Hanmi Pharmaceutical (128940) is seeing its growth momentum highlighted, driven by obesity treatments and its new drug pipeline, despite weakened profitability in the first quarter, according to analysis.
According to DS Investment & Securities on the 13th, Hanmi Pharmaceutical is estimated to record approximately 126.2 billion won in sales and approximately 31.9 billion won in operating profit in the first quarter of this year. While sales continue to increase compared to the same period last year, operating profit has essentially stagnated, showing somewhat weakened profitability.
This trend is attributed to increased research and development (R&D) costs and the reflection of one-time expenses. Analysis suggests the company has entered a phase where profit margins are being diluted in the short term as gaps in high-margin products coincide with expanded investment.
However, securities firms still place significant weight on Hanmi Pharmaceutical's mid-to-long-term growth potential. The key is "Efpeglenatide," a GLP-1 class obesity and diabetes treatment. As the domestic GLP-1 market has been growing rapidly recently, this product is identified as a major driver that will lead future earnings recovery.
Additionally, the new drug pipeline including obesity treatments and metabolic dysfunction-associated steatohepatitis (MASH) treatments is also evaluated as a growth pillar. In particular, "HM17321" is being discussed for potential technology licensing due to its differentiated mechanism that can simultaneously achieve weight loss and muscle preservation.
The securities industry evaluates that Hanmi Pharmaceutical is entering a growth phase based on mid-to-long-term pipeline value rather than short-term performance. DS Investment & Securities analyzed, "New drug development results centered on obesity treatments are becoming visible, highlighting both earnings growth and R&D momentum simultaneously," adding that "the transition to a global new drug company will begin in earnest."
