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JONBUR Research · Update note

Hanmi Pharm · 128940 · Biotech & Pharma

Hanmi Pharm Q3 2026 Preliminary Results: Operating Profit Falls 31.3% Year on Year

Why this report

Written after:

Hanmi Pharm's preliminary Q3 2026 results show revenue up 4.2% but operating profit down 31.3% from a year earlier, and down 71.2% from Q2. The result interrupts the margin-improvement story in the previous report, and our model estimate sits well below the current share price.

Written Oct 27, 2026 · Data as of Oct 26, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

In its preliminary consolidated results for July to September 2026, Hanmi Pharm reported revenue of ₩377.4B, up 4.2% from ₩362.3B a year earlier but down 19.2% from ₩467.2B in Q2. Operating profit was ₩37.8B, down 31.3% from ₩55.1B a year earlier and down 71.2% from ₩131.1B in Q2. Pre-tax profit from continuing operations was ₩12.3B, down 76.4% year on year. Net income was ₩14.0B, down 69.1%, and net income attributable to owners of the parent was ₩12.2B, down 69.5%. For the first nine months, revenue was ₩1,237.6B (up 11.0%), operating profit ₩222.6B (up 27.5%) and net income ₩149.2B (up 12.1%). The figures are preliminary and may differ from final ones. The filing gives no reason for the Q3 drop. News headlines mention an obesity drug going on prescription from the 29th and a new health-supplement line, but the filing does not link these to the results. The Q3 operating margin works out to about 10.0%, from our calculation on the filed figures.

What it changes for the thesis

The previous report rested on improving earnings: operating margin rose from 10.4% in 2021 to 16.7% in 2025 and 19.5% on a trailing basis through H1 2026. It also flagged slow revenue growth and the lack of explanation for the margin gains. Q3 cuts against the margin trend, since the quarterly margin of about 10.0% is well below those levels. Nine-month profit is still higher than a year earlier, so the full-period picture has not reversed. Whether Q3 is a one-off or a change in trend cannot be determined from the data, as the filing gives no breakdown of costs or revenue by product.

What it changes for the valuation

Our model estimate, based on the assumptions shown (a discounted cash flow at a 7.4% rate using trailing figures through H1 2026, so before this Q3 result), is ₩167,604 bear, ₩258,849 base and ₩411,213 bull per share. The previous report had no model estimate. The share closed at ₩352,500 on 2026-10-26, which is above the base case and within the bull-bear range. The price is down 32.2% over one month and 9.7% over three months, and 45.5% below the 52-week high of ₩647,000. Multiples on the data before the release were P/E 20.8x, P/B 3.2x and EV/EBITDA 10.7x, lower than the 28.0x P/E and 4.3x P/B in the previous report, mainly because of the price decline. Peer P/Es range from 14.8x to 78.8x. Lower Q3 profit would raise the P/E on a trailing basis, and the model has not yet been updated for it.

Closing view

The Q3 result is a clear negative for the earnings-improvement story: profit fell sharply while revenue grew modestly, and the cause is not given. Against that, nine-month figures remain ahead of last year, the balance sheet looked moderate, and the share price has already fallen markedly. The model estimate is a wide range that does not include the latest quarter, and the current price sits above its base case. The evidence is mixed, and the next filings and any explanation of the Q3 margin drop will matter more than this single quarter.

Model estimate of fair value

Bear
₩167,604
-52%
Base
₩258,849
-26%
Bull
₩411,213
+17%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 27, 2026Update noteEarningsHanmi Pharm Q3 2026 Preliminary Results: Operating Profit Falls 31.3% Year on Year
  2. Oct 13, 2026InitiationHanmi Pharm: Rising Profitability and a 24.4% Three-Month Price Gain, With Premium Multiples

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information