Hanmi Pharm posted provisional consolidated results for the third quarter, reporting revenue of 362.1 billion won ($262.7 million) and an operating profit of 51 billion won—down 0.7 percent and 11.4 percent, respectively. Net profit also dropped sharply by 42.3 percent to 35 billion won.

Despite the decline in overall revenue, Hanmi allocated 15.1 percent of its sales (54.8 billion won) to research and development in the third quarter, which was a 21.5 percent increase from the same period last year.

Hanmi attributed part of its Q3 performance challenges to the Chinese affiliate Beijing Hanmi Pharm which posted sales and operating profit of 84.3 billion won and 15 billion won, down 9.7 percent and 42.4 percent. Net profit for the affiliate also decreased by 46.2 percent to 12.8 billion won, impacted by a reduced number of operational days and natural disasters in China.

The company’s signature drugs continued to perform well, however. Sales of its dyslipidemia combination drug Rosuzet surpassed 100 billion won in cumulative outpatient prescription sales through the first half of 2024.

For the third quarter the sales of Rosuzet reached 53.5 billion won, a 17.5 percent increase from the previous year, and its Amosartan hypertension drug family lineup achieved 36.7 billion, reflecting a 4.2 percent increase.

Despite challenges, Hanmi plans to reveal results from over ten innovative drug studies in fields including oncology, obesity-metabolism, and rare diseases at major global conferences later this year.

Among these, the company is set to introduce its first obesity treatment that promotes weight loss and muscle gain at the Obesity Society’s annual meeting in November.

“We have further solidified our ‘sustainable R&D model,’ which reinvests the revenue generated from our independently developed products into future research and development,” Hanmi Pharm CEO Park Jae-hyun said. “We will focus more on the business areas in which Hanmi excels and that only Hanmi can achieve, to enhance shareholder value and reward our shareholders.”

Meanwhile, Hanmi Science, the group’s holding company, reported third quarter sales of 322.5 billion won, up 4.2 percent from the previous year. However, the company posted operating and net profits of 22.4 billion won and 17.3 billion won, down 37.2 percent and 44 percent.