Hanmi Pharmaceutical (128940) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hanmi Pharmaceutical's core business is making and selling chronic-disease combination drugs such as the Rosuzet and Amosartan families along with prescription medicines, generating consolidated revenue of about ₩1,547.5 billion in 2025. Its second pillar is out-licensing: it hands GLP-class new drugs built on its proprietary LAPSCOVERY platform to overseas pharmaceutical companies and receives upfront payments, milestones and royalties. In May 2026 it out-licensed the long-acting GLP-2 drug sonepegludetide to Eli Lilly of the U.S. for up to US$1.26 billion (a US$75 million upfront payment, non-refundable, received on July 1), followed by a ₩52.7 billion supply agreement with Organon and domestic Phase 3 clinical approval. The key takeaways are two-sided: on the strength side, it pairs a stable core business with a proven out-licensing engine, so profit jumps sharply when pipeline deals land; on the caution side, a large share of earnings depends on non-recurring out-licensing results, causing wide year-to-year swings, and if new deals dry up profit converges toward the core business's growth rate of roughly 3-5% a year.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Pharmaceuticals (profitable)” (Biotech & Pharmaceuticals), a type typically read first through P/E.
Established, profit-generating drugmakers earn fairly steady revenue from prescriptions and product sales, which makes their earnings reasonably predictable. That is why price-to-earnings (P/E) — the share price set against current net income — is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 3.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.5% higher than a year earlier.
- ROE is 13.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 16.3%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Hanmi Science 41.42% (corporate)
Controlling bloc incl. related parties 50.38%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
The backbone of how Hanmi Pharmaceutical earns money is making and selling its own improved and combination new drugs together with prescription medicines. Chronic-disease combination drugs — such as the Rosuzet family for high cholesterol and the Amosartan family for hypertension — carry a large share of revenue in the domestic prescription market, and adding prescription medicines for cancer, infection and the like, plus some active-ingredient and contract-manufacturing revenue, produced about ₩1,547.5 billion in consolidated revenue in 2025. Its second pillar is out-licensing, where it hands new-drug candidates to overseas pharmaceutical companies and receives upfront payments, stage-based milestone fees and sales royalties. In particular, GLP-class metabolic and obesity drugs built on its proprietary LAPSCOVERY platform, which extends how long a drug stays active, are its core assets — in ordinary times it earns on the combination-drug business, and profit jumps sharply when out-licensing results are added on top.
The latest close is ₩391,000 and the market capitalization is ₩5.0 trillion. The price sits above its 20-day moving average (₩370,975) and below its 60-day moving average (₩415,642). 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 52.2, a neutral level. The one-month change is -9.1%, the three-month change is -10.0%, and the position relative to the 52-week high is -37.5%. Relative strength versus the KOSPI is 38 (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 38% of all stocks. Over the past three months it outpaced the index by 8.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times one year's earnings the price represents) is 29.54x, above the market average, and the P/B (how many times book equity the price represents) is 3.85x. It should be borne in mind, though, that this P/E is based on last year's (2025) confirmed earnings. ROE (how much is earned in a year on equity) is 13.6%, near the top among traditional pharmaceutical companies, and with an operating margin of 16.7% and a net margin of 11.0%, the core-business margins are firm. Finances are sound: the debt ratio (debt relative to equity) is a low 57.2%, the current ratio is 148%, and the interest coverage ratio is 15.1x, so the debt burden is light and financial stability is strong. The dividend is small at ₩2,000 per share (a dividend yield of about 0.47%), reflecting a growth-oriented dividend policy that reinvests most earnings into R&D.
Over five years, revenue rose steadily from ₩1,203.2 billion (2021) to ₩1,547.5 billion (2025), and net profit trended upward — ₩67.0 billion → ₩84.8 billion → ₩146.2 billion → ₩121.3 billion → ₩169.6 billion — rising and falling with out-licensing and one-off results but climbing overall. In 2025, revenue rose 3.5%, operating profit 19.3% and net profit 39.8%, a large improvement in profit. In Q1 2026, revenue was ₩392.9 billion (+0.5%), operating profit ₩53.6 billion (-9.1%) and net profit ₩51.1 billion (+14.4%): core-business revenue was flat and operating profit dipped slightly, but net profit grew. On top of this, the ₩112.9 billion upfront payment (non-refundable) from the May Lilly out-licensing is set to be reflected in Q2, so this year's picture is one of core earnings with this one-off technology fee added on substantially. That is why, even though the P/E looks high on last year's confirmed earnings, it falls markedly on this year's realized earnings.
2026 has been a year of out-licensing results in succession. On May 31, it out-licensed the long-acting GLP-2 biologic sonepegludetide (HM15912) to Eli Lilly of the U.S. for the whole world excluding Korea — a large deal worth up to US$1.26 billion (about ₩1,897.3 billion), with a US$75 million upfront (about ₩112.9 billion) plus stage-based milestones and royalties. The upfront is non-refundable, receipt on July 1 has been confirmed, and it is reflected in Q2 results. On May 21, it signed a ₩52.7 billion agreement (3.4% of revenue) to supply three cardiovascular and respiratory treatments to Organon (Philippines and Malaysia, through 2036), and on May 29 it received MFDS approval of a domestic Phase 3 clinical plan for the hypertension combination drug HCP1803-4, continuing its own improved-new-drug pipeline. On April 30, it disclosed Q1 preliminary results and held an IR.
