[Edaily Reporter Shin Ha-yeon ] On the 4th, KYOBOSECURITIESCO.,LTD. assessed that Yuhan(000100)posted second-quarter earnings that exceeded market expectations as the European launch of Lazertinib gained momentum. The firm projected that the expansion of global sales for Lazertinib and the potential for new technology transfers would be key investment factors in the second half of the year, and maintained its “Buy (BUY)” investment rating and target price of 130,000 won.

Jeong Hee-ryeong, an analyst at KYOBOSECURITIESCO.,LTD., stated, “Yuhan Corporation’s second-quarter consolidated revenue reached 639.4 billion won, and operating profit reached 66.8 billion won, both exceeding consensus estimates,” adding, “The inclusion of the European milestone payment for Lazertinib was a major factor in outperforming consensus.”

Profitability also continued to improve. Analyst Jeong explained, “Profitability improved temporarily as a $30 million milestone payment from Europe was reflected,” adding, “Growth in Hanwha Chemical’s API division and stable profit contributions from Adpharma are continuing.” He added, “In the second quarter, the company signed two supply contracts with Bridge BioPharma (worth 56 billion won) and Gilead Sciences (worth 210.2 billion won).”

The company also anticipates expansion of its healthcare business in the second half of the year. Analyst Jeong noted, “Hc Dong is currently expanding its facilities with the goal of commencing operations in the first half of 2028, and we expect an increase in orders once operations begin,” adding, “We also project high growth in the second half of the year driven by the launch of new brands within the healthcare division.”

However, the assessment is that it remains to be seen whether earnings growth will continue in the second half. Analyst Jeong analyzed, “There are products, such as Zadiang, for which price reductions are scheduled, and since first-half royalties for Lazertinib totaled 12.4 billion won, we estimate that signing new technology transfer agreements will be essential to achieving the annual milestone and royalty guidance of 45 billion won.” He added, “We need to monitor the growth momentum of the healthcare product line to be launched in the second half and whether new technology transfer agreements are secured.”

He maintained a positive outlook on the long-term growth potential of Lazertinib. Researcher Jeong explained, “Sales of J&J’s Librivant and Razcluz reached $289 million, marking a 61.6% year-over-year increase,” adding, “There is momentum from the upcoming announcement of the final overall survival (mOS) data from the MARIPOSA clinical trial in the second half of the year, and the J-code for the Librivant SC formulation has been applied since July.”

He continued, “We also believe there is a high likelihood of a technology transfer for the allergy treatment ‘Resigercet,’” adding, “Based on positive results from a direct comparison with a competitive drug in Phase 1, we estimate that discussions regarding multiple technology transfers are underway, with the goal of finalizing them by the end of the year.”