Hanmi Pharmaceutical (128940.KS) reported first-quarter revenue of 392.9 billion won ($286 million) and operating profit of 53.6 billion won on a consolidated basis, according to a preliminary disclosure Wednesday. Revenue rose 0.5% from a year earlier, while operating profit declined 9.1%. Net profit increased 14.4% year-on-year to 51.1 billion won.
A Hanmi Pharmaceutical official attributed the drop in operating profit to "a one-time base effect from clinical sample supplies to Merck in the U.S. during the first quarter of last year." The official added, "Growth is continuing through solid performance of key products such as Rosuzet, strong results at our Chinese subsidiary Beijing Hanmi Pharmaceutical, and improved profitability at Hanmi Fine Chemical."
According to pharmaceutical market research firm UBIST, Hanmi Pharmaceutical's first-quarter outpatient prescription sales reached 277.6 billion won, maintaining the top position in the domestic market for an eighth consecutive year since 2018.
Beijing Hanmi Pharmaceutical and Hanmi Fine Chemical, an affiliate specializing in active pharmaceutical ingredients, also delivered strong results. Beijing Hanmi Pharmaceutical posted revenue of 106.4 billion won and operating profit of 23.6 billion won, up 10.3% and 107.7% from a year earlier, respectively. Hanmi Fine Chemical recorded revenue of 21.7 billion won and swung to an operating profit.
Hanmi Pharmaceutical plans to continue expanding its next-generation product pipeline and advancing global clinical trials based on research and development (R&D) investment. The company invested 65.2 billion won in R&D during the first quarter, equivalent to 16.6% of revenue.
"We will do our utmost to accelerate R&D-driven innovation and establish our standing as a global Hanmi," said Hanmi Pharmaceutical CEO Hwang Sang-yeon. "This year is expected to be an important one in which we will see clinical progress in various new drug development areas that Hanmi has been pursuing, so we will create an even greater leap forward."
