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.
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 13.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 16.7%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
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
- 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 recent close was ₩401,000 and the market cap is ₩5.1 trillion.
- The price sits below both the 20-day line (₩414,575) and the 60-day line (₩451,958).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.3, a neutral reading.
- The one-month change is -2.5%, the three-month change is -20.9%, and the price sits -35.9% below its 52-week high.
- Relative strength versus the KOSPI is 35 (on a 1-99 scale, this converts return versus the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 66% of all stocks by strength.
- Over the past three months it lagged the index by 34.6%.
- Charts are best read alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year's earnings the price represents) is 30.30x, above the market average, and the P/B (how many times book equity the price represents) is 4.11x.
- 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 | 27.66x | 2.27x | 8.22% |
| Chong Kun Dang | 12.43x | 0.96x | 7.72% |
| Celltrion | 37.26x | 2.23x | 5.98% |
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 ₩401,000 and the market capitalization is ₩5.1 trillion. The price sits below its 20-day moving average (₩414,575) and below its 60-day moving average (₩451,958). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.3, a neutral level. The one-month change is -2.5%, the three-month change is -20.9%, and the position relative to the 52-week high is -35.9%. Relative strength versus the KOSPI is 35 (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 35% of all stocks. Over the past three months it lagged the index by 34.6%. 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 -34.56% / 6M -46.94% / 12M -41.61%
Key metrics vs sector median
Valuation
The P/E of 30.30x is above the sector median (15.98x). The P/B of 4.11x 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 13.6%, above the sector average (3.0%). The operating margin is 16.7%. The debt ratio is 57.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $988.1M | $991.2M | $1.0B | +3.48% ↑ faster |
| Operating profit | $146.3M | $143.3M | $170.9M | +19.25% ↑ faster |
| Net profit | $96.9M | $80.4M | $112.4M | +39.76% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $797.4M | $882.5M | $988.1M | $991.2M | $1.0B |
| Operating profit | $83.1M | $104.8M | $146.3M | $143.3M | $170.9M |
| Net profit | $44.4M | $54.9M | $96.9M | $80.4M | $112.4M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 13.6% 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
- 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.