Hanmi Pharmaceutical achieves record-breaking sales in 2024, despite internal woes
Despite prolonged disputes within its leadership and management conflicts, Hanmi Pharmaceutical achieved record-breaking sales for the third consecutive year in 2024.
The company reported provisional consolidated sales of 1.49 trillion won ($1.02 billion) for 2024, up 0.6 percent from the previous year. However, the company’s operating profit and net profit dropped 2 percent and 13.2 percent, respectively, to 216.2 billion won and 143.5 billion won.
Beijing Hanmi Pharm, a key contributor to the company’s growth, saw its sales and operating profit fall 3 percent and 16 percent to 385.6 billion won and 82.2 billion won, year-on-year. The decrease in Beijing Hanmi’s earnings reflects challenges in the Chinese market, which impacted the company’s overall consolidated performance.
The company also saw a decline in the fourth quarter revenue and operating profit, posting sales of 351.6 billion won and 30.5 billion won, representing a decline of 16.7 percent and 56.6 percent.
Hanmi attributed the fourth quarter downturn to the base effect of milestone payments received from MSD in the previous year, the delayed flu season, and prolonged disputes in medical policy.
Still, the company maintained its leadership in the Korean outpatient prescription drug market, marking its seventh consecutive year as the top-ranked company in sales according to UBIST, a drug market research firm.
The company’s outpatient prescription segment grew by 7.1 percent year-over-year, with Hanmi maintaining its record of having 20 blockbuster drugs, each generating over 10 billion won in sales.
Notably, the hyperlipidemia combination drug Rosuzet achieved sales of 210.3 billion won, a 17.6 percent increase from the prior year.
Hanmi also continued to reinvest revenue from proprietary products into new drug development.
The company is preparing for the sequential launch of next-generation modified and combination drugs, which are anticipated to succeed in its blockbuster Rosuzet, and is accelerating the development of globally innovative drugs through strategies that integrate new modalities.
In 2024, Hanmi presented 39 research findings in oncology, obesity metabolism, and rare diseases at various international conferences.
“This year, we will swiftly stabilize management and achieve innovation and growth across all business sectors,” Hanmi Pharm CEO Park Jae-hyun said. “We will push forward more vigorously to establish ourselves as an R&D-driven pharmaceutical and biotech company leading the global healthcare market, enhancing corporate value to meet the expectations and support of our shareholders.”