PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
Hanmi Science lifted second-quarter 2026 operating profit to its highest quarterly level on pharmaceutical distribution growth and licensing income at its subsidiary, even as a shareholding and litigation standoff between its largest individual shareholder and the founding family runs in parallel.
Second-quarter 2026 consolidated revenue was 367.9 billion won with operating profit of 59.1 billion won and owners' net profit of 43.7 billion won, a sharp profit step-up from the prior quarter's 353.7 billion won revenue and 33.6 billion won operating profit.
For full-year 2025, revenue was 1,356.9 billion won and operating profit 138.7 billion won, an operating margin of 10.2 percent, recovering from 7.7 percent in 2024.
The earnings improvement rests on expanded prescription-drug distribution at subsidiary Onlinepharm and large out-licensing deals at Hanmi Pharmaceutical.
The holding company is also building its own medical device and consumer health lines, including the NPLE supplement brand and the ADESII dermo-cosmetic brand.
The stakes held by top individual shareholder Shin Dong-kuk and by the founding family's camp are close to each other, and a first-instance ruling in a 60 billion won contractual penalty suit is pending, leaving governance uncertainty in place.
Hanmi Science is the holding company of the Hanmi group, consolidating listed subsidiary Hanmi Pharmaceutical along with Hanmi Fine Chemical and drug distributor Onlinepharm.
The bulk of consolidated revenue comes from Hanmi Pharmaceutical's drug business and Onlinepharm's domestic distribution, and according to the company Onlinepharm alone booked 305.7 billion won of revenue in the second quarter of 2026, up 19.1 billion won year on year (media reports based on the company's preliminary disclosure, July 28, 2026).
Onlinepharm handles wholesale and distribution centered on prescription drugs, so its revenue base is large while its margin profile is structurally thinner than manufacturing or novel-drug operations.
Hanmi Pharmaceutical combines incrementally modified drugs, generics and active ingredients with a novel-drug pipeline built on its long-acting LAPSCOVERY platform, so upfront payments and milestones swing group profits.
The holding company says it aims to move beyond the traditional model of relying on subsidiary dividends and brand royalties, and has recently launched the NPLE supplement brand and the ADESII dermo-cosmetic brand to extend into wellness and beauty (Seoul Economic Daily, July 28, 2026).
Chief executive Kim Jae-kyo has framed the direction as an operating holding company maximizing affiliate synergies and widening the healthcare portfolio.
Competitively, it faces domestic pharmaceutical holding peers in distribution and consumer health, and indirectly competes with global metabolic-disease developers in novel drugs.
Because it is a holding company, however, most of the underlying performance tracks subsidiary results, and a slightly negative non-controlling interest balance is another feature of the consolidated structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩338.3B | ₩34.6B | 10.2% |
| 2025Q3 | ₩342.5B | ₩39.3B | 11.5% |
| 2025Q4 | ₩344B | ₩37.7B | 11.0% |
| 2026Q1 | ₩353.7B | ₩33.6B | 9.5% |
| 2026Q2 | ₩367.9B | ₩59.1B | 16.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1T | ₩67.6B | ₩69.2B | 6.5% | 9.5% | 53.1% |
| 2023 | ₩1.2T | ₩124.5B | ₩115.1B | 10.0% | 14.6% | 55.7% |
| 2024 | ₩1.3T | ₩98.9B | ₩59.4B | 7.7% | 7.1% | 60.9% |
| 2025 | ₩1.4T | ₩138.7B | ₩118.4B | 10.2% | 12.3% | 55.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
On an annual basis, revenue rose for four consecutive years, from 1,046.1 billion won in 2022 to 1,247.9 billion won in 2023, 1,283.4 billion won in 2024 and 1,356.9 billion won in 2025.
Operating profit, by contrast, moved unevenly at 67.6 billion won in 2022, 124.5 billion won in 2023, 98.9 billion won in 2024 and 138.7 billion won in 2025, with the operating margin tracing 6.5, 10.0, 7.7 and 10.2 percent.
Owners' net profit similarly fell from 115.1 billion won in 2023 to 59.4 billion won in 2024 before rising to 118.4 billion won in 2025, showing how much the bottom line depends on the timing of non-recurring items such as licensing income.
Quarterly revenue trended gradually higher, from 338.3 billion won in the second quarter of 2025 to 342.5 billion, 344.0 billion, 353.7 billion and 367.9 billion won through the second quarter of 2026.
Operating profit slipped from 39.3 billion won in the third quarter of 2025 and 37.7 billion won in the fourth to 33.6 billion won in the first quarter of 2026, then jumped to 59.1 billion won in the second quarter.
Management attributed the second-quarter margin gain to wider prescription-drug distribution at Onlinepharm and partial recognition of Hanmi Pharmaceutical's out-licensing results (media reports based on the company's preliminary disclosure, July 28, 2026).
