[Click e-Stock] "Hanmi Pharmaceutical Awaits Multiple R&D Catalysts... Target Price Raised"

On October 20, Kiwoom Securities raised its target price for Hanmi Pharmaceutical to 420,000 won and recommended it as a top pick. The company cited the expectation of a re-rating, as multiple research and development (R&D) projects are scheduled through the second half of 2026.

Hanmi Pharmaceutical's consolidated sales for the third quarter are projected to reach 373.5 billion won, with operating profit expected at 58.3 billion won. These figures represent year-on-year growth of 3% and 14%, respectively.

Heo Hyemin, a researcher at Kiwoom Securities, stated, "Profits are expected to improve in the third quarter, as high-margin new API exports and the upfront payment from the out-licensing of an oral drug to Gilead will be reflected." She added, "New product growth is anticipated due to focused sales efforts for new products such as the Daparon Family (SGLT2 inhibitor) for diabetes, Obodense for osteoporosis, and Amoprel, a low-dose hypertension treatment."

Heo further analyzed, "From the fourth quarter through next year, multiple R&D milestones are anticipated, and while some of the new drug value re-rating is already reflected, the momentum could increase further depending on performance."

Within this year, Hanmi Pharmaceutical is expected to complete domestic Phase 3 trials for efeglenatide (GLP-1), and MSD's Phase 2b trial for epinofegdutide as a MASH treatment is scheduled to conclude at the end of November. This could allow topline results to be available as early as early 2026.

Heo explained, "If the Phase 2 trial is successful, it is expected to become a key growth pipeline to fill the revenue gap following the expiration of the Keytruda patent." She also noted, "The obesity treatment efeglenatide is targeted for domestic launch in the second half of 2026."

She continued, "The substance with the highest potential for technology transfer is believed to be HM17321 (LA-UCN2), a novel drug for muscle-increasing obesity treatment." She added, "If technology transfer to a major pharmaceutical company succeeds, it is expected to play a key role in shifting from the first round of obesity treatment (weight loss) to the second round (quality weight loss and convenience)."

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