[Edaily Reporter Kim Seung-kwon ] HanmiPharm(128940)’s series of major technology exports are drawing attention as a new revenue source for its holding company, Hanmi Science(008930).

This is because, in addition to revenue sharing based on its patent portfolio, the company can receive commissions for leading the contracts. The securities industry views this as a driving force that will boost the holding company’s profitability. Palm E-Daily conducted a detailed analysis of the revenue flowing back to the holding company.

Commissions for “Deal Leadership” Even Without Patents… Distribution Criteria Remain Confidential

According to industry sources on the 9th, HanmiPharm signed technology export agreements this year with Eli Lilly for sonepeglutide, with Genentech for HM17321, and with BioMarin for LA-GLA. LA-GLA is a compound jointly developed with GC Biopharma Corp.

According to industry sources, the total value of the three agreements, based on HanmiPharm’s share, is $3.8 billion. The non-refundable upfront payment is $300 million, accounting for 7.9% of the total. This is more than double the average upfront payment ratio of 3.3% for major domestic technology export deals in 2025–2026.

In the Lilly agreement, the upfront payment of $75 million represents 5.9% of the total $1.26 billion. For Genentech, advance payments totaled $190 million out of $2.305 billion, or 8.2%, while for BioMarin, they amounted to $35 million out of HanmiPharm’s share of $237.5 million, or 14.7%. Korea Investment & Securities assessed that, considering the clinical stage of the candidate compounds, the company demonstrated excellent negotiating power.

The securities industry is closely watching to see how much these achievements will translate into Hanmi Science’s financial results. Analysts note that the Innovation Division, launched in April of last year, plays a central role in this. Vice Chairman Kim Jae-kyo, who was appointed in March of last year as the first professional CEO of the Hanmi Group’s holding company, oversees the division and is responsible for identifying partners, commercializing the pipeline, and managing patents.

Hanmi Science’s revenue from technology exports falls into two main categories. First is revenue from royalty distributions based on its patent portfolio. Hanmi Science, which remained the surviving entity during the transition to a holding company structure in 2010, holds patents for core technologies such as “Lapscovery.” Under an intellectual property licensing agreement with HanmiPharm, revenue is distributed in proportion to the company’s technological contribution.

The other source is a business contribution fee. In a report released on the 2nd, Korea Investment & Securities explained that even for intellectual property (IP) not owned by Hanmi Science, the company receives a commission at a set rate whenever the Innovation Division leads a technology export deal. It presented this as a key revenue source for achieving the 25% operating profit margin target by 2030. iM Securities also projected in September that revenue from business contributions would increase, given that Hanmi Science led the Genentech contract.

In response, an industry official explained, “Regardless of the potential for revenue growth, the specific allocation criteria need to be verified,” adding, “It is also necessary to examine how contributions to development and contract negotiations are distinguished.” This implies that the criteria used to calculate compensation for long-term R&D achievements and business development efforts, respectively, will serve as the basis for judging the appropriateness of revenue allocation.

The “25% profit margin” standard… Revenue for the holding company, an expense for subsidiaries

On the other hand, the same amount of money may be interpreted differently by HanmiPharm shareholders. HanmiPharm recognized the second-quarter upfront payment from Lilly as technology royalty revenue of 112.8 billion won under separate accounting standards. If a portion of this is paid to the holding company as patent royalties or fees, HanmiPharm’s profits could decrease. Hanmi Science holds a 41.4% stake in HanmiPharm. This means that the remaining approximately 59% of shareholders would also share the cost burden.

Consequently, some observers point out that it is necessary to examine whether this constitutes fair compensation for legitimate patent use and business development activities, and whether the amount is appropriate. This is because, under the revised Commercial Act—which includes shareholders within the scope of directors’ fiduciary duties—there is a potential for demands to transparently explain the basis and procedures for profit distribution among affiliated companies.

Corporate governance factors must also be taken into account. At Hanmi Science, a battle for control continues between the faction led by Shin Dong-guk, Chairman of Hanyang Precision, and the faction led by Chairman Song Young-sook and Vice Chairman Lim Ju-hyun. During the Genentech contract negotiations, the role of Vice Chairman Kim Jae-kyo was highlighted, while the announcement of the LA-GLA contract emphasized the open innovation achievements touted by Vice Chairman Lim Ju-hyun.

Industry observers believe that the criteria for future profit distribution will become even more important. The remaining milestone payments due to HanmiPharm under these three agreements total approximately $3.5 billion: $1.185 billion from Lilly, $2.115 billion from Genentech, and $202.5 million from BioMarin.

While royalties can be expected after commercialization, this is expected to take time. Daol Investment & Securities forecasts that Phase 1 and 2 clinical trials for LA-GLA will conclude in 2028, with market launch anticipated around 2032. Analysts suggest that, for the time being, achieving milestones and securing additional technology export deals will be the key drivers of the holding company’s earnings.

An official from Hanmi Science stated, “Our company is the successor entity to HanmiPharm, founded in 1973, and holds numerous core technologies and patents accumulated prior to the transition to a holding company,” adding, “As HanmiPharm’s performance is proven, our revenue generation structure will also become more robust.”