[E-Daily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 16th that it is maintaining its “Buy” investment rating and target price of 530,000 won for HanmiPharm(128940).

Jeong Yi-su, an analyst at IBK Investment & Securities, stated, “We expect the Ministry of Food and Drug Safety to approve the domestic obesity treatment efeglenatide (a GLP-1 agonist) in the second half of 2026, and we anticipate that it will quickly contribute to core business earnings growth following its launch,” adding “We estimate that combined domestic sales of Wegovy and Mounjaro in the first quarter of 2026 will reach approximately 427.2 billion won, and the annual market size is expected to exceed 1 trillion won,” he added.
He emphasized, “The Pyeongtaek bioplants can produce approximately 3 million doses of efeglenatide annually, and we anticipate that achieving annual sales of over 100 billion won is entirely feasible based on the company’s own sales network. Once in-house commercialization gains momentum, it is expected to contribute to improved company-wide profitability by alleviating the burden of fixed costs as the bioplants’ utilization rates increase.”
However, despite the technology transfer with Eli Lilly, the stock price has corrected by 40% from its 52-week high due to the lack of news regarding the Phase 2b clinical trial results for epinopegduotide in non-alcoholic steatohepatitis—which had been anticipated since the beginning of the year—and the absence of news on the technology transfer for an obesity treatment. Nevertheless, Analyst Jeong predicted, “In the second half of the year, the announcement of clinical results and the growing likelihood of the domestic launch of the obesity treatment are expected to serve as a turning point for a stock price rebound.”
Consolidated revenue for the second quarter is estimated at 487.8 billion won (up 35.0% year-over-year), with operating profit at 125.9 billion won (up 108.5%). He analyzed, “The main factor behind the significant improvement in profitability is that an advance payment of approximately 112 billion won, resulting from the technology transfer agreement for the short bowel syndrome treatment Sonepeglutide signed with Eli Lilly on June 1,
as an upfront payment of approximately 112 billion won is expected to be recognized as a one-time item in HanmiPharm’s standalone financials,” he explained.
However, he added, “Earnings growth at the subsidiary Beijing HanmiPharm is expected to be limited as it enters its seasonal off-peak period and faces increasing pressure to lower drug prices due to the intensifying impact of China’s centralized drug procurement system.”