Hanmi Securities noted on the 18th that it expects recovery in performance due to the normalization of management at Hanmi Pharmaceutical in the second half of the year. Sales stagnated last year due to intensified management disputes, but analysis indicates that from the second half, there will be significant recovery driven by sales growth of major products and clinical trial results from a new drug pipeline. The target stock price is set at 400,000 won, and an investment opinion of 'buy' was presented.
Hanmi Pharmaceutical's consolidated annual revenue is projected to be 1.6061 trillion won this year, with operating profit expected to be 266.2 billion won. These figures represent increases of 7.1% and 23.1%, respectively, compared to the previous year. Despite an increase in research and development (R&D) expenses due to the rise in late-stage clinical trial pipelines and an active trend in new drug development, notable sales growth is anticipated. Consequently, operating profit is expected to show a quarterly increase until the fourth quarter of this year.
Kim Seon-ah, a researcher at Hanmi Securities, said, 'As we resolved the management dispute of the parent company, Hanmi Science, Kim Jae-kyu was appointed as CEO, and Lim Jong-yun returned to Beijing Hanmi,' and added, 'In the first half, we can only expect effects from management normalization, but in the second half, we anticipate maintaining sales trends of existing products while also benefiting from seasonal effects.'
Hanmi Pharmaceutical is also preparing for clinical trials of its obesity treatment in the United States. The triple-action obesity treatment 'HM15275,' a competitor to Eli Lilly's Zepbound, is set to enter phase 2 clinical trials, while 'HM17321,' an obesity treatment focused on muscle gain, is scheduled to enter phase 1 clinical trials. By the end of the year, the conclusion of phase 3 clinical trials and the announcement of results for epegleanotide, which has a high possibility of being Korea's first glucagon-like peptide (GLP)-1 class obesity treatment, are expected.
The phase 2 clinical trial of efinapegdutide, an MASH treatment for metabolic syndrome-related fatty liver disease, is also expected to conclude within this year. Efinapegdutide has signed a technology transfer agreement with Merck in the United States.
Kim noted, 'Many domestic corporations are developing obesity treatments, but the only pipeline with a clear market launch timing is epegleanotide,' adding, 'With Hanmi Pharmaceutical's sales network and optimization strategy, rapid market expansion after launch is expected.'