on continued growth of Rosuzet and stable revenue from Amosartan and Esomezol family of drugs.</li>
<li>The company has launched two new drugs in 2Q25. The company has co-launched Prolia biosimilar in Korea. Next-generation low dose triple antihypertensive, Amoprel has been launched in August.</li>
<li>Hanmi Pharm is advancing HM17321, a first-in-class obesity therapy, into global Phase 1 trials. With the leadership dispute overhang removed, Hanmi Pharm seems to be on the path of revival.</li>
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Hanmi Pharm (128940 KS) recorded 6% YoY revenue growth in domestic business in 2Q25, on continued growth of Rosuzet and stable revenue from Amosartan and Esomezol family of drugs.
The company has launched two new drugs in 2Q25. The company has co-launched Prolia biosimilar in Korea. Next-generation low dose triple antihypertensive, Amoprel has been launched in August.
Hanmi Pharm is advancing HM17321, a first-in-class obesity therapy, into global Phase 1 trials. With the leadership dispute overhang removed, Hanmi Pharm seems to be on the path of revival.


Hanmi Pharm (128940 KS): Domestic Business Fuels 2Q Result; New Launches to Drive Near-Term Growth

<ul><li>2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY)</li><li>High-margin product mix should continue driving profitability; subsidiary expected to post earnings rebound in 2H</li><li>R&amp;D catalysts in obesity treatment slated to remain valid in 2H25; Reiterate BUY with TP unchanged at W380,000</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY)High-margin product mix should continue driving profitability; subsidiary expected to post earnings rebound in 2HR&amp;D catalysts in obesity treatment slated to remain valid in 2H25; Reiterate BUY with TP unchanged at W380,000Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanmi Pharma (128940 KS Jul 28, 2025) - Earnings Recovery in Progress

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<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.</li>
<li>Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.</li>
<li>Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.</li>
</ul>



Hanmi Pharm (128940 KS) recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.
Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.
Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.


Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

South Korea

Hanmi Pharm. Company Ltd. produces pharmaceutical products, including antibiotics, vitamins, and intestinal tonics.  The Company also provides beverages and processes soft capsules for other pharmaceutical firms.

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Hanmi Pharm (128940 KS)