Hanmi Pharmaceutical said Monday that it recorded 916.6 billion won ($858.6 million) in sales last year, a 3.8 percent increase from 2016.

“We achieved stable growth in the domestic business thanks to strong sales of new and differentiated proprietary products,” a company official said.

Hanmi registered 83.7 billion won in operating profit last year, a drastic 212.3 percent increase from 2016 while posting a net profit of 70.5 billion won, up 132.7 percent. Notable growth occurred in its Beijing Hanmi Pharmaceutical affiliate, with an 11.1 percent sales increase from 2016.

The company said its earnings have significantly improved compared to the previous year, as it completely resolved its issues with license modification contracts. Hanmi attributed its stable growth to its three Amosartan lineups (combined hypertension medicines), Rosuzet (hyperlipidemia treatment compound drug), Gugu and Palpal (erectile dysfunction treatment) and Hanmi Flu (flu treatment). Hanmi also cited royalties paid by partners as revenue as reasons for its strong performance.

The company showed expectation toward future profits as it spent 107.7 billion won in research and development (R&D), a 5 percent increase from 2016 and an 18.6 percent of its total sales.

“We are planning to build a solid business portfolio so that R&D investment for domestic business growth and global new drug development will go together in a virtuous cycle,” the official added.

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