Hanmi Pharmaceutical posted a sharp profit surge in the second quarter of this year, buoyed by a major technology-transfer agreement with Eli Lilly. After reporting an annual operating profit of 257.8 billion won last year—the highest among South Korea’s major traditional pharmaceutical companies—the market is watching closely to see if Hanmi can maintain its industry lead through 2026.
On a consolidated basis, Hanmi Pharmaceutical reported second-quarter revenue of 467.2 billion won and an operating profit of 131.1 billion won. Compared to the same period last year (revenue of 361.3 billion won, operating profit of 60.4 billion won), revenue grew 29.3% while operating profit surged 116.9%. Sequentially, compared to the first quarter of this year, revenue increased 18.9% and operating profit rose 144.6%.
The primary driver behind the earnings leap was the upfront payment for Sonefpeglutide (HM15912), a drug candidate for short bowel syndrome licensed out to Eli Lilly. Under the agreement signed on June 1 covering global development, manufacturing, and commercialization, Hanmi received a fixed upfront payment of $75 million (approximately 112.8 billion won).
Sonefpeglutide is a long-acting GLP-2 analog designed to treat short bowel syndrome, a rare condition where small intestine resection or impairment prevents adequate absorption of nutrients and water. By enhancing intestinal absorption, the drug candidate aims to reduce patients' dependence on intravenous parenteral nutrition. Because high-margin licensing fees were recognized in the quarter, Hanmi’s operating margin jumped to 28.1%, up significantly from 16.7% in the prior-year period and 13.6% in the previous quarter.
On Track for Record Annual Earnings
Driven by strong second-quarter performance, Hanmi’s cumulative first-half revenue reached 860.2 billion won, with an operating profit of 184.7 billion won—up 14.4% and 54.6% year-over-year, respectively. First-half operating profit already accounts for 71.6% of last year's full-year figure. If the company generates at least 73.1 billion won in operating profit during the second half, it will surpass last year’s record to achieve the highest annual operating profit in its history.
Market attention is now centered on whether Hanmi can sustain its top-ranking profitability in the second half. Last year, Hanmi led South Korea's traditional drugmakers with an operating profit of 257.8 billion won, widening the gap with competitors such as Daewoong Pharmaceutical (196.8 billion won), HK inno.N (110.9 billion won), Yuhan Corp. (104.4 billion won), Dongkook Pharmaceutical (96.6 billion won), and JW Pharmaceutical (94.5 billion won).
Hanmi attributed the performance to solid growth in core products like dyslipidemia treatment Rosuzet, increased revenues from expanded co-promotions with global partners, and the Eli Lilly upfront payment, noting that full-year revenue is expected to reach an all-time high.
Key Catalysts for the Second Half
In the second half, performance in core business lines alongside the regulatory timeline for Efpeglenatide, Hanmi's proprietary obesity drug candidate, will serve as crucial variables. Hanmi is currently preparing for the commercialization of Efpeglenatide, with analysts projecting a potential domestic launch as early as the fourth quarter.
