1. Q2 Performance: What Happened?
Hanmi Pharmaceutical reported revenue of KRW 361.3 billion (-6% YoY), operating profit of KRW 60.4 billion (+3%), and net income of KRW 38.7 billion (-9%) for Q2 2025. While operating profit beat expectations, revenue and net income declined.
2. Why the Fluctuation?
2.1 Revenue Decline (-6%): Seasonal factors, increased market competition, and the status of technology export contracts are believed to have contributed to the decline. Further analysis of the details of these contracts and the market environment is necessary.
2.2 Operating Profit Increase (+3%): Efficient cost management is identified as the primary driver. However, R&D expenses are included in SG&A, necessitating an evaluation of long-term R&D investment efficiency.
2.3 Net Income Decline (-9%): The decrease is likely attributed to the revenue decline, foreign exchange fluctuations, increased financial expenses due to rising interest rates, and higher raw material and logistics costs.
3. External Environment and Future Outlook
External factors such as KRW/USD exchange rates, interest rates, raw material prices, and logistics costs significantly impact Hanmi’s performance. Close monitoring of upcoming clinical trial results for key pipelines, market reactions, and risk management strategies for external environment changes are crucial.
4. Investor Action Plan
Before making investment decisions, conduct thorough financial data analysis, understand the specifics of technology export contracts, assess the quantitative impact of external environment changes, and analyze the clinical progress of key pipelines and market competition to develop a prudent investment strategy.