Hanall Biopharma combines a business that generates real revenue by selling prescription drugs in Korea — such as Biotop, Normix, and Eligard — with milestones and future royalties from having out-licensed its self-developed FcRn inhibitor HL161 to Immunovant of the United States. In Q1 2026 it confirmed pharmaceutical-segment revenue of ₩35.5 billion (up about 12% year over year) and a turn to operating profit, and through a treasury-share disposal and two IR sessions it explained the global-trial status of HL161; early data for imvergopravart is due in 2026 and the key registration-trial results in 2027, in sequence. What stands out recently is that five straight years of revenue growth and the turn to profit confirm the strength of the core business and the pipeline leaves open royalty upside, while net profit is still small and swings widely with the timing of milestone recognition, and elevated P/B and P/S ratios mean a good deal of expectation is already priced in, leaving room for a correction depending on trial results.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 11.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.7% higher than a year earlier.
- ROE is -3.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Daewoong Pharmaceutical 30.8% (corporate)
Controlling bloc incl. related parties 31.1%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis
- Hanall Biopharma earns money along two lines.
- The first is a prescription-drug business that generates real revenue in Korea; within Q1 2026 pharmaceutical-segment revenue of ₩35.5 billion (up about 12% year over year), the mainstays are the probiotic intestinal remedy 'Biotop' (₩7.6 billion for the quarter), the non-absorbable antibiotic 'Normix' (₩5.3 billion), and 'Eligard,' a treatment for prostate cancer and precocious puberty.
- Lately it has been broadening its lineup into hair loss (minoxidil) and diabetes.
- The second is the development and commercialization milestones and future royalties secured by out-licensing its self-developed FcRn inhibitor HL161 to Immunovant of the United States (parent company Roivant).
- HL161 splits into batoclimab, in late-stage trials for thyroid eye disease (TED) and myasthenia gravis, and the next-generation compound imvergopravart, whose trials are expanding across six autoimmune diseases.
- In short, it is a structure that combines 'a steadily selling pharmaceutical business + pipeline royalties that open up substantially depending on trial outcomes.'
- The latest close is ₩55,600 and the market cap is ₩2.9 trillion.
- The price sits below its 20-day line (₩56,748) but above its 60-day line (₩52,513).
- With its short- and mid-term trends diverging, the direction should be read separately.
- The RSI (an auxiliary gauge that measures the strength of gains against losses over the past 14 days on a 0–100 scale) is 48.7, a neutral level.
- The price is up 11.0% over one month and up 20.9% over three months, and stands 21.4% below its 52-week high.
- Its relative strength versus KOSPI is 59 (on a 1–99 scale, converted from return relative to the index over the past year with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 41% of all stocks by strength.
- Over the past three months it lagged the index by 4.3%.
- Chart reading is best done alongside trading volume and the dates when filings occur.
- This is a stock whose valuation metrics must be read together with the business substance.
- For full-year 2025 there was a net loss of ₩5.56 billion, so the P/E ratio (how many times one year's earnings the share price represents) is not calculable, while the P/B (how many times book net assets) is 17.97x and the P/S (how many times revenue) is 20.7x, so the share price is set high against revenue and capital.
- This is not because the company cannot earn, but because expectations for pipeline royalties not yet booked as profit are reflected in the price.
- ROE (how much it earns in a year on capital) is −3.4%, still negative, while the debt ratio (debt against capital) is 139% and the current ratio is 191%, so short-term liquidity is reasonable.
- Rather than immediately treating last year's loss and the resulting high P/B and P/S as a 'burden,' it is more accurate to read them together with the turn to profit in the growth section and the pipeline schedule.
- Revenue grew for five straight years, from ₩101.6 billion in 2021 to ₩155.2 billion in 2025 (about 11% average annual growth), and rose 11.7% year over year in 2025 as well, picking up pace.
- Profit and loss, by contrast, were in the red in 2024–2025 due to R&D investment and one-off factors.
- The inflection is Q1 2026: with revenue of ₩40.0 billion (+10.7%), operating profit of ₩840 million, and net profit of ₩275 million, it succeeded in turning to an operating profit.
- Since the core pharmaceutical business laid the foundation for the profit, the direction of future results will hinge on continued domestic-revenue growth and the timing of HL161 trial-milestone recognition.
- No annual net-profit target officially stated by the company is confirmed, and because net profit itself swings widely with the large non-recurring factor of milestone recognition, it is more reasonable to view pipeline progress as a leading signal of profit than to fix a value on a forward earnings multiple.
- The recent filings read along three threads: earnings improvement and the pipeline and shareholder returns.
- The April 29 Q1 2026 preliminary-results (fair disclosure) confirmed the turn to operating profit, and in April and May a treasury-share disposal decision and disposal-result report followed, bringing shareholder-return and supply-and-demand events.