In the first quarter of 2026 owners' net profit rose to 42.7 billion won even as operating profit declined sequentially, indicating that non-operating items also played a role.
On the balance sheet, total equity stood at 959.2 billion won at end-2025 with a debt-to-equity ratio of 55.2 percent, down from 60.9 percent in 2024.
Cash flow from operations, however, was 47.7 billion won in 2025 versus 83.0 billion won in 2024, a reminder that accounting profit and cash generation can diverge in timing.
Korea's pharmaceutical and biotech sector is in an active phase of development competition and licensing deals centered on GLP-1 class metabolic disease therapies.
Hanmi Pharmaceutical said on June 1, 2026 that it had licensed global rights outside Korea to its long-acting GLP-2 candidate sonefpeglutide to Eli Lilly, securing a 75 million dollar upfront payment and up to 1.185 billion dollars in milestones.
On August 24, 2026 it signed another licensing deal with Genentech for the metabolic candidate HM17321, disclosed at up to 2.3 billion dollars in total value with a 190 million dollar upfront (Seoul Economic Daily, August 30, 2026).
Helped by these deals, Hanmi Pharmaceutical's second-quarter 2026 operating profit was reported at 131.1 billion won, up 116.9 percent year on year.
Korea's obesity treatment market, however, is already led by imported products such as Wegovy and Mounjaro, and global rivals are moving ahead with next-generation formats including oral agents and once-monthly injections.
The distribution business is a high-volume, thin-margin operation whose growth depends on prescription volumes and drug pricing and distribution margin policy, giving it low cyclicality but limited room for margin expansion.
From a holding-company perspective, the structure alternates between periods when subsidiary drug milestones lift profits and periods when distribution and consumer health carry the earnings base.
The nearest checkpoint is efpeglenatide, the domestically developed GLP-1 obesity drug at subsidiary Hanmi Pharmaceutical.
The company filed for marketing approval with the Ministry of Food and Drug Safety in December 2025, says the application is under review after being designated for the GIFT fast-track program, and is preparing commercial production at its Pyeongtaek bio plant with a target of launching within the year (Hidoc, August 27, 2026).
Management has previously set a goal of growing the product into a domestic franchise with annual sales above 100 billion won, and says a trial to expand the label into diabetes is targeting approval in 2028.
Approval timing and pricing, however, have not been finalized, and the launch schedule could shift with the regulatory review.
Within the holding company itself, the consumer health portfolio spanning medical devices, soy milk, supplements and cosmetics is being expanded, though the revenue contribution of the new brands has not been disclosed.
Cash from licensing lands unevenly in quarterly results depending on when upfronts and milestones are received, so how the Genentech agreement is reflected from the third quarter onward is worth verifying.
Given that a new business such as the Banpo senior care project was previously blocked at the board stage, the decision-making process for new investment proposals also merits attention.
Owners' net profit over the most recent four quarters totaled 150.9 billion won, a substantial recovery in the earnings base from 59.4 billion won for full-year 2024.
That has pushed earnings-based multiples lower than in the weak-profit period, but because those profits include items such as subsidiary licensing income that cannot be assumed to repeat annually, the interpretation of any multiple depends heavily on which earnings level is treated as normal.
Relative to book value the shares trade at a premium, which reflects a structure in which expectations for the subsidiary's drug pipeline, rather than the holding company's stake value alone, are priced into the stock.
A modest cash dividend is paid each year, but the dividend yield runs below the domestic market average, and subsidiary results and governance events have mattered more to the share price than distributions.
Indeed, the stock has moved sharply whenever stake transactions or litigation dates came into focus, adding volatility that earnings multiples alone do not explain.
Rather than the absolute level of any multiple, separating the repeatability of licensing profits, the room for margin improvement in distribution, and the outcome of the governance dispute is closer to the observable facts.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Operating profit and owners' net profit, which had fallen to 98.9 billion won and 59.4 billion won in 2024, recovered to 138.7 billion won and 118.4 billion won in 2025. In the second quarter of 2026 operating profit reached 59.1 billion won, the highest quarterly level in the disclosed series.
Revenue has risen for four straight years from 1,046.1 billion won in 2022, suggesting a relatively firm floor under the distribution and pharmaceutical sales base.
Hanmi Pharmaceutical announced a sonefpeglutide license with Eli Lilly in June 2026 and an HM17321 license with Genentech in August 2026. Disclosed upfront payments were 75 million dollars and 190 million dollars respectively.
Because such upfronts and subsequent milestones flow into consolidated results, subsidiary development progress feeds directly into group profits.
Management has set out a strategy of moving beyond the traditional holding-company model that leans on affiliate dividends and brand fees. Around medical devices and consumer health, it has launched the NPLE supplement brand and the ADESII dermo-cosmetic line.