Two strengths overlap. First, a solid core business — chronic-disease combination drugs like Rosuzet and Amosartan — delivers stable annual revenue and double-digit ROE. Second, GLP-class new drugs based on the LAPSCOVERY platform were actually out-licensed to a global pharmaceutical company (Lilly), proving the pipeline's ability to be commercialized, and a non-refundable upfront of ₩112.9 billion adds to this year's earnings. Finances are solid too, with a debt ratio of 57%. Cautions: a large share of earnings depends on non-recurring results such as out-licensing and milestones, so year-to-year profit swings widely; milestones and royalties hinge on clinical and approval success, so realization can be delayed or fall through; and the core business itself grows only gently. In sum, this is a company that holds both a stable core business and a proven out-licensing engine — strong when pipeline deals keep coming, and converging toward the core-business growth rate (roughly 3-5% a year) when new deals stop.
🔎 Valuation vs peers Fairly valued
Selected as peers are domestic traditional pharma and bio companies that similarly combine in-house new-drug development with out-licensing and have a comparable market cap and business structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Yuhan Corporation | 31.93x | 2.71x | 9.06% |
| Chong Kun Dang | 12.25x | 0.93x | 7.62% |
| Celltrion | 41.98x | 2.57x | 7.19% |
On last year's confirmed earnings, the P/E of 31.9x is higher than Yuhan (28.9x) and much higher than Chong Kun Dang (12.1x). But because this company's earnings swing widely with out-licensing results, it is hard to call it expensive on last year's confirmed-earnings P/E alone. Factoring in the non-refundable ₩112.9 billion Lilly upfront that adds to 2026 earnings, the valuation on this year's realized earnings falls markedly below last year's basis, so against a similar-growth-profile Yuhan it is hard to see as an excessive premium. Given ROE, financial stability and proven out-licensing capability, we judge the current valuation to be within a fair range.
Price history Close · MA20 · MA60
The latest close is ₩391,000 and the market capitalization is ₩5.0 trillion. The price sits above its 20-day moving average (₩370,975) and below its 60-day moving average (₩415,642). 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 52.2, a neutral level. The one-month change is -9.1%, the three-month change is -10.0%, and the position relative to the 52-week high is -37.5%. Relative strength versus the KOSPI is 38 (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 38% of all stocks. Over the past three months it outpaced the index by 8.0%. 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 +8.04% / 6M -34.18% / 12M -27.69%
Key metrics Computed vs sector median
Valuation
The P/E of 29.54x is above the sector median (15.02x). The P/B of 3.85x is above the sector median (1.10x).
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 13.5%, above the sector average (1.0%). The operating margin is 16.3%. The debt ratio is 57.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.0B | $1.1B | $1.1B | +3.48% ↑ faster |
| Operating profit | $155.0M | $151.9M | $181.1M | +19.25% ↑ faster |
| Net profit | $102.7M | $85.2M | $119.1M | +39.76% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $845.2M | $935.4M | $1.0B | $1.1B | $1.1B |
| Operating profit | $88.1M | $111.1M | $155.0M | $151.9M | $181.1M |
| Net profit | $47.1M | $58.2M | $102.7M | $85.2M | $119.1M |
| Revenue CAGR | 4-yr avg 6.49% | ||||
Revenue rose 3.5% year over year (2023 ₩1.5 trillion → 2024 ₩1.5 trillion → 2025 ₩1.5 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 19.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.5%. The two-year revenue CAGR is 1.9%. In the most recent quarter (Q1 2026), revenue was 0.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 13.5% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-31UpdateOut-licensed the long-acting GLP-2 drug sonepegludetide (HM15912) to Lilly. Total up to US$1.26 billion (about ₩1,897.3 billion), with a US$75 million upfront (about ₩112.9 billion) plus stage-based milestones and royalties, covering the whole world excluding KoreaThe upfront, being non-refundable, is reflected in Q2 2026 results and is a near-term catalyst that meaningfully lifts this year's net profit. Milestones and royalties would contribute to medium- to long-term earnings if clinical and approval milestones are met, but realization is not yet determined. Source
- 2026-05-29FilingMFDS approval of a domestic Phase 3 clinical plan for the hypertension combination drug HCP1803-4 in essential hypertension (256 subjects across 23 domestic institutions)Progress on the in-house improved-new-drug pipeline. Clinical success would broaden the medium-term domestic prescription revenue base, though clinical success rates are statistically low so the outcome is undetermined. Source
- 2026-05-21UpdateSigned an agreement to supply three cardiovascular and respiratory treatments to Organon. Contract value ₩52.7 billion (3.4% of 2025 revenue), region Philippines and Malaysia, term 2026-05-18 to 2036-05-17Expands finished-product and license revenue through an overseas partner. Modest in size, but a 10-year long-term contract adds a stable overseas revenue base. Source
- 2026-04-30EarningsQ1 2026 consolidated preliminary results disclosure and IR held. Revenue ₩392.9 billion (+0.5%), operating profit ₩53.6 billion (-9.1%), net profit ₩51.1 billion (+14.4%)Core-business revenue was flat and operating profit dipped slightly, but net profit grew. The Lilly upfront, being a May contract, was not reflected in Q1. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01Corporate governance report
- 2026-06-01Disclosure
- 2026-05-29Disclosure
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21Single supply/sales contract
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Amended filing
- 2026-04-30Disclosure
- 2026-04-30Disclosure
- 2026-04-30EarningsFair-disclosure notice
📖 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.