Hanmi Science posted improved earnings in the first quarter, driven by growth in its core pharmaceutical wholesale business.
The company reported first-quarter consolidated revenue of 353.7 billion won ($247 million) and operating profit of 33.6 billion won, up 6.5% and 24% year-on-year, respectively, according to a preliminary regulatory filing Wednesday. Net profit rose 73% from a year earlier to 42.6 billion won.
The pharmaceutical wholesale division (OnlinePharm) and the company's in-house healthcare business drove the earnings growth, analysts said. OnlinePharm achieved revenue of 299.8 billion won, an increase of 23.4 billion won from the same period last year, as domestic sales centered on ethical-the-counter (ETC) drugs expanded. In the healthcare division's medical device segment, major products such as Gadics and Surgiguard continued to expand their market share.
According to Hanmi Science, the earnings improvement was led by balanced performance across group affiliates beyond the core business segments. In particular, the overall profit structure improved as equity-method gains increased on the back of higher operating profit at Beijing Hanmi Pharmaceutical.
"The first-quarter results confirm Hanmi Science's potential as a business-oriented holding company that directly generates and grows its own profits, in addition to its management capabilities as a holding company," a Hanmi Science official said. "We will continue to expand synergies among affiliates and strengthen our portfolio."