If steady distribution revenue and the in-house brands take hold together, that could partly dampen profit volatility.
Owners' net profit halved from 115.1 billion won in 2023 to 59.4 billion won in 2024 before rebounding to 118.4 billion won in 2025. That amplitude is largely driven by when licensing upfronts and milestones are recognized.
The company itself cited partial recognition of Hanmi Pharmaceutical's out-licensing results as a driver of the second-quarter 2026 margin gain.
In July 2026 Shin Dong-kuk disclosed a contract to buy 3,604,799 common shares from relatives of Lim Jong-yoon in an off-market deal at 47,920 won per share, or 172.7 billion won in total.
On completion, Shin's camp including Hanyang Precision would hold 35.1 percent, while the founding family's friendly stake was reported at about 40.86 percent (Newspim, July 8, 2026). If the gap stays narrow, uncertainty over board composition and shareholder-meeting votes can persist.
The distribution business, which accounts for a large share of consolidated revenue, carries thin margins relative to sales, so revenue growth need not translate into much margin expansion.
The operating margin has indeed been unsteady, falling from 10.0 percent in 2023 to 7.7 percent in 2024 before recovering to 10.2 percent in 2025. Operating cash flow was 47.7 billion won in 2025 versus 83.0 billion won in 2024, so the profit recovery did not immediately show up as more cash.
A 60 billion won contractual penalty suit filed against Shin Dong-kuk by chairwoman Song Young-sook, vice chairwoman Lim Ju-hyun and the Ladefense side (Killington) concluded oral argument on June 25, 2026, with a first-instance ruling reported as scheduled for October 1 (1conomy News, June 25, 2026).
The Seoul Central District Court is reported to have granted, on July 29, 2026, Shin's application to attach about 10 billion won of Lim Ju-hyun's shares. Neither matter represents a final determination of contractual liability, and the outcomes could affect whether the shareholders' agreement remains in force.
Efpeglenatide is still under marketing-approval review at the Ministry of Food and Drug Safety, and both the approval date and pricing remain unconfirmed. A delay or unexpected conditions would shift the timing of any revenue contribution from the subsidiary.
Imported GLP-1 products already lead the domestic market, so the pace of prescription uptake after launch also needs to be verified.
In August 2026 reports said allegations of personal use of corporate cards by the founding family and a dispute over leaked internal documents had put the professional management system and internal controls to the test (Newspim, August 7, 2026).
The company issued a statement saying it is delivering results through affiliate synergies under professional management. The allegations have not been established as fact, but commentators noted that continued governance noise could affect institutional and foreign investor flows.
The first-instance ruling in the 60 billion won contractual penalty suit is scheduled. The decision will inform how the four-party shareholders' agreement is interpreted, whether it survives, and the direction of any subsequent stake reshuffling.
Preliminary consolidated third-quarter 2026 results are expected. The key items to check are the growth in Onlinepharm distribution revenue and how the August Genentech upfront is reflected in the income statement.
Whether the Ministry of Food and Drug Safety approves efpeglenatide, and the launch and pricing decisions, are the items to watch. The company says it is preparing commercial production at its Pyeongtaek plant with a target of launching within the year.
Full-year 2026 results and the annual general meeting agenda will be released. Dividend decisions, director election items and the voting outcome will together show the governance balance and capital allocation direction.
Large-shareholding reports from major holders and disclosures tied to the shareholders' agreement should be monitored. Remaining steps in off-market purchases, exchangeable bond matters and movements of friendly stakes are variables that can change the voting balance.
Hanmi Science restored its operating margin to 10.2 percent in 2025 on revenue of 1,356.9 billion won and operating profit of 138.7 billion won, then scaled up quarterly profits in 2026 with first-quarter revenue of 353.7 billion won and second-quarter revenue of 367.9 billion won alongside 59.1 billion won of operating profit.
The improvement rests on wider prescription-drug distribution at Onlinepharm and large licensing deals at subsidiary Hanmi Pharmaceutical, consistent with the company's own explanation and disclosed figures.
Yet the path of owners' net profit, from 115.1 billion won in 2023 down to 59.4 billion won in 2024 and back to 118.4 billion won in 2025, shows how much the bottom line hinges on non-recurring items.
At the same time, governance variables remain: the closely matched stakes of Shin Dong-kuk's camp and the founding family, the first-instance ruling in the penalty suit set for October 1, and mutual asset attachments.
Whether efpeglenatide wins domestic approval and launches, and how the Genentech upfront is reflected in results, are facts to verify in the coming quarters.
The bullish case centers on the recovered earnings base and the subsidiary pipeline, the bearish case on reliance on one-off gains and governance uncertainty, and the two can move independently. This report is for information purposes only and contains no buy or sell opinion and no target price.
Report written 2026-09-05 · Data as of 2026-09-04
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