- On May 20 a correction filing on a material management matter tied to an investment decision was issued, and in April and May the company held two investor-relations (IR) sessions, explaining directly to the market the global-trial status of HL161 and commercialization plans.
- According to announcements by the company and its partner (Immunovant), early and proof-of-concept data for imvergopravart in refractory rheumatoid arthritis, cutaneous lupus erythematosus and the like are due in 2026, and key registration-trial results for Graves' disease, myasthenia gravis and others in 2027, in sequence — making the coming quarters a turning point for re-valuing the pipeline.
- The observation points are clear.
- The strengths are (1) five straight years of revenue growth and the turn to operating profit in Q1 2026 confirming the strength of the core business, and (2) the FcRn inhibitor HL161 — a pipeline that has entered a validation stage — leaving open upside in the form of royalties and milestones.
- The cautions are (1) that net profit is still small and swings widely with the timing of milestone recognition, so the valuation is hard to gauge from any single quarter's profit, and (2) that with elevated P/B and P/S, a good deal of pipeline expectation is already priced in, so if trial results fall short, there is room for a correction.
- Ultimately it is a strong phase if domestic pharmaceutical growth holds and the 2026–2027 trial data go smoothly, and a weak phase if trials are delayed or disappoint.
🔎 Valuation vs peers Inconclusive
Uses a same-group pharmaceutical company (largest shareholder Daewoong Pharmaceutical) and growth-oriented pharmaceutical companies as the peer set. Large biosimilar/CDMO players (Samsung Biologics, Celltrion) are excluded as different in business character.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daewoong Pharmaceutical | 7.79x | 1.52x | 19.47% |
| Pharma Research | 19.44x | 4.66x | 23.95% |
(a) Against Daewoong Pharmaceutical (P/E 7.0, P/B 1.36) and PharmaResearch (P/B 5.5), a P/B of 19.9x and a P/S of 20.7x reflect a large premium to capital and revenue. (b) This premium comes from pipeline-royalty expectations rather than from profit. (c) That said, 2025 was a net loss so there is no P/E, and net profit swings widely with milestone recognition, so even on a forward basis the earnings multiple is hard to pin down. Accordingly, rather than declaring it over- or undervalued on an earnings multiple, it is an 'inconclusive'-type stock whose assessment turns on whether the conditional catalyst of pipeline trial results is realized.
Price history Close · MA20 · MA60
The latest close is ₩55,600 and the market capitalization is ₩2.9 trillion. The price sits below its 20-day moving average (₩56,748) and above its 60-day moving average (₩52,513). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.7, a neutral level. The one-month change is +11.0%, the three-month change is +20.9%, and the position relative to the 52-week high is -21.4%. Relative strength versus the KOSPI is 59 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 59% of all stocks. Over the past three months it lagged the index by 4.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -4.32% / 6M -25.55% / 12M -9.65%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 17.97x is above the sector median (1.37x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -3.4%, below the sector average (3.0%). The operating margin is -0.6%. The debt ratio is 139.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $89.4M | $92.1M | $102.9M | +11.69% ↑ faster |
| Operating profit | $1.5M | $152,753 | -$606,978 | -497.36% ↓ slower |
| Net profit | $2.3M | -$1.2M | -$3.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $67.3M | $72.9M | $89.4M | $92.1M | $102.9M |
| Operating profit | $6.7M | $997,997 | $1.5M | $152,753 | -$606,978 |
| Net profit | $5.9M | $166,670 | $2.3M | -$1.2M | -$3.7M |
| Revenue CAGR | 4-yr avg 11.17% | ||||
Revenue rose 11.7% year over year (2023 ₩134.9 billion → 2024 ₩138.9 billion → 2025 ₩155.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 497.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.2%. The two-year revenue CAGR is 7.2%. In the most recent quarter (Q1 2026), revenue was 10.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 11.7% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-29EarningsQ1 2026 consolidated preliminary operating-results (fair disclosure) — revenue ₩40.0 billion, a turn to operating profitThe turn to operating profit, driven by growth in the core pharmaceutical business, confirms the direction of a profitability recovery Source
- 2026-05-20FilingCorrection filing on a material management matter tied to an investment decision (regarding a material matter on HL161/the pipeline)An update on key pipeline and commercialization information, serving as material for a valuation reassessment Source
- 2026-05-28IRInvestor-relations (IR) meeting notice — explaining HL161's global trials and commercialization plansExplaining trial progress and commercialization options directly, improving pipeline visibility Source
- 2026-04-29UpdateMaterial-event report — treasury-share disposal decisionA shareholder-return and supply-and-demand event affecting near-term supply and demand Source
- 2026-05-06UpdateTreasury-share disposal-result report — confirming the disposal was executedThe execution of the treasury-share disposal changes the floating supply and supply-and-demand Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-28Disclosure
- 2026-05-20Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-06TreasuryTreasury-stock disposal decision
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipLargest-shareholder ownership change report
- 2026-04-29TreasuryMaterial-fact report
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-13Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.