Hanall Biopharma: Thin Profits and Net Losses Alongside a High Price-to-Book Multiple

Thesis

The data supports a picture of a company with growing sales but very little profit. Revenue rose from ₩101.6B in 2021 to ₩155.2B in 2025, and trailing revenue reached ₩162.7B. Operating margins have stayed low, between -0.6% and 1.6% in 2022-2025, and net income was negative in 2024 and 2025 and over the latest twelve months (-₩24.9B).

The market is assigning a large value to the company relative to its accounting base. Market cap is about ₩2.25T against revenue of ₩162.7B, giving a price-to-sales ratio of 13.9x. The data does not explain what drives this valuation, and no news headlines or guidance are provided. Recent filings include amended major management matter disclosures in May and July 2026, but their contents are not available here.

Investor flow, foreign ownership and short balance data are not available, so we cannot say who has been buying or selling during the recent decline.

Business overview

Hanall Biopharma is listed on KOSPI in the Biotech & Pharma sector. It was founded on 1973-11-20 and listed on 1989-12-18, with 52,240,638 shares outstanding and co-CEOs 박수진 and 박승국. Market capitalisation is about ₩2.25T and enterprise value about ₩2.24T. Revenue has grown every year in the data: 3.0% in 2024, 11.7% in 2025 and 22.7% in 2023. The data does not describe products or pipeline.

Financial analysis

These figures come from filed financial statements (DART). Over the trailing twelve months to H1 2026, revenue was ₩162.7B, operating income ₩4.8B (2.9% margin) and net income -₩24.9B (-15.3% margin). ROE was -15.1%.

In annual terms, 2025 revenue was ₩155.2B with operating income of -₩0.9B and a net loss of ₩5.6B. 2021 was the strongest year shown, with operating income of ₩10.1B (9.9% margin) and net income of ₩8.9B. Net income was ₩3.5B in 2023 and -₩1.8B in 2024.

The balance sheet shows liabilities-to-equity of 48.8%, cash of ₩30.2B and borrowings of ₩15.0B. Free cash flow over the trailing period was -₩10.5B.

Valuation

The price-to-book ratio is 13.9x, close to the 14.1x at end-2025 (earlier year-end P/B values are not available). Price-to-sales is also 13.9x. P/E and EV/EBITDA are not meaningful or not available given the losses, and no dividend yield is shown.

Among the listed peers, P/B ranges from 2.2x (Celltrion) to 23.0x (Alteogen). Others are Samsung Biologics at 10.2x, Hanmi Pharm at 4.3x and HLB at 16.9x. Hanall sits in the upper part of this range. Peers with P/E figures sit between 25.5x and 63.9x, while Hanall has no comparable P/E. The share price is ₩43,150 against a 52-week range of ₩32,600 to ₩73,000.

Catalysts

• The half-year report for June 2026, filed 2026-08-14, showed a trailing net loss and positive operating income, which investors may continue to assess.
• Two filings on 2026-07-22 and an amendment on 2026-05-20 relate to major management matters, though details are not in the data.
• Investor relations events on 2026-05-28 and 2026-07-31 show ongoing company communication with investors.
• An insider shareholding report was filed on 2026-10-06, and a 5%+ holding report on 2026-07-01, which may be relevant to ownership questions.

Risks

• Net income has been negative over the latest twelve months (-₩24.9B), and the operating margin is only 2.9%.
• The 13.9x price-to-book and price-to-sales multiples are not supported by current profits, leaving the valuation sensitive to changes in sentiment.
• The share price has fallen 21.8% in three months and sits well below its 52-week high of ₩73,000.
• Free cash flow was -₩10.5B against cash of ₩30.2B and borrowings of ₩15.0B, so continued cash burn could matter.
• Investor flow, foreign ownership, short interest and news data are not available, which limits visibility into market positioning.

Closing view

The data shows a company with steadily rising revenue but weak and inconsistent profitability, negative cash flow and a net loss in the latest period. Its valuation of 13.9x book and sales is high relative to most listed peers and cannot be compared on earnings. Recent price weakness, together with missing flow and news data and undisclosed details of the management filings, leaves important questions unanswered. This report is informational and offers no recommendation.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationHanall Biopharma: Thin Profits and Net Losses Alongside a High Price-to-Book Multiple