Hanmi Pharm Reports 2Q Sales of 316.5 Billion KRW... Operating Profit Up 86.4%

[Asia Economy Reporter Lee Chun-hee] Hanmi Pharm maintained solid performance with Q2 sales of 316.5 billion KRW and operating profit of 29.6 billion KRW.

Hanmi Pharm announced on the 18th, based on consolidated financial statements for Q2 this year, that it recorded sales of 316.52 billion KRW, operating profit of 29.569 billion KRW, and net profit of 23.07 billion KRW. Compared to the same period last year, sales grew by 13.3%, operating profit by 86.4%, and net profit by 179.1%, showing significant growth in profitability.

For the first half of this year, the company provisionally disclosed sales of 637.63 billion KRW, operating profit of 70.43 billion KRW, and net profit of 48.119 billion KRW. Compared to the same period last year, sales increased by 16.0%, operating profit by 53.7%, and net profit by 52.8%.

A Hanmi Pharm official explained, "We originally planned to announce provisional results around the end of this month, but due to the release of an analyst report forecasting a deterioration in Q2 operating profit, which caused market confusion, we had no choice but to advance the disclosure."

On the same day, a securities firm estimated Hanmi Pharm’s Q2 results at sales of 308.6 billion KRW and operating profit of 10.7 billion KRW in their report. They cited increased labor costs due to Q2 annual salary negotiations and higher selling and administrative expenses from eased social distancing as the main reasons for the operating profit decline. However, Hanmi Pharm’s actual provisional Q2 operating profit was recorded at 29.6 billion KRW.

Regarding these results, Hanmi Pharm stated, "Our improved and combination drugs developed with proprietary technology, such as the Amozaltan family and Rosuzet, continued steady growth," and added, "The strong performance of our local Chinese subsidiary, Beijing Hanmi Pharm, which has shown rapid growth since last year, also contributed significantly."

Beijing Hanmi Pharm achieved Q2 consolidated sales of 78.6 billion KRW, operating profit of 17.1 billion KRW, and net profit of 16.4 billion KRW, driving Hanmi Pharm’s strong results. Compared to the same period last year, sales grew by 32%, operating profit by 99%, and net profit by 138%.

This content was produced with the assistance of AI translation services.