South Korea’s Hanmi Pharm Co. kept up R&D investment and growth, with operating profit in the quarter ended September soaring 16 percent on year thanks to brisk sales of its dyslipidemia and hypertension treatments Amosartan lineup and hyperlipidemia drug Rosuzet.
The company in a regulatory filing on Tuesday said its consolidated operating profit for the July-September period reached 24.9 billion won ($21.3 million), up 7.9 percent from a quarter ago and 16 percent from a year earlier. Its net profit, however, plunged 56.5 percent on quarter and 33.9 percent on year to 8.9 billion won as it spent 20 percent of its revenue in R&D in the third quarter. ,
Sales fell 1.7 percent from the previous quarter but added 12.9 percent against a year ago to total 265.7 billion won.
Hanmi Pharm shares that added 2 percent on Tuesday was off 0.6 percent at 333,000 won at 9:39 a.m. Wednesday.
The third-quarter earnings came largely from treatments Amosartan and Rosuzet that sold well in the period, according to the company. It earned 20.6 billion won in prescription Rosuzet, up 43 percent on year, and 25.1 billion won in prescription Amosartan lineup, up 24 percent during the period.
From January to September, Hanmi Pharm raised total 810.7 billion won in revenue, raising expectations to meet annual milestone of 1 trillion won.
Beijing Hanmi Pharmaceutical Co., its Beijing operation, also reported a 3.7 percent on-year rise in operating profit in the third quarter, with sales up 8.9 percent to 60 billion won over the cited period.
The holding entity Hanmi Science Co. posted an operating profit of 8.11 billion won, down 34.6 percent on quarter and 19.7 percent on year. Its net profit reached 6.05 billion won after shriveling 44.5 percent on quarter and 30.4 percent on year, while sales inched down 0.7 percent from the previous quarter but jumped 19.8 percent to 204.2 billion won.
“The company has kept up earnings growth thanks to brisk sales of own treatment labels like Amosartan and Rosuzet. We’ll keep focus on investment in research and development to add more innovative new drugs selling well,” said Woo Jong-soo, chief executive of Hanmi Pharm
By Lee Ha-yeon
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